U.S. crude oil exports averaged 4.5 MMb/d last week, an increase of 694 Mb/d, with increased activity observed in all regions except Houston (dark blue stacked area in chart below), which experienced some reduced operations, likely due to fog. This marks a six-week high for U.S. crude oil exports, with last week 484 Mb/d above the year-to-date (YTD) average of 4 MMb/d. The four-week moving average (dashed red line) now sits just above 4 MMb/d.
About 11.4 MMbbl, or 36%, of total estimated exports were destined for Asia last week. Specifically, we’ve seen activity to India increase substantially this year as the country cuts Russian oil imports and buys from companies and vessels not targeted by U.S. sanctions. Further, India has agreed to increase imports from the U.S. to reduce its trade imbalance with Washington in an attempt to avoid potential tariffs. About 8.6 MMbbl, or 27%, were declared for Europe. We’ve also observed a quick ramp-up in volumes destined for Latin America, at 7.5 MMbbl, or 24%. Exports to Canada also increased week on week to about 3.3 MMbbl, or 10%.
