US crude stocks fall to lowest since October 2018

Oil

US commercial crude oil inventories declined by 4.6M bbls w-o-w and 68.9M bbls y-o-y to 413.3M bbls during the week ending January 7, falling 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 stocks jumped by 8M bbls w-o-w to a 27-week high of 240.7M bbls, with this increase being driven by stocks in the Midwest which rose by 3.8M bbls to 54.7M bbls, the highest since February 2021. Crude oil exports tumbled by 600K b/d w-o-w to 1.96M b/d, the lowest since July, while imports increased by 190K b/d w-o-w to 6.07M b/d. Refinery throughputs fell by 290K b/d w-o-w to 15.57M b/d, as refineries utilised 88.4% of their operable capacity.