Crude oil loadings across the U.S. Gulf Coast dropped to 3.7 MMb/d last week from 3.9 MMb/d the previous week, shifting the 4-week moving average (blue line in chart below) to 3.9 MMb/d. Last week’s average was 478 Mb/d below the Q1 2024 average. Houston and Corpus Christi saw a decline in exports, while Beaumont remained flat and Louisiana experienced a slight increase compared to the previous week. Notably, this marks the second consecutive week and fifth week in 2024 that the Louisiana Offshore Oil Port (LOOP) has not seen any exports. By comparison, during the same period in 2023, there was only one week without any exports at LOOP.
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