U.S. crude oil exports averaged 4 MMb/d last week, an increase of 80 Mb/d from the prior week as steady Beaumont, Louisiana and Corpus Christi exports helped offset a decrease of 150 Mb/d from Houston-area terminals. The four-week moving average is now 3.9 MMb/d, up about 1Mb/d from the previous week. Meanwhile, tanker rates continue their wild ride. The Aframax rate to Europe saw a modest 1.2% increase, following an early-week surge of nearly 20% that quickly reversed. On the other hand, VLCC rates from the Gulf to Asia plummeted by 7.5%, reaching their lowest levels since 2021.
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- Analyst Insight
Weekly U.S. Crude Oil Exports Plummet But 4-Week Average Trends Higher
U.S. crude oil loadings averaged 2.9 MMb/d last week, a drop of 1.5 MMb/d from the previous week. Despite this, the four-week moving average was brought up to 3.8 MMb/d, with last week replacing a slightly lower volume for the week ended November 8.
- Analyst Insight
U.S. Crude Oil Exports Edge Above Year-To-Date Levels
Despite the continued challenge to export economics posed by the narrow Brent-WTI spread, U.S. crude oil loadings rose to 4 MMb/d last week, an increase of 689 Mb/d from the previous week.
- Analyst Insight
U.S. Crude Oil Exports Slip, Aframax Rates to Europe Continue to Climb
Gulf Coast crude oil exports fell last week, particularly in Corpus Christi and Houston - read more in today's RBN Analyst Insight.
