- US oil exports at record high, fuel outlook remains tight: EIA
- Dollar falls sharply for a second day, aiding crude prices
Oil jumped after the US exported a record amount of crude and fuel last week, indicating higher demand for American oil.
West Texas Intermediate futures rose as much as 3.3% to climb above $88 a barrel after US crude exports hit a weekly high. The fuel outlook remained tight as gasoline stockpiles fell and diesel inventories on the East Coast, already precariously low, fell further. A smaller-than-expected 2.59 million barrel build in crude inventories was largely brushed off by markets that honed in on the high export figure.
“Higher exports, falling gasoline inventories — both of those signal that we’re going to need more US oil down the road,” said Rob Thummel, a portfolio manager at Tortoise Capital Advisors, which manages roughly $8 billion in energy-related assets.
Read more here: Oil Jumps As Record-High Crude Exports Signal Rising Demand