US crude oil inventories jump after falling for five consecutive weeks

Oil

US commercial crude oil inventories increased by 4.4M bbls w-o-w and 58.5M bbls (or 13.7%) y-o-y to 486.6M bbls during the week ending January 15, rising to a three-week high after previously declining for the past five consecutive weeks, according to the US Energy Information Administration (EIA). Refinery throughputs increased by 110K b/d w-o-w to 14.76M b/d, the highest since the week ending March 27, with refinery utilisation also rising by 0.5% w-o-w to average 82.5%. Crude oil exports tumbled by 760K b/d w-o-w and 1.16M b/d y-o-y to 2.25M which is a six-week low, whereas imports fell by 190K b/d w-o-w and 390K b/d y-o-y to 6.05M b/d.