US crude oil inventory draw down continues

Oil

US commercial crude oil inventories declined by 7.3M bbls (or 1.5%) w-o-w to 461.8M bbls during the week ending February 12, as stocks fell for the fourth consecutive week to the lowest level since the week ending March 20, according to the US Energy Information Administration (EIA). Despite still increasing by 18.9M bbls (or 4.3%) y-o-y, stocks are now in line with the five-year average for this time of year. Total motor gasoline inventories rose by 700K b/d to 257.1M bbls, building for the fourth consecutive week to an eight-month high. Crude oil exports shot up by 1.25M b/d w-o-w and 300K b/d y-o-y to 3.86M b/d, the highest level since the week ending March 13, whereas imports edged down by 40K b/d w-o-w to 5.9M b/d. Refinery throughputs increased by 30K b/d w-o-w to 14.82M b/d, with refineries utilising an average of 83.1% of their operable capacity.