US crude oil stocks fall for eighth consecutive week

Oil

US commercial crude inventories tumbled by 7.9M bbls w-o-w and 94.1M bbls y-o-y to 437.6M bbls during the week ending July 9, falling for the eighth consecutive week to the lowest level since January 2020, according to the US Energy Information Administration (EIA). This is around 8% below the five-year average for this time of year. Total motor gasoline stocks increased by 1M bbls w-o-w to 236.5M bbls, supported by inventories in the Midwest and the Gulf Coast which rose by 800K bbls w-o-w to 51.8M bbls and by 600K bbls w-o-w to 81.1M bbls respectively. Crude oil exports shot up by 1.4M b/d w-o-w to 4.03M b/d, a ten-week high, while imports also increased by 350K b/d w-o-w to 6.22M b/d. Refinery throughputs edged down by 20K b/d w-o-w to 16.09M b/d, with refineries utilising an average 91.8% of their operable capacity.