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US Crude Exports, Inventories Drop, Gasoline Stocks Rise

Oil

US crude exports averaged 1.41M b/d during the week ending 24 November 2017, down 11.2% or 179K b/d w-o-w, but up more than 190% or 938K b/d y-o-y, according to the US Energy Information Administration (EIA). US exports have averaged 1.25M b/d during the last four weeks, about 800K b/d more than the same four week period last year. Meanwhile, US crude imports averaged 7.33M b/d last week, a drop of 7% or 544K b/d w-o-w and 2.9% or 219K b/d y-o-y. Over the last four weeks, US crude oil imports averaged 7.62M b/d, about 129K b/d lower than the respective four-week period last year.      

US crude oil inventories dropped 0.8% or 3.4M barrels w-o-w at 453.7M barrels, compared with analysts’ expectations for a smaller decrease of 2.3M barrels, and are moving closer to the 5-year average level of about 415M barrels. Crude oil refinery throughput was at 17M b/d last week, up 1% or 165K b/d w-o-w and 4.4% or 720K b/d y-o-y, with refineries operating at 92.6% of their available capacity compared to last week’s 91.3%, the highest utilisation capacity since before hurricanes hit the U.S. Gulf refining hub in late August.

Gasoline production decreased by 2% w-o-w, averaging about 10.2M b/d, while inventories of motor gasoline rose significantly at 214.1M barrels, up about 4M barrels w-o-w, compared with analysts’ expectations for a more moderate 1.2M barrel gain, and are in the middle of the average range.