US crude oil stocks continue to plummet

Oil

US commercial crude oil inventories tumbled by 7.4M bbls w-o-w and 72.6M bbls y-o-y to 466.7M bbls during the week ending June 11, falling for the fourth consecutive week to the lowest level since the week ending February 19, according to the US Energy Information Administration (EIA). This is around 5% below the five-year average for this time of year. Total motor gasoline stocks rose by 2M bbls w-o-w to a fifteen-week high of 243M bbls, bolstered by supplies on the East coast which built by 2.5M bbls w-o-w, whereas Gulf coast stocks fell by 900K bbls w-o-w to 89.8M bbls. Refinery throughputs increased by 410K b/d w-o-w 16.34M b/d, the highest level since January 2020, with refineries utilising an average 92.6% of their operable capacity. Crude oil imports rose by 110K b/d w-o-w to 6.75M b/d, the highest level since July 2020, whereas exports surged by 950K b/d w-o-w to 3.89M b/d.