U.S. crude oil exports averaged 3.3 MMb/d last week, down 504 Mb/d from the prior week, as Corpus Christi and Houston-area terminal exports fell by a combined 433 Mb/d. Exports were about 450 Mb/d below the year-to-date average. Beaumont was the only area where we observed an increase in exports, and by only 71 Mb/d. There were no exports observed in Louisiana last week, as the Louisiana Offshore Oil Port (LOOP) continues to serve fewer Very Large Crude Carriers (VLCCs). The cost of chartering an Aframax from the Gulf Coast to Europe climbed 4.4% to a five-week high as President Trump’s push to tighten sanctions on Iran decreased tanker supply, further squeezing a market already pressured by sanctions on Russian tankers.
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- Analyst Insight
Gulf Coast Exports Hold Steady as Rates Wobble
Weekly gulf coast crude exports hold steady, but tanker rates continue to surprise.
- 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
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.
