US crude exports hit record high of 4.5mn b/d: EIA

US crude exports jumped to a record high of about 4.5mn b/d last week, causing a large drop in inventories, according to the Energy Information Administration (EIA).

Domestic crude exports in the week ended 27 December rose by 1.1mn b/d compared to the previous week, according to the EIA estimates. The previous record high was about 3.8mn b/d in mid-June. US exports last week were up by more than 2mn b/d from a year earlier, reflecting the start of new crude pipelines to the US Gulf coast in 2019.

The Census Bureau releases more definitive monthly trade data with a roughly one-month lag.

US crude inventories last week fell by 11.5mn bl to 429.9mn bl, the largest weekly decline since mid-June.

US refiners processed an average of 17.3mn b/d of crude, up by 303,000 b/d from the previous week. Refineries operated at 94.5pc of capacity.

US crude production last week was flat, staying at a record high of 12.9mn b/d, according to the weekly estimates. The EIA at the end of each month releases more definitive monthly production data based on a survey of oil producers in 15 states.

Domestic crude imports fell by 457,000 b/d to 6.4mn b/d last week. Over the past four weeks, crude imports have averaged 6.7mn b/d, down by about 11pc from the same period last year.

Total US gasoline inventories rose by 3.2mn bl to 242.5mn bl from the prior week. Total distillate fuel stocks rose by 8.8mn bl to 133.7mn bl in a traditional end-of-year inventory surge.

Crude stocks at the Cushing, Oklahoma, hub fell by about 1.5mn bl to 36.3mn bl, in an eighth straight week of declines.

By Eunice Bridges

US EIA weekly crude data Week ended 27 December Week ended 20 December &#177; Year earlier &#177; Total crude stocks - excluding SPR (mn bl) 429.9 441.4 -11.5 441.4 -11.5 Cushing stocks (mn bl) 36.3 37.8 -1.5 41.9 -5.6 Crude Exports (mn b/d) 4.5 3.4 1.1 2.2 2.3 Crude Imports (mn b/d) 6.4 6.8 -0.5 7.4 -1.0 Production (mn b/d) 12.9 12.9 0.0 11.7 1.2 EIA

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