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US crude oil stocks decline for second consecutive week

Oil

US commercial crude oil inventories fell by 3.5M bbls w-o-w to a five-week low of 498.3M bbls during the week ending April 2, the US Energy Information Administration (EIA) reports. Despite declining for the second week in a row stocks remain up by 13.9M bbls (or 2.9%) y-o-y, and are around 3% above the five-year average for this time of year. Total motor gasoline stocks increased by 4M bbls w-o-w to 234.6M bbls, however this is still a decline of 22.7M bbls (or 8.8%) y-o-y. Crude oil imports rose by 120K b/d w-o-w and 390K b/d y-o-y to 6.26M b/d, with exports also increasing by 260K b/d w-o-w and 600K b/d y-o-y to 3.43M b/d, a seven-week high. Refinery throughputs built by 100K b/d w-o-w to average 15M b/d, which is the highest level since the week ending March 20 2020.