US gasoline stocks continue to build

Oil

Total US motor gasoline stocks rose by 3.9M bbls w-o-w to 219.3M bbls during the week ending 3 December, rising for the second week in a row to an eight-week high after stocks reached a four-year low during the week ending 19 November, the US Energy Information Administration (EIA) reports. Inventories on the East Coast increased by 2.3M bbls w-o-w to 57M bbls, however this still remains down by 9.5M bbls y-o-y. Commercial crude oil stocks decreased by 200K bbls w-o-w and 70.4M bbls y-o-y to 432.9M bbls, which is around 7% below the five-year average for this time of year. Crude oil exports fell by 430K b/d w-o-w to 2.27M b/d, which is the lowest since the week ending 1 October, with imports also declining by 110K b/d w-o-w to 6.5M b/d.