U.S. crude oil loadings fell to 3.5 MMb/d last week, a decrease of 756 Mb/d from the previous week. The four-week moving average (dashed red line in Figure below) now stands at 3.7 MMb/d, below the year-to-date (YTD) average of 3.9 MMb/d.
Exports from the U.S. Gulf Coast fell across all destinations and terminals. Exports from the U.S. Gulf Coast to Europe totaled 12.3 MMbbl last week, down 2.7 MMbbl from the prior week. Meanwhile, exports to Asia continue their lackluster performance, dropping to 3.6 MMbbl, down 1.8 MMbbl week on week and well below the year-to-date weekly average of 10.6 MMbbl due to depressed refining demand amid an economic slowdown. Canadian exports out of Westridge to China have averaged 1.2 MMbbl per week since June, the month after the long-awaited TMX pipeline expansion entered service, potentially displacing crude departing from the Gulf Coast.
