US crude oil stocks fall for fifth consecutive week

Oil

US commercial crude oil inventories plummeted by 7.6M bbls (or 2%) w-o-w and 81.7M bbls (or 15%) y-o-y to 459.1M bbls during the week ending June 18, declining for the fifth week in a row to the lowest level since March 2020, according to the US Energy Information Administration (EIA). This is around 6% below the five-year average for this time of year. Total motor gasoline stocks also fell by 2.9M bbls w-o-w and 15.3M bbls y-o-y to 240M bbls, with supplies on the Gulf coast decreasing by 4.3M bbls w-o-w to an eight-week low of 85.5M bbls. Crude oil imports increased by 200K b/d w-o-w to 6.94M b/d, the highest level since July 2020, whereas exports fell by 230K b/d w-o-w to 3.65M b/d. Refinery throughputs declined by 220K b/d w-o-w to 16.11M b/d, with refineries utilising an average 92.2% of their operable capacity.