U.S. crude oil exports surpassed 6 million barrels per day, setting a historic record; inventories declined more than expected, WTI rose nearly 7%.

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The global energy supply shock triggered by the Iran war continues to reshape the oil market landscape. U.S. crude oil exports soared to a record high last week, exceeding 6 million barrels per day. At the same time, U.S. domestic crude oil and refined product inventories fell sharply, far surpassing market expectations, prompting oil prices to rise.

According to the latest data from the U.S. Energy Information Administration (EIA), the previous U.S. crude oil export record was about 5.3 million barrels per day, set at the end of 2023. Last week's data significantly rewrote this record.

The surge in exports also pushed the total export volume of U.S. oil and fuel to a historic peak, breaking through 14 million barrels per day. Meanwhile, U.S. crude inventories declined by 6.2 million barrels last week, far exceeding analysts' expected decrease of 231,000 barrels. Gasoline and distillate inventories also shrank sharply.

Oil prices jumped sharply on Wednesday. Brent crude oil futures once rose to $110.43 per barrel, up about 5.78%; WTI crude oil futures reported $106.48 per barrel, up 6.65%.

Asian Buyers Dominate Demand, Strait of Hormuz Blockage Reshapes Trade Flows

The core driving force behind this surge in U.S. crude exports comes from Asia. As shipping through the Strait of Hormuz is hindered, Middle Eastern oil flows to refineries east of the Suez Canal are severely restricted, forcing Asian buyers to turn to U.S. supplies.

Japanese buyers took the lead, snapping up May-shipped U.S. crude cargoes at the beginning of the month. Refiners from South Korea, Singapore, and Thailand were also among the purchasers.

The Trump administration made expanding U.S. energy exports the central goal of its "energy dominance" agenda, pushing for increased production to fill global supply gaps.

Despite the fragile ceasefire between the U.S. and Iran, market concerns about continued supply disruptions have not subsided. U.S. signals of potentially prolonged port blockades on Iran further pushed up oil prices on Wednesday.

Inventories Fall Across the Board, Clear Signals of Tightening Supply and Demand

According to EIA data, in the week ended April 24, U.S. crude oil inventories fell to 459.5 million barrels, a weekly decrease of 6.2 million barrels; Cushing, Oklahoma delivery center inventories decreased by 796,000 barrels in the same period.

Gasoline inventories fell by 6.1 million barrels to 222.3 million barrels, again far exceeding analysts' expected drop of 2.1 million barrels. Distillate inventories fell by 4.5 million barrels to 103.6 million barrels, with the expected decline only 2.2 million barrels.

Refinery activity also increased. EIA data shows that last week, crude oil throughput at refineries increased by 84,000 barrels per day, with the operating rate rising by 0.5 percentage points.

U.S. net crude imports decreased by 1.97 million barrels per day, in line with the overall trend of surging exports and domestic supply shifting overseas.

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