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U.S. oil exports are highest since 1957

Sep. 30, 2014 3:26 PM ETUCO, USO, OIL-OLD, DBO, USL, DTO, OLO-OLD, SCO, DNO, BNO, CRUD, UWTI, DWTI, SZOXF, OILBy: Carl Surran, SA News Editor1 Comment
  • U.S. oil exports hit a 57-year high in July, averaging 401K bbl/day and up from 396K bbl/day in June and nearly quadruple the 104K exported in July last year, according to the Energy Information Administration.
  • It was the second month in a row that exports were the highest since March 1957, according to EIA data going back to 1920.
  • Most of July's crude-oil exports (373K bbl/day) went to Canada, while 14K bbl/day were exported to Italy, 12K went to Switzerland and 3K to Singapore; the exports to Italy, Switzerland and Singapore were shipments of foreign oil that had previously been imported to the U.S.
  • U.S. oil imports have fallen as domestic production has climbed: The U.S. imported 7.6M bbl/day of crude oil in July, down from 8.1M a year ago, the EIA says.
  • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, CRUD, USL, UWTI, DNO, DWTI, SZO, OLO, OLEM

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