Record Gulf Coast exports push U.S. oil inventories lower (opens original article in a new tab)

U.S. oil inventories fell to a 20-year low as record Gulf Coast exports increased, driven by global demand for alternatives to Middle East supplies. Refineries operated near full capacity, delaying maintenance to capitalize on high prices.

• U.S. crude oil inventories and emergency reserves dropped by 16 million barrels to a 20-year low.
• Gulf Coast refineries operated near full capacity, delaying maintenance to meet high export demand.
• U.S. crude exports reached a record 6 million barrels per day, driven by global buyers seeking alternatives to Middle East supplies.