New York — A strong uptick in US exports coupled with still-strong refinery runs likely contributed to a further draw in US crude stocks last week, an S&P Global Platts Analysis showed Monday.
Commercial crude inventories were expected to have fallen by 3 million barrels during the week ended 14 September, according to analysts surveyed by Platts on Monday. The expectations for a further decline came on the heels of a larger than expected draw of 5.3 million barrels the week prior.
Total US waterborne crude exports reached 2.16 million b/d for the reporting period ending 14 September, up nearly 24 percentage points from 1.74 million b/d during the week prior, according to S&P Global Analytics cFlow estimates.
Stepped-up exports from the US Gulf Coast to Northwest Europe accounted for the bulk of the uptick, cFlow, Platts trade-flow software showed. Flows to the United Kingdom grew to 2.13 million barrels, up from 511,000 barrels the week prior, and 1.08 million barrels were exported to the Netherlands, which took no USGC crude during the previous week.