US crude oil exports climb to nine-month high

Oil

US crude oil exports increased by 7K b/d w-o-w and 570K b/d y-o-y to 3.63M b/d during the week ending January 1, rising for the fourth consecutive week to the highest level since the week ending March 20, according to the US Energy Information Administration (EIA). Crude oil imports also increased by 43K b/d w-o-w to 5.37M b/d, however this is a decline of 1.36M b/d y-o-y. Commercial crude oil inventories tumbled by 8M bbls w-o-w to 485.5M bbls, which is the lowest level since the week ending October 30. Despite the weekly decline, stocks increased by 54.4M bbls y-o-y, and remain at around 9% above the five-year average for this time of year. Refinery throughputs increased by 89K b/d w-o-w to 14.38M b/d, with refinery utilisation also rising by 1.3% w-o-w to average 80.7%, the highest level since the week ending August 21.