US Crude Oil Exports Hit Record High
October 27, 2022
US Secretary of State, Antony Blinken, said the US has noted Saudi Arabia’s aid to Ukraine and its vote against Russian annexation at the UN but those moves do not compensate for Saudi Arabia’s support of and OPEC+ decision to cut oil output.
The DOE inventory report called crude oil inventories up 2.59 million barrels putting total stocks at 439.945 and last year they were 430.812 a positive 9.133 million barrels above last year. The build in crude oil was helped by a 3.3 million barrels release from the SPR. Gasoline inventories were down 1.48 million barrels putting total inventories at 207.890 and last year there were 215.746 million a 7.856 million barrel deficit. Distillates were up 170,000 barrels to a total of 106.357 million and last year they were 124.962 million an 18.605 million barrel deficit.
Propane inventories were up 853,000 to a total of 86.817 million and last year they were 75.666 million a surplus of 11.151 million barrels. Midwest inventories were up 126,000 barrels putting total stocks at 24.709 million barrels and last year they were 24.972 a 263,000 barrel deficit. Gulf Coast stocks were up 969,000 barrels and total stocks are 48.465 million and last year there were 36.479 million an 11.986 million barrel surplus.
Crude oil exports were up 991,000 to 5.1 million bpd, a record high.