US crude oil stocks continue to build

Oil

US commercial crude oil inventories increased by 2.4M bbls w-o-w and 47.1M bbls y-o-y to 500.8M bbls during the week ending March 12, according to the US Energy Information Administration (EIA). This is around 6% above the five-year average for this time of year, as stocks built for the fourth consecutive week to reach the highest level since the week ending December 4 2020. Total motor gasoline stocks also increased by 500K bbls w-o-w to 232.1M bbls after falling to a four-month low during the previous week, however this is still a decline of 8.7M bbls y-o-y and around 4% below the five-year average for this time of year. Refinery throughputs rose by 1.1M b/d w-o-w to a four-week high of 13.4M b/d, with refinery utilisation averaging 76.1% of operable capacity. Crude oil imports decreased by 330K b/d m-o-m and 1.22M b/d y-o-y to 5.32M b/d, with exports also falling by 110K b/d m-o-m and 1.86M b/d y-o-y to 2.52M b/d.