oil exports

US oil exports at a record high, oil supplies at a 18 year low, SPR at a 37 year low

US oil data from the US Energy Information Administration for the week ending July 22nd indicated that despite another large oil withdrawal from the SPR, increased production from our wells, and a refinery slowdown, we still needed to withdraw oil from our stored commercial crude supplies for the 4th time in 6 weeks, and for the 21st time over the past 35 weeks, mostly because of another big increase in our oil exports.

New Record Highs for US Oil Exports, for Gasoline Inventories, and for Oil Inventories

This week's oil data for the week ending February 10th from the US Energy Information Administration showed that our imports of crude oil fell back from last week's 4 year high but still remained elevated, while our refining of that oil fell for the 5th week in a row to the second lowest rate in a year, and as a result there was another large surplus of crude that was added to our oil supplies, which were thus boosted to an all time high.