U.S. crude oil exports plunged by more than 40% in June, foreign trade data from the U.S. Census Bureau showed on Aug. 5, after Brent's premium to U.S. crude hovered in a tight band earlier this year.
Total exports dropped to 383,000 barrels per day (Mbbl/d) from May's record of 662 Mbbl/d, according to data compiled by Reuters.
Exports to Canada were 280 Mbbl/d vs. 308 Mbb/d one month prior. Exports to the U.K. were 37 Mbbl/d, nearly unchanged from May. Meanwhile, exports to Curacao were 17 Mbbl/d, a sharp drop from May's 67 Mbbl/d.
The export declines were likely a result of Brent's May and June contracts having traded in such a tight band to U.S. crude earlier this year. At one point, Brent even briefly traded at a discount. Typically, a wide premium for Brent over U.S. crude makes exports more economical.
The U.S. Census' foreign trade oil data is published weeks earlier than the closely-watched U.S. Energy Information Administration trade figures. The EIA, which bases its numbers on the census data, will release its monthly crude figures at the end of August.
Recommended Reading
Targa to Proceed with Permian Basin Apex Pipeline After All
2024-05-02 - Targa Resources expects to take a final investment decision for the Apex pipeline out of the Permian Basin before the end of the year.
Sage Geosystems Advances Commercial-scale Energy Storage Facility
2024-05-02 - The 3-megawatt facility in Texas is expected to become the world’s first commercial geopressured geothermal system when it’s commissioned in December.
Analyst Questions Kimmeridge’s Character, Ben Dell Responds
2024-05-02 - The analyst said that “they don’t seem to be particularly good actors.” Ben Dell, Kimmeridge Energy Partners managing partner, told Hart Energy that “our reputation is unparalleled.”
Marketed: Delta Minerals Non-producing Sale in Colorado
2024-05-02 - Delta Minerals LLC has retained EnergyNet for the sale of non-producing minerals in Bent, Cheyenne and Kiowa counties, Colorado.
Phillips 66 Weighs Divestments, Targets Renewable Fuel Increase
2024-05-02 - Phillips 66 looks to boost renewable fuels production by 67% through the end of the second quarter 2024 at its Rodeo complex in San Francisco while weighing a potential divestiture of its retail marketing businesses in Austria and Germany.