US crude oil exports plummet
US crude oil exports decreased by 1M b/d w-o-w and 670K b/d y-o-y to 2.14M b/d during the week ending August 14, falling to the lowest level since August 2019, according to the US Energy Information Administration (EIA). Crude oil imports edged up by 110K b/d w-o-w to 5.73M b/d, this is down by 1.49M b/d y-o-y however. Commercial crude oil inventories declined by 1.6M bbls w-o-w to 512.5M bbls, dropping for the fourth week in a row. While this is the lowest level since the week ending April 10, stocks remain up by 74.7M bbls y-o-y, and are around 15% above the five-year average for this time of year. Refinery inputs fell by 170K b/d w-o-w to an average of 14.5M b/d.