U.S. Crude Exports Rocket Up as Prices React to Global Supply Concerns

U.S. crude oil exports averaged 4.6 MMb/d last week, rocketing up by 1.8 MMb/d from the prior week to the highest weekly rate since mid-November. The four-week moving average is now 3.8 MMb/d, up about 90 Mb/d from the previous week. Crude oil prices posted their fourth straight weekly gain, with WTI climbing by $1.31/bbl to $77.88/bbl, its highest close since mid-July, and Brent up $1.03/bbl to $80.79/bbl, breaking the $80/bbl mark for the first time since late July. The rally was fueled by concerns over tighter global supplies, new U.S. sanctions on Russian oil, and talk of tariffs on Canadian crude. Adding to the momentum, U.S. crude stocks dropped for the eighth week in a row, hitting their lowest level since April, while cold weather across Europe and North America boosted demand expectations.