US oil exports hit record high: EIA

Shafaq News/ The US Energy Information Administration (EIA) reported, on Wednesday, that US exports of petroleum products reached a record 7.62 million bpd in the latest week, a surge of 1.3 million bpd, marking the largest weekly increase since June 7, when the previous record was set at 7.5 million bpd.

EIA noted that “US crude oil, gasoline, and distillate inventories rose in the week ending November 1. Crude stockpiles increased by 2.1 million barrels to a total of 427.7 million barrels, surpassing analysts' expectations from a Reuters poll predicting a 1.1 million barrel rise. Additionally, crude supplies at the key storage hub in Cushing, Oklahoma, grew by 522,000 barrels.”

“Refinery crude intake rose by 281,000 bpd, pushing refinery utilization rates up by 1.4%. Gasoline inventories also rose, climbing 412,000 barrels to 211.3 million, despite analysts' predictions of an 878,000-barrel drop.”

Distillate stocks, including diesel and heating oil, increased by 2.9 million barrels to 115.8 million, contrary to forecasts of a 1.1 million barrel decline. Net US crude imports also rose by 1.7 million bpd during the week, highlighting a week of significant shifts in US oil supply and demand dynamics.