EIA: US Crude Stocks Fall; Exports Hit Record High

U.S. crude oil stockpiles fell last week as exports hit a record high and refinery ramped up output, while gasoline inventories dropped more than expected ahead of the summer driving season, the Energy Information Administration (EIA) said May 16.

Crude inventories fell 1.4 million barrels (bbl) in the week to May 11, compared with analysts’ expectations for a decrease of 763,000 bbl.

Net U.S. crude imports fell 411,000 bbl/d as exports rose to a record 2.6 million bbl/d, benefiting of late from the widening spread between U.S. crude oil and global benchmark Brent, which responds more to world supply outlook.