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 said on Wednesday.
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.That was driven by a surge in exports, which rose to 4.3 million barrels per day in the most recent week, the most since March 2020, while imports fell to their lowest since April 2021, a reflection of worldwide demand for crude as Russian exports have fallen since its invasion of Ukraine in February.
Those exports offset an injection of 4.7 million barrels from U.S. strategic reserves as part of the White House's efforts to lower fuel prices overall. U.S. production rose, hitting 11.9 million bpd, its highest since May 2020, at a point when oil companies were starting to reduce output in response to the worsening of the coronavirus pandemic.
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