US Oil exports drain crude stockpiles – Bloomberg
A Bloomberg article revealed that US crude stockpiles plunged, as Oil exports began to empty domestic supply inventories.
The Middle East conflict increased demand for Oil produced in the US, triggering a decline of 17.8 million barrels, its lowest level in nearly a year, according to the US Energy Information Administration.
Worth noting that US Oil exports prevented a spike in crude prices. Recent data revealed that the US turned to a net exporter for the first time on record. Overseas crude shipments have averaged 5.3 million barrels per day this month and, if that pace continues, would set a new record.
The closure of the Strait of Hormuz pushed buyers to seek alternative energy sources. The US has also released crude from its Strategic Petroleum Reserve to help mitigate the supply shock.
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