U.S. crude oil loadings dropped to 3.6 MMb/d last week, a decrease of 0.8 MMb/d from the previous week. Export volumes have fluctuated recently, initially dropping due to Hurricane Rafael but rebounding sharply the prior week as the Gulf Coast recovered from the storm and unplanned outages in Kazakhstan and Norway. Despite last week’s volumes being 281 Mb/d lower than the year-to-date (YTD) average, they slightly exceeded the four-week moving average (dashed red line in chart below), which sits just below 3.6 MMb/d. Exports from the U.S. Gulf Coast decreased across all regions, with Corpus Christi seeing the largest decrease.
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- Analyst Insight
U.S. Crude Oil Exports Skyrocket to 16-Week High, Spurred by Production Outages Abroad
U.S. crude oil loadings surged to 4.6 MMb/d last week, an increase of 2.1 MMb/d (87%) from the previous week. Unplanned outages in Kazakhstan and Norway, totaling more than 1 MMb/d, spurred increased U.S. export demand.
- Analyst Insight
Alberto Helps Push U.S. Crude Exports to Lowest Since July 2023
Crude oil loadings across the U.S. Gulf Coast plummeted by 1.4 MMb/d, dropping to 3 MMb/d — the lowest level since mid-July last year.
- Analyst Insight
Weekly U.S. Crude Oil Exports Plummet But 4-Week Average Trends Higher
U.S. crude oil loadings averaged 2.9 MMb/d last week, a drop of 1.5 MMb/d from the previous week. Despite this, the four-week moving average was brought up to 3.8 MMb/d, with last week replacing a slightly lower volume for the week ended November 8.
