US crude stocks fall for fourth consecutive week

Oil

US commercial crude oil inventories decreased by 7.2M bbls w-o-w and 73M bbls y-o-y to 425.4M bbls during the week ending August 27, falling for the fourth consecutive week to the lowest level since September 2019, according to the US Energy Information Administration (EIA). Total motor gasoline stocks rose by 1.3M bbls w-o-w to 227.2M bbls, with supplies on the East Coast increasing by 1.3M bbls w-o-w to 57.7M bls after previously falling to the lowest level since March 2018. Crude oil exports increased by 230K b/d w-o-w to 3.04M b/d, while imports also rose by 180K b/d w-o-w to 6.34M b/d. Refinery throughputs fell by 130K b/d w-o-w to 15.94M b/d, with refineries utilising 91.3% of their operable capacity.