Weekly US Petroleum Statistics

Oil

US crude oil exports during the week ending 3 January eased to 3.06M b/d, down from a record of 4.46M b/d reached in the preceding week but still 999K b/d higher y-o-y, data from the US Energy Information Administration show. This marked the eighth consecutive week where exports remained over the 3M b/d mark. Crude imports posted their thirty fourth consecutive annual fall, declining by 1.12M b/d y-o-y to 6.73M b/d (+379K b/d w-o-w).

The 1.78M b/d increase in net crude imports supported a 1.2M barrel gain in US crude stocks to 431.1M bbls. This follows declines in each of the previous three weeks.

By early afternoon in London, ICE Brent was trading at $67.14/bbl, down $1.13/bbl from the end of Tuesday’s trading.