US Crude Stockpiles Slump as Export Surge to More Than 2-year High: EIA

“Strong exports have been driven by a pull to Europe and we should expect strength in the weeks ahead,” said Matt Smith, lead Americas analyst at Kpler.

David Gaffen, Reuters

U.S. crude stockpiles fell sharply last week due to a surge in exports to a more than a two-year high, while production neared pre-pandemic levels, the Energy Information Administration (EIA) said on April 20.

Crude inventories fell by 8 million barrels in the week ended April 15 to 413.7 million barrels, compared with analysts’ expectations in a Reuters poll for a 2.5 million-barrel rise.

“Strong exports have been driven by a pull to Europe and we should expect strength in the weeks ahead,” said Matt Smith, lead Americas analyst at Kpler.

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