U.S. crude oil loadings fell to 3.8 MMb/d last week, down 720 Mb/d from the previous week. The four-week moving average (dashed red line in chart below) now sits at 3.5 MMb/d — 10% below the year-to-date average of 3.9 MMb/d. Hurricane Helene made landfall just east of Tallahassee on Florida’s Big Bend, leaving Texas and Louisiana ports unaffected.
The number of tankers loading crude oil across the U.S. Gulf Coast terminals dropped by six week-on-week, down to 31. Seven Very Large Crude Carriers (VLCCs) loaded directly at export terminals, compared to nine the previous week. Five VLCCs entered the Gulf Coast for loadings, two fewer than the year-to-date average. Consistent with the prior week, nine VLCCs departed, with six heading to Asia (three to South Korea and one each to India, Malaysia and Singapore) and one to Europe (the Netherlands). Two VLCCs have yet to declare their destination.
