Crude oil exports from the U.S. fell by 208 Mb/d month-on-month to 4 MMb/d in October, according to recent data released by the U.S. Census Bureau. While exports to Europe and Canada rose to 1.9 MMb/d and 232 Mb/d, respectively, shipments to all other regions fell. The database indicates that year-to-date loadings from the U.S. averaged 4 MMb/d over the first ten months of this year, up significantly from 3.4 MMb/d that was exported at the same time last year. Crude oil exports to Europe were estimated at a record 1.8 MMb/d over the first 10 months of the year, while another 1.7 MMb/d were exported to Asia Pacific.
Featured Articles
- Blog
One Week - A Record Seven Days for Gulf Coast Crude Exports, and a Lot More
The level of activity at crude oil export terminals from Corpus Christi to the Louisiana Offshore Oil Port (LOOP) is nothing short of extraordinary — a record 4.8 MMb/d was loaded the week ended August 25, according to RBN’s Crude Voyager report, and Houston-area terminals loaded an all-time high of 1.4 MMb/d. But there’s a lot more to the crude exports story. When you live this stuff day-in, day-out, you see subtle changes that often extend into trends and, if you’re lucky, you sometimes get signals that things you’d been predicting are actually happening. In today’s RBN blog, we discuss highlights from the latest Crude Voyager and what the weekly report’s data and analysis reveal about the global oil market.
- Analyst Insight
Exports Rise to 3.74 MMb/d in June, the Netherlands Top Buyer: U.S. Census Bureau
The Netherlands was the top buyer of U.S. crude oil in June for the second straight month.
- Blog
Should I Stay Or Should I Go - Will Asia Start Pulling Large Volumes of LNG Away From Europe?
2022 was a particularly significant year for the global LNG industry, distinguished by a sharp increase in LNG demand in Europe tied to the reduction in flows of Russian pipeline gas after Putin’s invasion of Ukraine. Whereas Europe had historically been the last market option for many LNG sellers, it became the most highly priced market in the world and pulled in LNG from multiple locations, including a cargo from Australia delivered in October. Paying premium prices enabled European buyers to fill the continent’s underground storage at an unprecedented rate — as of mid-January, storage there was over 80% full. A mild winter, at least to date, coupled with conservation efforts and fuel switching have reduced European natural gas demand by 10% to 15% and helped avoid a gas shortage. Now, gas prices (and LNG cargo prices) have fallen to pre-invasion levels and prompted market observers to suggest that, with China emerging from pandemic-related lockdowns, Asia may start pulling large volumes of LNG its way. In today’s RBN blog, we examine LNG cargo movements within the Asia Pacific and Atlantic regions and what rising Asian demand could mean for European gas supplies going forward.
