U.S. crude oil loadings posted their second consecutive drop last week, a reversal from the sharp uptick in volumes following Hurricane Beryl in early July. Exports fell to 3 MMb/d last week, down 0.9 MMb/d from the previous week and 1 MMb/d below than the year-to-date average. The four-week moving average (dashed-red line in Figure below) now stands at 4 MMb/d. U.S. Gulf Coast exports to Europe totaled 10.4 MMbbl last week, down 3.1 MMbbl from the previous week. With a tight Brent-WTI spread, export economics aren’t as favorable as they once were. The Brent-WTI spread has remained tight, closing out the week at $4.05/bbl. With a few exceptions, the spread has held near $4/bbl for three consecutive months — a level that leaves exports to Europe unnatractive.
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- Analyst Insight
Crude Oil Exports Increase by 35% Week-on-Week, Driven by Europe-Bound Activity
Crude oil loadings across the U.S. Gulf Coast surged to 4 MMb/d last week, marking a 35% increase of 1 MMb/d from the previous week.
- 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. Gulf Coast Crude Oil Exports Drop to Lowest Level in Over a Year, Partly Driven by Hurricane Francine
U.S. crude oil loadings from the Gulf Coast dipped by 153 Mb/d week-on-week to 2.8 MMb/d, marking the lowest level since mid- 2023.
