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US Crude Exports Rise, Crude Stocks Drop

Oil

US crude exports averaged 1.59M b/d during the week ending 17 November 2017, up 40% or 462K b/d w-o-w and a more than 235% or 1.12M b/d increase y-o-y, according to the US Energy Information Administration (EIA). US exports have averaged 1.43M b/d during the last four weeks, about 1M b/d more than the same four week period last year. Meanwhile, US crude imports averaged 7.87M b/d last week, a marginal drop of 0.3% w-o-w and a 3.9% or 295K b/d rise y-o-y. Over the last four weeks, US crude oil imports averaged 7.68M b/d, about 430K b/d lower than the respective four-week period last year.            

US Crude oil inventories dropped 0.4% or 1.9M barrels w-o-w at 457.1M barrels, compared with analysts’ expectations for a smaller decrease of 1.5M barrels, and are moving closer to the 5-year average level of about 415M barrels. Crude oil refinery throughput was at 16.84M b/d last week, up 1.2% or 199K b/d m-o-m and 2.7% or 441K b/d y-o-y, with refineries operating at 91.3% of their available capacity compared to last week’s 91%, the highest utilisation capacity since before hurricanes hit the U.S. Gulf refining hub in late August.

Gasoline production increased by 0.6% w-o-w, averaging about 10.4M b/d, while inventories of motor gasoline remained unchanged at 210.4M barrels compared with analysts’ expectations for a 737K barrel drop, and are in the middle of the average range.