US crude inventories fell by 6.1 million bl last week to a year-to-date low of 433.5 million bl, driven by a large draw at Cushing, Oklahoma. This has brought crude stockpiles to their lowest level since December 30th, when 420.6 million bl were recorded.
Stocks at the Cushing storage hub fell by 3.1 million bl to 30.7 million bl, the largest weekly decline in nearly two years and the 12th largest in EIA data since 2004. Meanwhile, crude inventories at the US Strategic Petroleum Reserve (SPR) climbed by 594,000 bl to 348.9 million bl.
Domestic crude production increased to 12.8 million b/d, the third consecutive increase since March 2020. US crude exports fell by 341,000 b/d to 4.3 million b/d, while imports fell by 225,000 b/d to 6.9 million b/d. The US west coast led the decline in imports, falling 604,000 b/d to 1.3 million b/d. US refiners processed about 16.8 million b/d of crude last week, up by 30,000 b/d from the previous seven-day period and 521,000 b/d compared to the same week in 2022.