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US Crude Exports Post First Y-o-Y Decline since October 2018

Oil

US crude oil exports during the week ending 1 November dropped sharply by 956K b/d w-o-w to a 3-month low of 2.37M (-34K b/d y-o-y), which marked the first annual decline in volumes since October 2018, data from the US Energy Information Administration show. At 6.08M b/d, crude imports dropped 620K b/d w-o-w and were 1.46M b/d lower y-o-y. The 336K b/d weekly gain in net crude imports, combined with a 237K b/d fall in refinery throughput to 15.76M b/d, supported a significant 7.9M barrel w-o-w increase in US crude stockpiles to 446.8M bbls (+15M bbls y-o-y).

By early afternoon in London, ICE Brent was trading at $62.56/bbl, down $0.40/bbl from the end of Tuesday’s trading.