US Crude Exports Hit New Record High

Oil

US crude oil exports during the last week of December surged 1.07M b/d w-o-w and 2.45M b/d y-o-y to a weekly record of 4.46M b/d, marking the seventh consecutive week where volumes remained over the 3M b/d mark, data from the US Energy Information Administration show. Crude imports posted their thirty third consecutive annual fall, declining by 1.04M b/d y-o-y to 6.35M b/d (-457K b/d w-o-w). The 1.52M b/d drop in net crude imports, combined with a 303K b/d weekly gain in refinery throughput to 17.28M b/d, supported a significant 11.5M barrel drop in US crude stocks to 429.9M bbls.   

By early afternoon in London, ICE Brent was trading at $69.27/bbl, up $0.67/bbl from the end of last Friday’s trading.