US crude oil stocks build

Oil

US commercial crude oil inventories rose by 3.6M bbls w-o-w to 439.2M bbls during the week ending July 30, according to the the US Energy Information Administration (EIA). Despite this increase stocks remain down by 79.4M bbls y-o-y, and are 6% below the five-year average for this time of year. Total motor gasoline inventories declined by 5.3M bbls w-o-w and 18.9M bbls y-o-y to 228.9M bbls, the lowest since November 2020, with East Coast supplies falling by 3.5M bbls w-o-w to 61.2M bbls. Crude oil exports decreased by 590K b/d w-o-w to a twelve-week low of 1.9M b/d, while imports also fell by 80K b/d m-o-m to 6.43M b/d. Refinery throughputs built by 50K b/d w-o-w to 15.92M b/d, with refineries utilising an average 91.3% of their operable capacity.