US crude oil stocks tumble to nine-week low

Oil

US commercial crude oil inventories fell by 8M bbls w-o-w and 47.1M bbls y-o-y to a nine-week low of 485.1M bbls during the week ending April 30, according to the US Energy Information Administration (EIA). This is the largest w-o-w decline since the week ending January 22, with stocks being drawn down to around 2% below the five-year average for this time of year. Total motor gasoline stocks increased by 700K bbls w-o-w to a nine-week high of 235.8M bbls, with supplies on the Gulf Coast accounting for most of this build, rising by 2.1M bbls w-o-w to the highest since the week ending February 19 at 85.7M bbls. Crude oil imports plummeted by 1.16M b/d w-o-w to 5.45M, while exports jumped up by 1.58M b/d w-o-w to 4.12M b/d, the highest since the week ending March 13 2020. Refinery throughputs rose by 230K b/d w-o-w and 2.26M b/d y-o-y to average 15.24M b/d.