Spike in US crude oil exports and small stock build push Brent higher

Front-month ICE Brent has increased from today’s low of $92.09/bbl, to $95.64/bbl at 15.00 GMT - half an hour after the US oil data came out.

PHOTO: Oil refinery complex with big American flag displayed, and fumes coming out from the chimney. Getty Images

Brent values have moved higher as Energy Information Administration (EIA) data showed that US crude oil exports hit record highs of 5.13 million b/d in the week to 21 October. The exports were higher than a four-week average of 4.17 million b/d.

US East Coast refinery utlisation maxed out to 100% in the week to 21 October, up from 90% in the previous week.

Commercial US crude stocks grew by 2.58 million bbls in the week to 21 October, EIA data showed today.

The build-up was much lower than the American Petroleum Institute’s earlier prediction of a 4.5 million-bbl increase.

Releases from Strategic Petroleum Reserves (SPRs) accelerated to 3.41 million bbls, leaving 401 million bbls in storage.

By Nithin Chandran

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