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US Crude Inventories Drop, Gasoline Stocks on the Rise (2)
US crude exports averaged 1.21M b/d during the week ending 22 December 2017, down 35% or 648K b/d w-o-w, but a more than 93% or 583K b/d increase y-o-y, according to the US Energy Information Administration. US exports have averaged 1.38M b/d during the last four weeks, about 840K b/d more than the same four week period last year. Meanwhile, US crude imports averaged 7.99M b/d last week, up 2% or 159K b/d w-o-w but down about 180K b/d y-o-y. Over the last four weeks, US crude imports averaged 7.60M b/d, 477K b/d lower than the respective four-week period last year.
US crude inventories dropped 1.1% or 4.6M barrels w-o-w to 431.9M barrels, compared with analysts’ expectations in a Reuters poll for a slightly smaller decrease of 4.0M barrels, and are moving closer to the 5-year average level of about 420M barrels. Crude oil refinery throughput was at 17.40M b/d last week, up 335K b/d w-o-w and 841K b/d y-o-y, with refineries operating at 95.7% of their available capacity, up 1.6% w-o-w and 1.4% from the 4-week average.
Gasoline production rose by 3.3% w-o-w, averaging about 10.4M b/d, while inventories of motor gasoline rose to 228.4M barrels, up 0.6M barrels w-o-w, compared with analysts’ expectations for a greater 1.3 M barrel gain.