Nationwide crude inventories fell by most in five weeks: EIA Cushing storage at lowest since 2014 as crude exports surge Oil surged to the highest in two weeks as American supplies unexpectedly shrank and exports surged, dispelling fears that a new shale boom will leave the country awash in crude. Futures advanced 1.8 percent in New York after a government report showed U.S. crude stockpiles slid 1.62 million barrels last week, the largest draw in five weeks. That contrasted with a 2.9 million increase estimated in a Bloomberg survey ahead of the release. At the same time, crude moving from storage facilities in Cushing, Oklahoma, to tankers on the Gulf Coast helped exports jump 55 percent to 2 million barrels a day, the most since October. “The inventory numbers were better than expected,” Craig Bethune, a senior portfolio manager at Manulife Asset Management, said by telephone. “The market’s been […]