US crude stocks break seven-week draw down streak

Oil

US commercial crude oil stocks increased by 4.6M bbls w-o-w to 418.5M bbls during the week ending September 24, rising after previously being drawn down for the past seven weeks, according to the US Energy Information Administration (EIA). Despite this build, inventories remain down by 73.9M bbls y-o-y and are around 7% below the five-year average for this time of year. Total motor gasoline stocks also rose by 200K bbls w-o-w to 221.8M bbls, supported by supplies on the East Coast which increased by 1.5M bbls w-o-w to a four-week high of 55.4M bbls. Crude imports rose by 90K b/d w-o-w to a ten-week high of 6.56M b/d, with exports also increasing by 210K b/d w-o-w to 3.02M b/d. Refinery throughputs built by 70K b/d w-o-w to average 15.42M b/d, with refineries utilising 88.1% of their operable capacity.