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US Crude Exports Rise, Crude Stocks Build up

Oil

US crude exports averaged 1.129M b/d during the week ending 10 November 2017, up 30% or 260K b/d w-o-w and a more than 130% or 648K b/d rise y-o-y according to data provided by the US Energy Information Administration (EIA). The US has recently emerged as a significant crude exporter, with an average of 1.514M b/d in daily exports during the last four weeks, about 1.1M b/d more than the same four week period last year. Meanwhile, US crude imports averaged 7.9M b/d last week, up 7.1% or 521K b/d w-o-w but down 6.2% or 525K b/d y-o-y. Over the last four weeks, crude oil imports averaged 7.7M b/d, about 0.2M b/d lower than the respective four-week period last year.

US Crude oil inventories rose 0.42% or 1.9M barrels w-o-w at 459M barrels, compared with analysts’ expectations for a decrease of 2.2M barrels, and are moving further away to the 5-year average level of about 415M barrels. Crude oil refinery throughput was at 16.6M b/d last week, up 2% or 334K b/d m-o-m and 3.2% or 513K b/d y-o-y, with refineries operating at 91% of their available capacity compared to last week’s 89.6% and the highest since before hurricanes hit the U.S. Gulf refining hub in late August.

Gasoline production decreased last week, averaging about 9.9M b/d, down 3% or 315K b/d w-o-w. Inventories of motor gasoline rose by 0.9M barrels at 210.4M barrels, compared to analysts’ expectations for a 0.919M barrels drop, and are currently about 13M barrels less than the 5-year average.