Net US crude imports plummeted by 1.8 million barrels per day, as port activity along the Gulf Coast slowed significantly due to disruptions caused by Hurricane Francine. Meanwhile, exports surged by 1.3 million barrels per day, reaching nearly 4.6 million barrels per day.
The price surge comes after over 12% of crude production in the U.S. Gulf of Mexico was shut down due to damage caused by Hurricane Francine last week. The disruptions have bolstered oil prices in four of the last five trading sessions.