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US Crude Inventories Rise, Gasoline Inventories Drop

Oil

US crude exports averaged 1.924M b/d during the week ending 20 October 2017, up 7% or 126K b/d w-o-w and a more than 360% or 1.5M b/d rise y-o-y according to data provided by the US Energy Information Administration (EIA). The US has recently emerged as a significant crude exporter, with an average of 1.744M b/d in daily exports during the last four weeks, over 1.3M b/d more than the same four week period last year. Meanwhile, US crude imports averaged 8.123M b/d last week, up 8.5% or 640K b/d w-o-w and 16% or 1.107M b/d y-o-y. Over the last four weeks, crude oil imports averaged over 7.6M b/d, 3.2% more than the respective four-week period last year.

US Crude oil inventories increased by 0.2% or 0.856M barrels w-o-w at 457.3M barrels, and are near the upper limit of the 5-year range for this time of the year. Crude oil refinery throughput was at 16.025M b/d last week, up 3.7% or 586K b/d w-o-w and 3% or 473K b/d y-o-y, with refineries operating at 87.8% of their available capacity compared to last week’s 84.5%, as the impact of Hurricane Nate gradually fades away and the autumn maintenance season ramps up.

Gasoline production decreased last week, averaging slightly over 9.9M b/d, while inventories of motor gasoline dropped by 5.5M barrels at 216.8M barrels, compared to analysts’ expectations of a minor drop of 17K b/d, but are well in the upper half of the 5-year range for this time of the year.