US crude oil exports reach a four-month high
US crude oil exports increased by 490K b/d w-o-w and 650K b/d y-o-y to 3.5M b/d during the week ending September 25, rising for the second week in a row to the highest level since the week ending May 8, according to the US Energy Information Administration (EIA). Crude oil imports fell by 50K b/d w-o-w to 5.1M b/d, which is 1.2M b/d lower than the same week last year. Commercial crude oil inventories decreased by 2M bbls w-o-w to 492.4M bbls, the lowest since the week ending April 3. However, this is up by 69.8M bbls y-o-y, and remains around 13% above the five-year average for this time of year. Refinery throughputs rose by 300K b/d w-o-w to a four-week high of 13.7M b/d, with refinery utilisation also increasing by 1% w-o-w to average 75.8% of operable capacity.