US gasoline stocks rebound from four-year low

Oil

Total US motor gasoline stocks increased by 4M bbls w-o-w to 215.4M bbls during the week ending 26 November, rising to a five-week high after reaching the lowest level since November 2017 during the previous week, the US Energy Information Administration (EIA) reports. This still remains down by 18.2M bbls (or 18.2%) y-o-y however. Commercial crude oil inventories fell by 900K bbls w-o-w and 54.9M bbls y-o-y to 433.1M bbls, which is around 6% below the five-year average for this time of year. Crude oil imports rose by 170K b/d w-o-w to an eight-week high of 6.6M b/d, with exports also increasing by 100K b/d w-o-w to 2.7M b/d.