US crude oil stocks fall to thirteen-week low

Oil

US commercial crude oil inventories declined by 1.7M bbls w-o-w and 50.1M bbls y-o-y to 484.3M bbls during the week ending May 21, falling to the lowest level since the week ending February 19 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 also decreased by 1.7M bbls w-o-w and 22.5M bbls y-o-y to an eight-week low of 232.5M bbls. Gasoline supplies on the East Coast built by 400K bbls w-o-w to 60.4M bbls after falling to a seven-month low during the previous week, whereas Gulf Coast stocks fell by 2.2M bbls w-o-w to 89.2M bbls after previously reaching a nine-month high. Crude oil imports fell by 140K b/d w-o-w to 6.27M b/d, while exports rose by 130K b/d w-o-w to 3.43M b/d, a three-week high. Refinery throughputs increased by 120K b/d w-o-w to 15.24M b/d, with refineries operating at 87% of their operable capacity.