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US Crude Production Rises in September, Exports Surge
US crude production in September stood at 9.48M b/d, up 3.1% or 290K b/d m-o-m and 10.8% or 928K b/d y-o-y, and the highest since April 2015, according to the US Energy Information Administration (EIA). US crude imports dropped by 7.8% or 615K b/d m-o-m to 7.28M b/d, the lowest since October 2015, while crude inventories rose by about 1M barrels m-o-m to nearly 470M barrels. However, weekly data shows that US crude stocks have since dropped by almost 18M barrels to 453M barrels, and have moved closer to the 5-year average of about 415M barrels.
Production of motor gasoline stood at 9.79M b/d, down 3.8% or 390K b/d m-o-m and 2.4% or 240K b/d y-o-y. Gasoline imports rose to 802K b/d, up 12.5% or 89K b/d m-o-m and a 50K b/d rise y-o-y, while gasoline exports increased to 677K b/d, up 6.5% or 41K b/d m-o-m and 6.6% or 42K b/d y-o-y.
Jet kerosene production stood at 1.66M b/d, down 7.3% or 130K b/d m-o-m and about the same level y-o-y. The monthly drop in US jet kerosene production was compensated by higher kerosene imports of 206K b/d, up 18.4% or 32K b/d m-o-m, and reduced exports of 124K b/d, about 70K b/d lower m-o-m.
Meanwhile, US crude exports in September stood at 1.47M b/d, a steep rise of about 700K b/d m-o-m, as the country has recently emerged as a significant exporter, averaging 1.25M b/d during the last four weeks, about 800K b/d more than the same four week period last year.