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2018-09-07 12:45:00

U.S. PETROLEUM EXPORT RECORD

U.S. PETROLEUM EXPORT RECORD

U.S. EIAThe United States exported 7.3 million barrels per day (b/d) of crude oil and petroleum products in the first half of 2018, when exports of crude oil and hydrocarbon gas liquids (HGL) set record monthly highs. Crude oil surpassed HGLs to become the largest U.S. petroleum export, with 1.8 million b/d of exports in the first half of 2018. U.S. exports of crude oil, HGLs, and motor gasoline grew in the first half of 2018 compared with the same period in 2017, while distillate exports decreased 84,000 b/d (Figure 1).

U.S. crude oil exports increased by 787,000 b/d (almost 80%) from the first half of 2017 to the first half of 2018 and set a new monthly record of at 2.2 million b/d in June. Destinations in Asia and Oceania were the largest recipients of U.S. crude oil exports in the first half of 2018, and U.S. crude oil exports to China more than doubled—increasing by 193,000 b/d—from the first half of 2017. U.S. crude oil exports to South Korea and India also increased significantly during this period, up 81,000 b/d and 72,000 b/d, respectively.

Europe was the second-largest market for U.S. crude oil exports, receiving 555,000 b/d in the first half of 2018. U.S. crude oil export volumes to Europe are more equally distributed than in other regions. Italy, the United Kingdom, and the Netherlands, each received more than 120,000 b/d in the first half of 2018. Canada was the only major U.S. crude oil export destination where exports decreased somewhat, down 13,000 b/d in the first half of 2018 compared with the same period in 2017 (Figure 2).

HGLs were the second-largest petroleum export from the United States in the first half of 2018 at 1.6 million b/d. Destinations in Asia and Oceania were also the primary recipients of U.S. HGLs at 618,000 b/d in the first half of 2018. The region's main importers were Japan, South Korea, China, and India, many of which have expanded petrochemical facilities that import U.S. HGLs as a feedstock. The second-largest regional destinations for U.S. HGL exports in the first half of 2018 were Canada and Mexico in North America, which received a combined 453,000 b/d in the first half of 2018 (Figure 3). U.S. HGL exports also set a new monthly record in the first half of 2018 at 1.7 million b/d in May 2018.

In the first half of 2018, the United States exported 1.3 million b/d of distillate, primarily to destinations in Central and South America, with Brazil and Chile as the two largest destinations, receiving 131,000 b/d and 114,000 b/d, respectively. The decline in U.S. distillate exports in the first half of 2018 compared with the first half of 2017 is mostly the result of lower exports to a number of destinations in Central and South America and in Europe. However, U.S. distillate exports are typically higher in summer months, most of which occur in the second half of the year. The largest single destination for U.S. distillate exports in the first half of 2018 was Mexico at 289,000 b/d (Figure 4). Despite being the third-largest U.S. petroleum export, U.S. distillate exports go to the largest number of destinations—as 49 different destinations received at least 1,000 b/d in the first half of 2018.

The United States exported 913,000 b/d of motor gasoline in the first half of 2018, an increase of 144,000 b/d compared with the same period in 2017. Mexico accounted for more than half of U.S. motor gasoline exports in the first half of 2018, the largest single-destination concentration for any U.S. petroleum export (Figure 5). Years of underinvestment in Mexico's refineries, combined with a mismatch between the type of crude oil produced locally and the type of crude oil Mexico's refineries were designed to process, has resulted in low refinery utilization rates. Low refinery utilization has resulted in increased imports of motor gasoline and other petroleum products, from the United States. Mexico's gasoline consumption ranges from 780,000 b/d to 800,000 b/d based on recent history. In the first half of 2018, U.S. gasoline exports to Mexico accounted for more than 60% of the gasoline consumed in Mexico.

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Earlier:

N.America
2018, September, 3, 15:05:00

UNIMPORTANT RUSSIA SANCTIONS

FT - Higher energy prices and a weakened rouble saw second-quarter profits soar at three of Russia’s largest oil and gas groups, underlining a strong earnings season for the country’s energy industry that has weathered international sanctions to reap strong earnings.

 
 N.America
2018, September, 3, 14:30:00

U.S. RIGS UP 4 TO 1,048

BAKER HUGHES A GE - U.S. Rig Count is up 4 rigs from last week to 1,048, with oil rigs up 2 to 862, gas rigs up 2 to 184, and miscellaneous rigs unchanged at 2. Canada Rig Count is down 1 rig from last week to 228, with oil rigs down 2 to 151 and gas rigs up 1 to 77.

 N.America
2018, August, 22, 13:00:00

U.S. - CHINA: COUNTERPRODUCTIVE

U.S. API - API emphasized the counterproductive effects of Section 301 tariffs on America’s natural gas and oil sector, underscoring the damaging impact that Chinese retaliatory tariffs would have on U.S. LNG exports, and urged the Administration not to impose additional tariffs on Chinese products at today’s hearing before the U.S. Trade Representative on Section 301.

 N.America
2018, August, 20, 14:20:00

U.S. OIL PRODUCTION 10.7 MBD

U.S. API - The American Petroleum Institute’s latest monthly statistical report shows the U.S. set a record for the production of natural gas liquids (NGL) last month producing 4.4 million barrels per day (mb/d). July also saw the U.S. tie its record for crude oil production at 10.7 mb/d.

 N.America
2018, August, 17, 11:40:00

U.S. LPG FOR JAPAN UP

REUTERS - Japanese utilities and industrial companies are snapping up U.S. cargoes of liquefied petroleum gas (LPG) that are seeking a new home after Chinese buyers started to shun them amid an escalating trade war between Washington and Beijing.

 N.America
2018, August, 15, 11:00:00

U.S. OIL FOR CHINA

REUTERS - Chinese oil importers are shying away from buying U.S. crude as they fear Beijing’s decision to exclude the commodity from its tariff list in a trade dispute between the world’s biggest economies may only be temporary.

 N.America
2018, August, 15, 10:55:00

U.S. OIL PRODUCTION + 93 TBD, GAS PRODUCTION + 1,007 MCFD

U.S. EIA - Crude oil production from the major US onshore regions is forecast to increase 93,000 b/d month-over-month in August from 7,429 to 7,522 thousand barrels/day , gas production to increase 1,007 million cubic feet/day from 71,413 to 72,420 million cubic feet/day .

 

 

Tags: USA, PETROLEUM, OIL, GAS, EXPORT