US crude oil exports tumble

Oil

US crude oil exports declined by 520K b/d w-o-w and 1.1M b/d y-o-y to 2.14M b/d during the week ending October 9, falling to the lowest level since August 2019, according to the US Energy Information Administration (EIA). Crude oil imports also fell by 450K b/d w-o-w and 1M b/d y-o-y to 5.3M b/d. Commercial crude oil inventories decreased by 3.8M bbls w-o-w to 489.1M bbls, falling to the lowest level since the week ending April 3. This is still an increase of 54.3M bbls y-o-y however, with stocks remaining at around 11% higher than the five-year average for this time of year. Total motor gasoline stocks decreased by 1.6M bbls w-o-w and 1.1M bbls y-o-y to 225.1M bbls, which is the lowest since November 2019. Refinery throughputs fell by 280K b/d w-o-w to 13.6M b/d, with refinery utilisation also lowering by 2% w-o-w to average 75.1%.