US crude oil stocks rise to three-week high

Oil

US commercial crude oil inventories increased by 1.3M bbls w-o-w to 486M bbls during the week ending May 14, the highest level since the week ending April 23, according to the US Energy Information Administration (EIA). Despite reaching a three-week high stocks are still down by 40.5M bbls (or 7.7%) y-o-y, and are around 1% below the five-year average for this time of year. Total motor gasoline stocks decreased by 2M bbls w-o-w and 21.5M bbls y-o-y to a seven-week low of 234.2M bbls, with supplies on the East Coast falling by 4.6M bbls w-o-w to 60M bbls, the lowest level since the week ending October 9 2020, while Gulf Coast inventories built by 5.7M bbls w-o-w to a nine-month high of 91.4M bbls. Crude oil exports jumped up by 1.51M b/d w-o-w to 3.31M b/d, with imports also rising by 920K b/d w-o-w to 6.41M b/d. Refinery throughputs increased by 100K b/d w-o-w to average 15.12M b/d, with refineries operating at 86.3% of their operable capacity.