October 27, 2022 [Bloomberg] – Oil rallied after the US exported a record amount of crude and fuel last week, offering some upside clarity to a demand outlook recently dominated by economic concerns.
West Texas Intermediate futures rose more than 3%, the most in a week, to settle near $88 a barrel. Total US petroleum exports reached 11.4 million barrels a day last week, according to the Energy Information Administration. The fuel outlook tightened as gasoline stockpiles fell and diesel inventories on the East Coast, already precariously low, sank 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.
