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Latest US Petroleum Statistics

Oil

US crude oil exports during the week ending 8 March dropped 257K b/d w-o-w to 2.55M b/d, but were still 1.06M b/d higher y-o-y, data from the US Energy Information Administration showed. Exports averaged 3.08M b/d during the past 4 weeks, up 1.46M b/d y-o-y. At 6.75M b/d, crude imports dropped 255K b/d w-o-w and were 839K b/d lower y-o-y. US crude production slipped 100K b/d from a record high in the previous week to 12M b/d, supporting a 3.9M barrel weekly drop in crude inventories to 449.1M bbls.

Meanwhile, refinery throughput edged higher to 16M b/d (the third consecutive weekly gain), with utilisation rising 0.1 percentage point w-o-w to 87.6%.

By early afternoon in London, ICE Brent was trading at $67.11/bbl, up 0.44/bbl from the end of Tuesday’s trading.