• 3 minutes Natural gas is crushing wind and solar power
  • 6 minutes OPEC and Russia could discuss emergency cuts
  • 8 minutes Is Pete Buttigieg emerging as the most likely challenger to Trump?
  • 11 minutes Question: Why are oil futures so low through 2020?
  • 13 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 2 hours So the west is winning, is it? Only if you’re a delusional Trump toady, Mr Pompeo, by Simon Tisdall
  • 8 mins Peak Shale Will Send Oil Prices Sky High
  • 1 hour "Criticism of migration will become a criminal offense.  And media outlets that give room to criticism of migration, can be shut down." - EU Official to the Media.
  • 5 hours Fight with American ignorance, Part 1: US is a Republic, it is not a Democracy
  • 5 hours Charts of COVID-19 Fatality Rate by Age and Sex
  • 5 hours CDC covid19 coverup?
  • 52 mins Oil and gas producers fire back at Democratic presidential candidates.
  • 20 hours “The era of cheap & abundant energy is long gone. Money supply & debt have grown faster than real economy. Debt saturation is now a real risk, requiring a global scale reset.”"We are now in new era of expensive unconventional energy
  • 6 hours Democrats Plan "B" Bloomberg Implodes. Plan "C" = John Kerry ?
  • 21 hours Who decides the Oil costs?
  • 24 hours Blowout videos
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Expect Another Record Breaking Week For U.S. Oil Exports

Shale

Each week, the U.S. Energy Information Administration (EIA) issues its weekly inventories report. In the report it gives us information on the supply of crude oil, gasoline and distillates. It also provides data on production and capacity utilization. One of the most overlooked parts of the report is data on U.S. exports. This is probably because the U.S. is primarily known as an importing country.

This week, export data jumped to the forefront, when a surprise rise helped trigger a volatile response in the crude oil market.

According to the EIA, U.S. crude oil supply fell sharply the preceding week as crude exports rose to a record high of nearly 2 million barrels per day (bpd).

Crude inventories fell 6 million barrels in the week-ending September 29, compared to a forecast of a 756,000 barrel draw. This was the second straight draw as Gulf Coast refineries restart after weeks of shutdown due to Hurricane Harvey.

The surprise news was that crude exports jumped to 1.98 bpd, surpassing the 1.5 million bpd set the previous week.

Traders said the jump in U.S. exports points to growing demand and rising profile of the United States as a major global supplier of crude and oil-related products.

Traders also said the steep increase the past two weeks has in part been driven by a recent widening between prices for U.S. West Texas Intermediate (WTI) crude and Brent futures.

The international-benchmark North Sea Brent last week hit its highest…




Oilprice - The No. 1 Source for Oil & Energy News