US EXPORTS INCREASED
US petroleum product exports in 2013 averaged 3.5 million b/d, up 10% from levels in 2012, according to the US Energy Information Administration. In December 2013, US exports of petroleum products reached 4.3 million b/d, the first time to exceed 4 million b/d in a single month.
"The increase in exports was broad-based, affecting multiple products going to multiple regions," EIA said.
Exports of distillate fuels in 2013 increased 110,000 b/d over the previous year to 1.1 million b/d, according to EIA data. This was accompanied by a 160,000 b/d increase in distillate fuel production in 2013 as the result of cost-advantaged US crude oil and natural gas and near-record-high refinery runs.
Distillate exports to Central and South America, already the largest destination for US produced distillate fuel, increased 60,000 b/d in 2013, reaching 550,000 b/d. Exports of distillate fuel to Europe increased 50,000 b/d to an average of 400,000 b/d in 2013.
Propane exports increased 130,000 b/d in 2013, averaging 300,000 b/d for the year, with almost half of the total going to Central and South America. Exports to Europe also doubled from 2012 levels to 55,000 b/d.
Increases in propane production and elevated inventories contributed to growth in propane exports. In 2013, US propane production increased 110,000 b/d compared with 2012, while consumption grew 90,000 b/d. Continued propane production growth in excess of consumption over several years filled propane inventories to 75.8 million bbl in October 2012, the highest level since 1998.
Gasoline exports averaged 550,000 b/d for the year, a 45,000 b/d increase over the level in 2012. December 2013 gasoline exports set a monthly record of 770,000 b/d. Gasoline exports increased to Africa, Central and South America, and Mexico.
Although generally declining, the amounts of US petroleum product imports continue to be significant, averaging 2.1 million b/d in 2013.
"Given present infrastructure constraints, the East Coast continues to import substantial amounts of gasoline from Europe and Canada," EIA said, adding, "Likewise, imports play a critical role in supplying distillate and propane during the winter, particularly on the East Coast, when in-region production along with shipments from other regions are insufficient to meet the increases in demand, especially during very cold weather, as much of the country experienced this past winter."
|January, 19, 12:45:00|
|January, 19, 12:40:00|
|January, 19, 12:35:00|
|January, 19, 12:30:00|
|January, 19, 12:25:00|
|January, 19, 12:20:00|
PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.
AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.
WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.
REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.