US crude oil stocks fall

Oil

US commercial crude oil inventories declined by 900K bbls w-o-w to 501.8M bbls during the week ending March 26, falling after previously building for the past five consecutive weeks, according to the US Energy Information Administration (EIA). This is still an increase of 32.6M bbls y-o-y however, with stocks remaining at around 6% above the five-year average for this time of year. Total motor gasoline stocks decreased by 1.7M bbls w-o-w and 16.3M bbls y-o-y to 230.5M bbls, the lowest level since the week ending November 20. Refinery throughputs jumped up by 550K b/d w-o-w to 14.94M b/d, which is the highest since the week ending March 20 2020, with refinery utilisation rising by 2.3% w-o-w to average 83.9%. Crude oil imports increased by 520K b/d w-o-w to 6.15M b/d, while exports also rose by 690K b/d w-o-w to 3.17M b/d.