US crude oil stocks continue to decline

Oil

US commercial crude oil inventories fell by 6.7M bbls w-o-w and 81.2M bbls y-o-y to 452.3M bbls during the week ending June 25, declining for the sixth consecutive week to the lowest level since the week ending March 6 2020, according to the US Energy Information Administration (EIA). Despite falling by 14.9M bbls y-o-y, total motor gasoline stocks rose by 1.5M bbls w-o-w to 241.6M bbls, with supplies on the East coast increasing by 1.8M bbls w-o-w to a four-month high of 70.7M bbls. Refinery throughputs rose by 190K b/d w-o-w to 16.3M b/d, with refineries utilising an average 92.9% of their operable capacity, the highest level since January 2020. Crude oil imports decreased by 540K b/d w-o-w to 6.41M b/d, whereas exports edged up by 70K b/d w-o-w to 3.72M b/d.