US crude oil stocks continue to fall
US commercial crude oil inventories declined by 400K bbls w-o-w and 46.8M bbls y-o-y to 484.7M bbls during the week ending May 7, falling to the lowest level since the week ending February 26 which is around 2% below the five-year average for this time of year, according to the US Energy Information Administration (EIA). Total motor gasoline stocks built for the sixth consecutive week, increasing by 400K bbls w-o-w to 236.2M bbls, however this is a decline of 16.7M bbls y-o-y. Crude oil exports tumbled by 2.33M b/d w-o-w and 1.73M b/d y-o-y to 1.8M b/d, the lowest level since the week ending October 12 2018, while imports edged up by 40K b/d w-o-w and 100K b/d y-o-y to 5.49M b/d. Refinery throughputs decreased by 220K b/d w-o-w to average 15.02M b/d, with refineries operating at 86.1% of their operable capacity.