After two weeks of near-constant levels, U.S. crude exports fell by 20% to 3.2 MMbbl/d. The four-week moving average (blue line in chart below) appears to be settling back down to the longer-term value of about 4 MMbbl/d, after several weeks of trying to establish a higher level. The big story in exports last week was the substantial drop in Asian exports, down 0.5 MMbbl to 3.3 MMbbl, while European-destined cargos only made up part of the difference, increasing 3.1 MMbbl to 13.7 MMbbl. The drop in Asian exports also helps explain the reduced number of VLCCs departing - only five - and arriving - only six. Both of those are substantially reduced from the longer-term average of approximately 9.
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- Analyst Insight
Crude Oil Exports to Europe Drop Once Again
Crude oil exports from the US Gulf Coast to Europe drop once again.
- Blog
Slow Down - Combination of Factors Pull U.S. Crude Oil Exports Back From Record Highs
The U.S. has become an oil-exporting powerhouse in recent years, propelled by booming shale production, notably from the Permian Basin. U.S. crude oil now flows more freely than ever to help meet global demand, including to Europe, which increasingly turned to the U.S. following Russia’s invasion of Ukraine two-plus years ago, but exports have slowed recently. In today’s RBN blog, we examine a half-dozen reasons why the export surge has tapered off and why it may not change much in the weeks ahead.
