US crude oil stocks build amidst cold weather snap

Oil

US commercial crude oil inventories increased by 1.3M bbls w-o-w and 19.7M bbls y-o-y to 463M bbls during the week ending February 19, bringing an end to four consecutive weeks of inventory draw downs, according to the US Energy Information Administration (EIA). Crude oil imports plummeted by 1.3M b/d w-o-w and 1.62M b/d y-o-y to 4.6M b/d, falling to the lowest level since February 1992 as freezing weather along the US Gulf Coast led to severe supply chain disruptions, Reuters report. Crude oil exports also tumbled by 1.55M b/d w-o-w and 1.34M b/d y-o-y to a five-week low of 2.31M b/d. Refinery throughputs dropped by 2.6M b/d w-o-w to 12.23M b/d, the lowest since September 2008, with refineries utilising an average of 68.6% of their operable capacity.