US crude oil stocks tumble
US commercial crude oil inventories decreased by 5.2M bbls w-o-w and 64M bbls y-o-y to 474M bbls during the week ending June 4, falling for the third consecutive week to the lowest level since the week ending February 19, which is around 4% below the five-year average for this time of year, according to the US Energy Information Administration (EIA). Total motor gasoline stocks surged by 7M bbls w-o-w to a fourteen-week high of 241M bbls, with supplies on the East and Gulf coasts rising by 3.4M bbls w-o-w to 65.8M bbls and by 1.9M bbls w-o-w to 90.7M bbls respectively. Refinery throughputs increased by 330K b/d w-o-w to 15.93M b/d, the highest level since the week ending February 21 2020, with refineries utilising an average 91.3% of their operable capacity. Crude oil imports jumped by 1.01M b/d w-o-w to an eleven-month high of 6.64M b/d, while exports also built by 390K b/d w-o-w to 2.93M b/d.