US crude imports jump to six-month high

Oil

US crude oil imports increased by 1.38M b/d w-o-w and 200K b/d y-o-y to 7.28M b/d during the week ending 27 January, the highest level since last July, according to the US Energy Information Administration (EIA). Crude exports declined by 1.22M b/d w-o-w to 3.49M b/d however. Commercial crude oil stocks increased by 4.14M bbls w-o-w to 452.69M bbls, which is the highest since June 2021 and around 4% above the five-year average for this time of year.