US crude oil stocks fall

Oil

US commercial crude oil inventories declined by 4.1M bbls w-o-w and 90.4M bbls y-o-y to 435.6M bbls during the week ending July 23, the US Energy Information Administration (EIA) reports. This is the lowest stocks have been since January 2020, and around 7% below the five-year average for this time of year. Total motor gasoline stocks also fell by 2.3M bbls w-o-w and 13.2M bbls y-o-y to an eight-week low of 234.2M bbls, with supplies on the East Coast decreasing by 3.2M bbls w-o-w to 64.7M bbls. Crude oil imports declined by 590K b/d w-o-w to 6.51M b/d after reaching the highest level since July 2020 during the previous week, whereas exports edged up by 30K b/d w-o-w to 2.49M b/d. Refinery throughputs fell by 130K b/d w-o-w to 15.88M b/d, as refineries utilised an average 91.1% of their operable capacity.