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Weekly US Petroleum Statistics (1)

Oil

US crude oil exports during the week ending 15 March rose 846K b/d w-o-w and 1.82M b/d y-o-y to 3.39M b/d, just 215K b/d lower from a record high reached during the week ending 15 February, data from the US Energy Information Administration showed. Exports averaged 3.03M b/d during the past 4 weeks, up 1.52M b/d y-o-y. At 6.93M b/d, crude imports rose 186K b/d w-o-w but were 145K b/d lower y-o-y. The 660K b/d fall in net crude imports supported a 9.6M drop in crude inventories to 439.5M bbls, marking the biggest weekly decline in stocks since July 2018.

Meanwhile, refinery throughput edged higher to 16.20M b/d (the fourth consecutive weekly gain), with utilisation rising 1.3 percentage points w-o-w to 88.9%.

By early afternoon in London, ICE Brent was trading at $68.41/bbl, up $0.8/bbl from the end of Tuesday’s trading.