U.S. Crude Oil Exports Skyrocket to 16-Week High, Spurred by Production Outages Abroad

U.S. crude oil loadings surged to 4.6 MMb/d last week, an increase of 2.1 MMb/d (87%) from the previous week. Unplanned outages in Kazakhstan and Norway totaling more than 1 MMb/d spurred increased U.S. export demand.

Permian-to-Corpus Crude Oil Flows Dip in June Despite Wink to Webster Downtime

According to the latest monthly data from the Texas Railroad Commission, crude oil flows from the Permian Basin to Corpus Christi declined slightly in June, decreasing by 19 Mb/d from May levels to 2.39 MMb/d (see blue line in the graph below).

Canadian Drilling – Oil and Gas Rig Counts Continue to Move Lower

For the week ending November 15, Baker Hughes reported that the Western Canadian gas-directed rig count fell two to 63 (blue line in left hand chart below), 10 less than one year ago, its lowest reading in seven weeks, and still very much in the 60s range where it has been since the start of July

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