• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 17 hours Reality catching up with EV forecasts
  • 8 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 7 days A Somewhat Realistic View of the Near Future for Electric Vehicles Worldwide
  • 13 days The Federal Reserve and Money...Aspects which are not widely known

U.S. Crude Oil Exports Jump To Highest Level This Year

U.S. crude oil exports jumped to 3.236 million barrels per day (bpd) in April, up from 2.615 million bpd in March, and the highest crude export figure so far this year, according to trade data from the U.S. Census Bureau published on Tuesday.

In January 2021, U.S. crude oil exports also exceeded 3 million bpd, at 3.075 million bpd. Yet, the value of the exports in April was considerably higher than the value of those in January, as the average price per barrel jumped from $49.11 in the first month of the year to $58.87 in April, the data showed.

Exports were around 2.6 million bpd in each of February and March, also because of the winter storms in mid-February, which resulted in a 40-percent slump in U.S. crude oil production, most notably in the top oil-producing state, Texas.

ADVERTISEMENT

The U.S. Census Bureau reports first the trade data, on which the Energy Information Administration (EIA) bases its monthly export figures and reports them around the end of the month.

EIA data for Q1 shows slightly higher U.S. crude oil exports than Census Bureau data, estimating January shipments at 3.165 million bpd, and February and March exports at around 2.7 million bpd.

Related: U.S. Claws Back Millions From Pipeline Ransomware Attackers

ADVERTISEMENT

In January this year, crude oil exports from the only deep-water port in the United States, Louisiana Offshore Oil Port, doubled from December to a record high, driven by robust demand from Asian refiners.

Last year, U.S. exports of crude oil stood at 3.18 million bpd, according to EIA data. The re-opening of major economies and the expected increase in global crude oil demand could boost American exports this year.

U.S. oil producers are selling crude to a lot of countries, mainly in Asia. Asia is a natural market for the light, sweet grades that dominate U.S. output. Led by China, Asia was the first region to start recovering from the pandemic, which helped exports. Europe was the other large oil client of the United States last year, with the UK, France, Germany, and the Netherlands taking in a combined 719,000 bpd of U.S. crude as production of local light grades declined.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

ADVERTISEMENT


ADVERTISEMENT


Leave a comment
  • George Doolittle on June 08 2021 said:
    Lng prices are way up as is piped gas too no doubt with truly stupendous amounts of exports of that as product.

    Still being traded anyways!
    Shipping costs are starting to soar tho.
    So are production costs.
    "Profit costs" too etc

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News