U.S. Gulf Coast crude exports rebounded for the week ended August 14, rising 20% to 3.6 MMb/d (far right in chart below) and breaking away from the steady decline seen in weeks prior. A more telling development, as discussed in this week's Crude Voyager, was the renewed strength in Houston, whose volumes averaged 1.3 MMb/d. Enterprise Houston loadings increased 21%, while Seaway Freeport returned to the export market for the first time in eight weeks. The most notable feature of Houston’s export program was its heavy European tilt. About 93% of volumes were destined for Europe, including cargoes headed to the Netherlands, Spain, Ireland, France, Greece, and the U.K. That concentration highlights the Atlantic Basin’s continued appetite for U.S. crude as geopolitical disruptions constrain competing supplies and exceptionally strong refining margins, as discussed in this week's Tradeview Report, keep refinery demand elevated.
Featured Articles
- Blog
Every Day I’m Shuffling – Changes at Houston, Corpus Christi Show How U.S. Crude Exports are Evolving
Houston and Corpus Christi dominate crude oil exports, but the balance between the two hot spots has been shifting in interesting ways recently. In Houston, Enterprise could extend its lead and in Corpus Christi, South Texas Gateway is fighting for the top spot after adding a new pipeline connection last fall.
- Analyst Insight
VLCC Freight Surge Squeezes the Asia Arb
VLCC freight has quickly emerged as a growing headwind for U.S. Gulf Coast crude exports to Asia.
- Analyst Insight
After a Five-Month Hiatus, U.S. Crude Returns to Nigeria
U.S. Gulf Coast crude is returning to Nigeria after a roughly five-month absence, with two Aframax cargoes loaded for the Dangote refinery in Lekki.
