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US crude oil stocks build for third consecutive week

Oil

US commercial crude oil inventories increased by 13.8M bbls w-o-w and 46.6M bbls y-o-y to 498.4M bbls during the week ending March 5, rising for the third week in a row to the highest level since December 18 2020, according to the US Energy Information Administration (EIA). Total motor gasoline stocks declined by 11.9M bbls w-o-w and 15.4M bbls y-o-y to a four-month low of 231.6M bbls, which is around 6% below the five-year average for this time of year. Refinery throughputs jumped up by 2.4M b/d w-o-w to 12.3M b/d, after plummeting to the lowest level on records dating back to 1982 during the previous week, with refinery utilisation averaging 69% of operable capacity. Crude oil imports fell by 640K b/d w-o-w to 5.66M b/d, whereas exports rose by 280K b/d w-o-w to 2.63M b/d.