Exports along the Gulf Coast remained strong last week at 4.6 MMb/d, while imports fell by 700 Mb/d and refinery input rose by 300 Mb/d all in PADD 3. This large shift led to a 6.4-MMbbl draw on local stockpiles, which in turn drove the total U.S.

According to the Weekly Petroleum Status Report, U.S. production has been rangebound from 11.8 MMb/d to 12.3 MMb/d for nearly a year now (green line). 

While we do see some upward trajectory, particularly in the monthly statistics the growth is still meager considering prices over the last year have averaged $90/bbl. 

So, it begs the question; what is the deal with crude oil production? 

Crude oil shipments from the Houston region have averaged more than 1 MMb/d since the beginning of March, illustrating the region’s steep progression as it loads record volumes.

Overall feedgas last week averaged 12.12 Bcf/d, down 610 MMcf/d week-on-week. Higher flows to Freeport during the restart were offset by lower flows to Calcasieu Pass, Sabine Pass, and Cameron.

U.S. crude oil exports have been on a steady rise since Russia’s invasion of Ukraine in February 2022 upended the global energy market and sent buyers in Europe and elsewhere scrambling for barrels.