Crude oil loadings across the U.S. Gulf Coast dropped from the previous week — 3.4 MMb/d last week compared to 5 MMb/d a week earlier. Exports were down in all areas except Beaumont. This second week this month of reduced loadings has dropped the 4-week moving average (blue line in chart below) to 4.1 MMb/d. Exports destined for Asia were up for the second week in a row as 16 vessels departed carrying a total of 13.8 MMbbl. The number of vessels headed to Europe last week dropped dramatically to five from 18 in the prior week. In Europe, physical crude prices are declining as the region heads into peak refinery maintenance season with about 2.1 MMb/d of U.S. crude imports already set to arrive in March.
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- Analyst Insight
U.S. Crude Oil Exports Bounce Back
U.S. Exports Rebound, Although Still Lower than March, February Averages. Roundup of weekly Gulf Coast crude exports and more in todays Analyst Insight
- Analyst Insight
U.S. Crude Oil Exports Edge Above Year-To-Date Levels
Despite the continued challenge to export economics posed by the narrow Brent-WTI spread, U.S. crude oil loadings rose to 4 MMb/d last week, an increase of 689 Mb/d from the previous week.
- Analyst Insight
U.S. Crude Oil Exports Rise, Back at Year-To-Date Levels
Despite the continued challenge to export economics posed by the narrow Brent-WTI spread, U.S. crude oil loadings rose to 3.9 MMb/d last week, up 434 Mb/d from the previous week and only 13 Mb/d shy of year-to-date levels.
