Based on the latest available data, USA crude oil exports averaged 501,000 barrels per day (b/d) in the first five months of 2016, 43,000 b/d (9%) more than the full-year 2015 daily average.
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The EIA reported that for the week ending August 12, crude inventories fell 2.5 million barrels, versus expectations for a build of 522,000 barrels.
According to AAA, the current national average pump price per gallon of regular gasoline is $2.131, up from $2.127 a week ago and down eight cents compared with the month-ago price.
The EIA said US production rose 1.8%, to 8.597 million barrels per day, after falling in the prior two weeks. Refinery utilization rates rose by 1.3 percentage points. On the New York Mercantile Exchange, West Texas Intermediate futures were trading down 0.9% at $46.15 a barrel.
Whatever the reading, analysts expect prices to fluctuate ahead of a September meeting in Algeria involving members and non-members of the Organization of the Petroleum Exporting Countries (OPEC).
Lastly, Canadian stocks are set to open a stronger session on Wednesday, as rebounding oil prices could drive gains in the energy sector.
Other than Canada, the largest and most consistent US crude oil export destination for the first five months of 2016 has been Curacao, an island nation located in the Caribbean Sea north of Venezuela.
Gasoline inventories were down 2.7 million barrels for the week.
Crude prices are up by more than 10% over the past four trading sessions amid indications major oil producers are reconsidering a collective production freeze in a bid to boost the market.
The Bahama Islands, China, Panama, Israel, Nicaragua, Colombia, Switzerland and Peru also received USA crude oil this year.
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The Canadian bonds have been closely following developments in oil markets due to their impact on inflation expectations, which are well below the Bank of Canada’s target. Some 16 countries are now receiving USA oil exports, with the largest amount (54,000 barrels a day) going to Curacao, where a 330,000 barrel-per-day refinery is located. Off-topic, inappropriate or insulting comments will be removed.
