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.
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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.
The $52 Million Voyage: Freight Squeezes the Export Arb
The tanker bill keeps climbing for U.S. crude headed to Asia. As discussed in this week’s Tradeview and Crude Voyager reports, the cost of chartering a Very Large Crude Carrier (VLCC) from the U.S.
Crazy – Attacks, Altered Crude Flows, Unbalanced Fleets Push Tanker Freight Rates to Record Levels
Freight rates are sky-high. Shipping crude oil from the U.S. Gulf Coast to China on a VLCC cost more than $80 million earlier this month, double what it was in September and 5X a year ago. Today, we look at the unique combination of factors that are helping drive freight rates to record highs.
