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US crude oil stocks continue to tumble

Oil

US commercial crude oil inventories decreased by 6.6M bbls w-o-w to 469M bbls during the week ending February 5, falling for the third consecutive week to the lowest level since the week ending March 20, according to the US Energy Information Administration (EIA). This is still an increase of 26.5M bbls (or 6%) y-o-y however, with stocks remaining at around 2% above the five-year average for this time of year. Refinery throughputs increased by 150K b/d w-o-w to 14.79M b/d, the highest since the week ending March 27. After jumping to a six-month high during the previous week crude oil imports declined by 650K b/d w-o-w and 1.12M b/d y-o-y to 5.86M b/d, with exports also falling by 870K b/d m-o-m and 350K b/d y-o-y to 2.62M b/d.