US crude oil stocks continue to fall

Oil

US commercial crude oil inventories declined by 5.9M bbls w-o-w and 11.2M bbls y-o-y to a six-week low of 492.4M bbls during the week ending April 9, according to the US Energy Information Administration (EIA). Inventories have now been drawn down for the past three consecutive weeks, and are around 1% above the five-year average for this time of year. Crude oil imports decreased by 410K b/d w-o-w to 5.85M b/d, with exports also falling by 860K b/d w-o-w to 2.58M b/d. Refinery throughputs edged up by 7K b/d w-o-w to average 15.1M b/d, which is the highest level since the week ending March 20 2020.