As discussed in the Crude Voyager Report, exports out of the U.S. Gulf Coast (USGC) averaged 5.4 MMb/d for the week ended May 29, with strength seen across a number of terminals. In the Houston region, the Seaway Freeport Terminal loaded crude oil for export for the seventh consecutive week, marking its longest stretch of uninterrupted export activity since 2023. Seaway Freeport exported just six vessels in 2024 and 12 in 2025, compared with 18 vessels already loaded in 2026. Year-to-date exports from the terminal have surpassed 10 MMbbl (blue bar in the chart below), with April and May 2026 alone accounting for more export volume than the terminal shipped during all of 2025.
The timing of this uptick in Seaway Freeport export activity coincides with record drawdowns reported by the DOE from the Strategic Petroleum Reserve (SPR). As discussed in the Crude Billboard, these draws are part of the 172 MMbbl release coordinated with the IEA as a response to supply disruptions and elevated crude prices stemming from the war in Iran and the effective closure of the Strait of Hormuz.
This connection is particularly noteworthy given the role of Bryan Mound Sour crude, one of the primary grades stored in the SPR. Barrels from the Bryan Mound site are typically transported through the Seaway pipeline system and exported via terminals at Freeport and Texas City, while LOOP's Clovelly and St. James terminals provide additional Gulf Coast export capacity. Although the final destination of individual SPR barrels cannot be directly traced, the timing of the increase in Seaway Freeport loadings since mid-April have coincided with the SPR releases, which began in late-March. With just over 58 MMbbl released from the SPR as of May 29, 2026, less than one-third of the planned volume has been released, indicating that additional SPR barrels could continue to support elevated export activity at Seaway Freeport and other Gulf Coast terminals that have played a more limited role in crude exports in recent years.
