EIA DATA: Crude stocks fall again as refinery runs rebound
Quantum Commodity Intelligence - US commercial crude inventories fell 3.7 million barrels last week on a swift recovery in refinery run rates, the latest EIA data showed Wednesday, while another 1.6 million barrels were drained from strategic reserves.
US commercial stocks stood at 431.7 million barrels as of 18 November, around 0.5% below last year and 4.2% under the five-year average.
Strategic stocks fell to a fresh 40-year low of 390.5 million barrels.
It pushed total US stocks down 5.3 million barrels to a fresh 21-year low of 822.2 million barrels.
Inventories fell as refineries ramped up further after seasonal maintenance.
US run rates hit a 14-week high of 16.4 million bpd, up almost 5% from the same time last year and broadly in line with the same week in 2019.
Crude imports topped 7 million bpd for the first time since July, up around 27% on the week and 10% higher than the same time last year.
And exports climbed 10% on the week to 4.2 million barrels, over 60% higher than the same time last year.
Key figures
Commercial crude and product stocks: 1611 m barrels, +1.7 m barrels on week.
Commercial crude stocks: 432 m barrels, -3.7 m barrels on week.
Strategic crude stocks: 391 m barrels, -1.6 m barrels on week.
Crude production: 12.1 million bpd, 0.0 million bpd on week.
Crude imports: 7.1 million bpd, +1.5 million bpd on week.
Crude exports: 4.2 million bpd, +0.38 million bpd on week.
