News
29/04/26
US oil inventories fall on record exports: Update
US oil inventories fall on record exports: Update
Adds report details. Calgary, 29 April (Argus) — US crude inventories fell last
week by 6.2mn bl with exports surging past 6mn b/d for the first time on record,
the Energy Information Administration (EIA) reported today. Crude stocks in the
week ended 24 April fell to 459.5mn bl, down from 465.7mn bl in the week prior.
Stocks were higher by 19.1mn bl compared to the same week last year. Inventories
at the Cushing storage hub in Oklahoma fell on the week by 796,000 bl to 29.8mn
bl and were 4.1mn bl higher than a year earlier. Stocks in the greater US
midcontinent region, including Cushing, rose by 569,000 bl from the previous
week to 114.4mn bl. Crude exports rose to 6.44mn b/d, up by 1.64mn b/d from the
week prior and the highest on record. The previous high of 5.63mn b/d was set in
the week ended 24 February 2023. Imports fell by 328,000 b/d to 5.75mn b/d,
marking the first time exports have exceeded imports into the US over the course
of a week, according to EIA data going back to 2001. As a result, net imports
dropped by 1.97mn b/d to -688,000 b/d. Crude inventories at the US Strategic
Petroleum Reserve (SPR) fell by 7.1mn bl to 397.9mn bl, as part of a targeted
172mn bl drawdown announced last month. The withdrawal rate of 1.02mn b/d across
the seven-day period ranks behind only six other weeks found between June and
October 2022. SPR stocks are not included in the overall EIA commercial crude
inventory figures. US crude production averaged 13.6mn b/d across the week,
steady from a week earlier but 121,000 b/d higher than a year ago. Refinery runs
nationwide fell last week by 94,000 b/d to 16.3mn b/d. Throughputs were down by
52,000 b/d compared to a year earlier. Refinery utilization rates averaged
89.6pc nationwide, up from both 89.1pc in the previous week and 88.6pc in the
same week last year. By Brett Holmes US weekly crude stocks/movements Stocks mn
bl 24-Apr 17-Apr ±% Year ago ±% Crude oil (excluding SPR) 459.5 465.7 -1.3%
440.4 4.3% - Cushing crude 29.8 30.6 -2.6% 25.7 15.8% Imports/exports '000 b/d
Crude imports 5,750 6,078 -5.4% 5,498 4.6% Crude exports 6,438 4,798 34.2% 4,121
56.2% Refinery usage Refinery inputs '000 b/d 16,274 16,180 0.6% 16,326 -0.3%
Refinery utilisation % 89.6 89.1 0.6% 88.6 1.1% Production mn b/d 13.6 13.6 0.0%
13.5 0.9% — US Energy Information Administration Send comments and request more
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