Analysis: EIA: Exports Bounce Back, Crude Stocks Drop
7/17 9:28 AM
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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