US crude oil stocks continue to fall

Oil

US commercial crude oil inventories decreased by 5.1M bbls w-o-w and 53.1M bbls y-o-y to a fourteen-week low of 479.3M bbls during the week ending May 28, which is around 3% below the five-year average for this time of year, according to the US Energy Information Administration (EIA). Total motor gasoline stocks built by 1.5M bbls w-o-w to 234M bbls however, with supplies on the East Coast jumping by 2M bbls w-o-w to 62.4M bbls whereas Gulf Coast stocks fell by 400K bbls w-o-w to 88.8M bbls. Refinery throughputs rose by 360K b/d w-o-w to 15.6M b/d, which is the highest level since the week ending March 20 2020, with refinery utilisation averaging 88.7% of operable capacity. Crude oil imports declined by 640K b/d w-o-w to 5.63M b/d, with exports also tumbling by 890K b/d w-o-w to 2.54M b/d.