US crude oil stocks continue to build
US commercial crude oil inventories increased by 100K bbls w-o-w to 493.1M bbls during the week ending April 23, rising for the second week in a row, according to the US Energy Information Administration (EIA). This is a decline of 34.5M bbls y-o-y, however crude stocks are now in line with the five-year average for this time of year. Despite total motor gasoline stocks also rising by 100K bbls w-o-w to an eight-week high of 235.1M bbls this is a decline of 24.5M bbls y-o-y, and around 3% below the five-year average for this time of year. Crude oil imports surged by 1.21M b/d w-o-w and 1.32M b/d y-o-y to 6.62M b/d, the highest level since the week ending July 3 2020, while exports edged down by 10K b/d w-o-w to 2.54M b/d. Refinery throughputs rose by 250K b/d w-o-w to average 15.02M b/d, an increase of around 2.26M b/d y-o-y.