Analysis: EIA: Exports Bounce Back, Crude Stocks Drop


   
Karim Bastati
DTN Analyst

   U.S. commercial crude oil inventories fell 3.9 million barrels to 422.2 
million bbls last week, some 4% below year-ago levels and 8% below the 
five-year average, as crude oil exports recovered from two consecutive weeks of 
sub-3-million-bpd flows, Energy Information Administration data revealed on 
Wednesday.

   At 2.305 million bpd, exports in the last week of June were at their lowest 
in more than two years. Exports remained low by historical standards in the 
following week, rising by only 450,000 bpd. The two-week export lull might have 
contributed to the surprising surge in crude oil inventories in the first week 
of July.

   Exports rebounded to 3.518 in the week ending July 11, up 761,000 bpd 
week-on-week. Over the past four weeks, however, U.S. crude oil exports have 
been 21% lower than in the same period last year. The cumulative daily average 
was trailing year-ago levels by 7.7%.

   EIA reported gasoline and distillate fuel inventories expanding last week, 
adding 3.4 million bbls and 4.2 million bbls, respectively. While gasoline 
inventories were in line with year-ago levels, distillate fuel oil stocks 
remained tight by historical standards. At 107 million bbls, they were down 
16.5% year-on-year and 21% below the five-year average.




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