U.S. Crude Exports Surge to Record

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Crude exports surged to a weekly record of 5.1 million barrels per day, cutting net crude imports to just over 1 million bpd, also a record. The United States has ramped up exports sharply in recent years since the Obama administration ended a 40-year ban in 2015.

"That export number is huge. It's the all-time record but that's no surprise" because of the big discount for U.S. crude to international benchmark Brent, said Robert Yawger, director of energy futures at Mizuho in New York. Coming into Wednesday's trade, the discount on U.S. crude was more than $8 per barrel to Brent.

Refinery crude runs fell by 114,000 bpd last week, EIA said, dropping refinery utilization rates by 0.6 percentage point to 88.9%.

That figure is still seasonally strong, however, as refining facilities run at higher-than-usual levels to meet expected increase in heating oil demand and as overall U.S. capacity has dropped in the last two years.

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Valero, the second-largest U.S. crude refiner, says it plans on operating its seven U.S. Gulf Coast refineries at about 95% of capacity through the fourth quarter due to tight supply.

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