US crude oil stocks rise

Oil

US commercial crude oil inventories built by 2.1M bbls w-o-w to 439.7M bbls during the week ending July 16, rising after previously being drawn down for the past eight consecutive weeks, according to the US Energy Information Administration (EIA). Despite this increase stocks remain down by 96.9M bbls y-o-y, and are around 7% below the five-year average for this time of year. Total motor gasoline stocks declined by 100K bbls w-o-w to 236.4M bbls, with supplies on the East Coast falling by 900K bbls w-o-w to 67.9M bbls, a six-week low. Crude oil exports tumbled by 1.56M bbls w-o-w to 2.46M b/d, while imports rose by 880K b/d w-o-w to 7.1M b/d, the highest level since July 2020. Refinery throughputs declined by 90K b/d w-o-w to average 16M b/d, as refineries utilised an average 91.4% of their operable capacity.