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US Crude Exports Jump 60% as Oil Inventories Post Sharp Weekly Decline, TPH Energy Says

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US commercial crude inventories dropped 7.9 million barrels last week, pushing stockpiles 2% below the five-year average, TPH Energy said Thursday.

The crude draw exceeded market expectations for a 2.5 million-barrel decline and remained stronger than the five-year average draw of 1.8 million barrels, according to TPH Energy.

A 775,000 barrels per day decline in the adjustment factor and a slight drop in domestic crude production to 13.7 million b/d supported the inventory draw, while refinery crude runs fell by 80,000 b/d.

Crude imports increased by 116,000 b/d last week, although they remained 5% below year-ago levels, while the four-week average for imports declined 1%, TPH Energy said.

Crude exports climbed by 112,000 b/d last week and stayed significantly above year-ago levels, with weekly exports rising 60% and the four-week average increasing 49%.

Ethanol inventories held steady at 24.9 million barrels even as production reached a seasonal high, supported by export activity that eased from the previous week but stayed near two-year highs.

Gasoline inventories declined 1.5 million barrels, missing expectations for a 2.2 million-barrel drop, while distillate stocks increased 0.4 million barrels against forecasts for a 1.7 million-barrel decline.

Jet fuel inventories increased by 0.2 million barrels last week as weaker net exports pushed stockpiles higher, according to TPH Energy.

The four-week average for light product demand improved to 1% above year-ago levels from negative 1%, TPH Energy said.

Gasoline demand improved to 1% from negative 1%, jet fuel demand climbed to 1% from negative 5%, while distillate demand remained steady at 1%, according to TPH Energy.

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