US crude stocks build for second consecutive week

Oil

US commercial crude oil inventories built by 2.3M bbls w-o-w to 420.9 M bbls during the week ending October 1, rising for the second week in a row to a four-week high, according to the US Energy Information Administration (EIA). Stocks remain down by 72M bbls y-o-y however, and are around 7% below the five-year average for this time of year. Total motor gasoline stocks rose by 3.3M bbls w-o-w to 225.1M bbls, with supplies on the East coast increasing by 2.4M bbls w-o-w to a seven-week high of 57.8M bbls. Crude oil exports tumbled by 910K b/d w-o-w to 2.11M b/d, whereas imports increased by 480K b/d w-o-w to an eleven-week high of 7.04M b/d. Refinery throughputs rose for the fourth consecutive week, increasing by 330K b/d w-o-w to 15.74M b/d, with refineries utilising 89.6% of their operable capacity.