US crude stocks fall to the lowest since October 2018

Oil

US commercial crude oil inventories declined by 4.8M bbls w-o-w and 58.6M bbls y-o-y to 410.4M bbls during the week ending 4 February, falling for the second consecutive week to the lowest level since October 2018, according to the US Energy Information Administration (EIA). This is around 11% below the five-year average for this time of year. Crude oil exports increased by 720K b/d w-o-w to an eight-week high of 3.1M b/d, whereas imports decreased by 700K b/d w-o-w to 6.39M b/d, falling after previously reaching the highest level since July 2021 during the previous week. Total motor gasoline stocks declined by 1.6M bbls w-o-w and 8M bbls y-o-y to 248.4M bbls, with supplies on the East Coast falling by 2.8M bbls w-o-w to 63M bbls. Refinery throughputs rose by 330K b/d w-o-w to a five-week high of 15.58M b/d, as refineries utilised 88.2% of their operable capacity.