U.S. crude oil exports averaged 3.8 MMb/d last week, up 324 Mb/d from the prior week, recovering from Winter Storm Enzo, which impacted the Gulf Coast the prior week. Exports last week aligned with the year-to-date average. The four-week moving average (dashed red line in chart below) now sits just below 3.7 MMb/d — 145 Mb/d under the year-to-date (YTD) average of nearly 3.9 MMb/d. Volumes increased week on week across all regions, with Louisiana (purple stacked area) seeing the largest gain (+143 Mb/d) after no loadings the previous week.
About half (13.4 MMbbl) of last’s week’s volumes were headed to Europe, followed by 7.6 MMbbl (28%) to Asia, 2.8 MMbbl (10%) for Latin America, 1.7 MMbbl (6%) to Canada and 1.3 MMbbl with undeclared destinations.
The number of tankers loading crude oil for export across Gulf Coast terminals jumped by seven from the previous week to 26. Of these, seven were VLCCs, down two from the prior week. Only four VLCCs entered the Gulf Coast for loading, down two from the prior week and nearly half of the weekly average for the first four weeks of the year. Although VLCC activity has been strong in early 2025, this decline may signal a slowdown in the surge that occurred after new sanctions were placed on Russian tankers. Nine VLCCs departed the Gulf Coast, two more than the previous week. Seven were headed to Asia (three to South Korea and one each to Singapore, China, Thailand and India) and two to Europe (both to the Netherlands).
