US crude stockpiles fall, weekly exports surge to new record
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The news: US crude oil exports jumped to a record last week, as global buyers scramble to replace supplies disrupted by the war in Iran and closure of the Strait of Hormuz.
The numbers: Data from the US Energy Information Administration (EIA) released Wednesday showed that US crude oil inventories fell by 6.2 million barrels in the week ending 24 April amid record exports and a drop in imports.
Commercial US crude oil inventories excluding those in the Strategic Petroleum Reserve decreased by 6.2 million barrels from the week prior to 459.5 million barrels, around 1% above the five-year average for this time of year according to the EIA.
US crude exports rose to 6.4 million barrels per day last week, the highest reading on record, eclipsing the previous high of nearly 5.3 million barrels per day set in late 2023.
The context: The figures come as oil buyers continue to struggle securing oil amid the ongoing Middle East conflict which has caused the worst disruption to global energy supplies in history.
Demand for US oil has largely come from Asia, with Japan, South Korea, Singapore and Thailand leading the charge.
Oil prices continued their climb on Wednesday, with Brent rising above USD117 a barrel, and West Texas Intermediate trading around USD105 per barrel.
