U.S. crude oil exports averaged 4 MMb/d last week, a modest increase of 24 Mb/d from the prior week, marking the third consecutive week of stable volumes. Increases in exports from Houston (navy blue stacked area in below chart) and Beaumont (orange) more than offset declines at Corpus (sea foam green) and the absence of exports from Louisiana (purple). Of last week’s declared export destinations, 61% of the shipment volumes were bound for Europe, 27% for Asia and 12% to Canada.
For 2024, U.S. exports averaged 3.9 MMb/d, with Corpus Christi accounting for 59% of the total. Houston followed at 28%, while Beaumont and Louisiana contributed slightly over 6% each.
Despite stable export volumes, the number of tankers loading crude oil for export across Gulf Coast terminals fell by eight to 23. Among these, six were Very Large Crude Carriers (VLCCs), down from seven the prior week. Only three VLCCs entered the Gulf Coast for loading, half the amount of the prior week, indicating we may see a slowdown in activity in the coming weeks. Eight VLCCs departed, three fewer than the week before — four to Asia (three to South Korea and one to India) while the others have yet to declare specific ports.
