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US crude oil exports increase

Oil

US crude oil exports rose by 900K b/d w-o-w to 3.04M b/d during the week ending October 16, recovering to a three-week high after previously falling to the lowest level since August 2019 last week, according to the US Energy Information Administration (EIA). This is still a decrease of 650K b/d y-o-y however. Crude oil imports fell by 170K b/d w-o-w and 740K b/d y-o-y to 5.1M b/d, the lowest since the week ending August 28. Commercial crude oil inventories declined by 1M bbls w-o-w to 488.1M bbls, which is an increase of 55M bbls y-o-y, with stocks holding at around 10% above the five-year average for this time of year. Refinery throughputs fell by 600K b/d w-o-w and 2.8M b/d y-o-y to 13M b/d, with refinery utilisation also lowering by 2.2% w-o-w and 12.3% y-o-y to average 72.9%.