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US Crude Exports Surge to New Record Levels, Inventories Drop

Oil

US crude exports averaged 2.133M b/d during the week ending 27 October 2017, up 10.8% or 209K b/d w-o-w and a more than 420% or 1.7M 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 1.781M b/d in daily exports during the last four weeks, over 1.3M b/d more than the same four week period last year. Meanwhile, US crude imports averaged 7.571M b/d last week, down 6.8% or 552K b/d w-o-w and 15.8% or 1.424M b/d y-o-y. Over the last four weeks, crude oil imports averaged 7.7M b/d, about the same as the respective four-week period last year.

US Crude oil inventories dropped 0.53% or 2.4M barrels w-o-w at 454.9M barrels, compared with analysts’ expectations for a decrease of 1.8M barrels, and are moving closer to the 5-year average level of about 415M barrels. Crude oil refinery throughput was at 16.015M b/d last week, marginally down w-o-w and 3.7% or 567K b/d y-o-y, with refineries operating at 88.1% of their available capacity compared to last week’s 87.8%, as refineries’ autumn maintenance is ramping up and the effects of Hurricane Nate gradually were off.

Gasoline production increased last week, averaging slightly over 10.18M b/d, up 2.5% w-o-w, while inventories of motor gasoline dropped by 4.1M barrels at 212.8M barrels, compared to analysts’ expectations of a minor drop of 1.5M barrels, and are currently about 13M barrels less than the 5-year average.