US crude stocks fall to lowest since October 2018

Oil

US commercial crude oil stocks declined by 3.5M bbls w-o-w and 80.4M bbls y-o-y to 414M bbls during the week ending September 17, decreasing for the seventh consecutive week to the lowest level since October 2018, according to the US Energy Information Administration (EIA). This is around 8% below the five-year average for this time of year. Total motor gasoline inventories increased by 3.5M bbls w-o-w to 221.6M bbls, building after falling to the lowest level since November 2019 during the previous week. Refinery throughputs jumped by 960K b/d w-o-w to average 15.35M b/d, as refineries utilised 87.5% of their operable capacity. Crude oil imports increased by 700K b/d w-o-w to an eight-week high of 6.47M b/d, while exports also rose by 190K b/d w-o-w to 2.81M b/d.