US crude oil inventories fall to ten-month low

Oil

US commercial crude oil inventories declined by 1M bbls w-o-w to 475.7M bbls during the week ending January 29, falling for the second consecutive week to the lowest level since the week ending March 27, according to the US Energy Information Administration (EIA). Despite falling to this ten-month low, stocks still remain up by 40.7M bbls (or 9.3%) y-o-y. Crude oil imports shot up by 1.44M b/d w-o-w to 6.51M b/d, rebounding to the highest level since the week ending July 3 2020 after falling to a three-month low during the previous week. Crude oil exports also rose by 130K b/d w-o-w and 70K b/d y-o-y to 3.48M b/d. Refinery throughputs decreased by 80K b/d w-o-w and 1.33M b/d y-o-y to 14.64M b/d.