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US crude oil inventories tumble

Oil

US commercial crude oil inventories declined by 9.9M bbls (or 2%) w-o-w to 476.7M bbls during the week ending January 22, falling to the lowest level since the week ending March 27 2020, according to the US Energy Information Administration (EIA). Despite decreasing by the largest weekly amount since the week ending July 24 2020, stocks increased by 45M bbls (or 10.4%) y-o-y and are 5% above the five-year average for this time of year. Crude oil exports jumped up by 1.1M b/d w-o-w to 3.36M b/d, whereas imports fell by 980K b/d w-o-w and 1.6M b/d y-o-y to 5.06M b/d, a three-month low. Refinery throughputs edged down by 40K b/d to 14.72M b/d, with refinery utilisation also falling by 0.8% w-o-w to average 81.7%.