US crude stocks fall

Oil

US commercial crude oil inventories declined by 3M bbls w-o-w and 75.2M bbls y-o-y to 432.6M bbls during the week ending August 20, falling for the third consecutive week to the lowest level since January 2020, according to the US Energy Information Administration (EIA). Total motor gasoline stocks also decreased by 2.2M bbls w-o-w and 13.3M bbls y-o-y to 225.9M bbls, with supplies on the East Coast falling by 2.3M bbls w-o-w to 56.4M bbls, the lowest since March 2018. Crude oil exports fell by 620K b/d w-o-w to 2.81M b/d, with imports also declining by 190K b/d w-o-w to 6.16M b/d. Refinery throughputs rose by 70K b/d w-o-w to 16.07M b/d, with refineries utilising an average 92.4% of their operable capacity.