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US crude exports average record high 2.566 million b/d in past week: EIA

New York (Platts)--16 May 2018 1202 pm EDT/1602 GMT


US crude exports jumped by 689,000 b/d last week to 2.566 million b/d, a record high, leading to a draw in crude stocks, Energy Information Administration data showed Wednesday.

Crude futures pared declines Wednesday after the release of the EIA data, but stayed in negative territory as the size of the draw fell short of market expectations.

At 1448 GMT NYMEX June crude was 13 cents lower at $71.18/b while ICE July Brent was 18 cents lower at $78.25/b. Before the release of the EIA data, NYMEX crude was 56 cents lower at $70.75/b, while ICE Brent was 58 cents lower at $77.85/b.

US crude inventories declined 1.404 million barrels to 432.354 million barrels last week, EIA data showed.

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Crude imports rose 278,000 b/d to 7.601 million b/d, and the refinery utilization rate increased 0.7 percentage point to 91.1% of capacity.

US distillate stocks fell 92,000 barrels to 114.946 million barrels. NYMEX June ULSD was 60 points lower at $2.2430/gal. Ahead of the EIA data, NYMEX June ULSD was 93 points lower at $2.2397/gal.

US gasoline stocks drew 3.790 million barrels to 232.014 million barrels. At 1448 GMT, NYMEX June RBOB was 80 points higher at $2.2128/gal. Before the release of the EIA data, NYMEX June RBOB was 18 points lower at $2.2030/gal.

S&P Global Platts survey of analysts on Monday indicated that crude stocks were expected to fall by 2.3 million barrels last week. Gasoline and distillate stocks were expected to have fallen by 2 million barrels and 1.3 million barrels, respectively.

--Geoffrey Craig, geoffrey.craig@spglobal.com

--Edited by Jonathan Fox, jonathan.fox@spglobal.com




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