US crude oil stocks jump to nine-week high

Oil

US commercial crude oil stocks jumped by 19.0M bbls w-o-w and 26.3M bbls y-o-y to 439.6M bbls during the week ending 6 January, rising for the third consecutive week to the highest level since November, according to the US Energy Information Administration (EIA). Strategic Petroleum Reserve supplies declined by 800K bbls w-o-w and 221.8M bbls y-o-y to 371.6M bbls, the lowest level since December 1983. Crude oil exports tumbled by 2.1M b/d w-o-w to 2.1M b/d, the lowest since August, whereas crude imports rose by 640K b/d w-o-w to 6.4M b/d.