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U.S. records first weekly net crude oil exports, oil prices surge 6% intraday
CryptoWorld News reports that the U.S. Energy Information Administration (EIA) stated on Wednesday that, driven by the surge in global demand due to the Iran conflict, U.S. crude oil inventories dropped significantly last week, making the U.S. a weekly net crude oil exporter for the first time in recorded history.
EIA data shows that for the week ending April 24, U.S. crude oil inventories decreased by 6.2 million barrels to 459.5 million barrels.
Crude oil inventories at the Cushing, Oklahoma delivery hub decreased by 796k barrels that week.
U.S. total crude oil exports rose to a record daily rate of 6.44 million barrels, an increase of 1.64 million barrels from the previous week.
Data indicates that net crude oil imports (imports minus exports) fell by 1.97 million barrels per day, entering negative territory, reaching the lowest level since weekly data began in 2001.
Mizuho Energy Futures Director Bob Yorg said, “Refineries haven’t changed. Domestic production hasn’t changed. It’s entirely an export number. These crude oils are flowing overseas, not into inventories.”
Following the report, both WTI and Brent crude prices continued their upward trend, rising about 6% intra-day.