finance
U.S. Crude Oil Exports Averaged 5.2 Million Barrels Per Day in April
U.S. crude oil exports surged to 5.2 million barrels per day in April, up more than 30% from February, amid the Iran war and blockade of the Strait of Hormuz. The Port of Corpus Christi handled about half of these exports, marking its busiest quarter ever. Global jet fuel supplies remain tight, with inventories below average.
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U.S. crude oil exports averaged 5.2 million barrels per day in April, a record high, according to data from Kpler. That compared with 4.9 million barrels per day in February.
Exports from the Gulf Coast reached 4.2 million barrels per day in April, while Houston accounted for most of the rest, Kpler data shows. March was the busiest month in the history of the Port of Corpus Christi, and the first quarter was the busiest quarter ever for the port, said CEO Kent Britton.
The port exported an average of 2 million barrels per day last year, Britton said. Ship traffic in the Port of Corpus Christi rose to more than 240 vessels in March, compared to the 200 vessels the port normally sees in a month, according to Britton. "It's a constant parade of tankers coming in and out," he said.
The Perseus Star crude oil tanker departed the Port of Corpus Christi in Corpus Christi, Texas, on Saturday. Very large crude carriers can typically carry up to 2 million barrels. Many of those tankers are coming from Asian countries that imported their oil from the Middle East before the war, said Matt Smith, director of commodity research at Kpler.
"Asian markets are buying whatever they can get their hands on, so they're taking a lot of light sweet crude," Smith said.
The volume of refined product exports from Corpus Christi to the Middle East was higher in the first quarter than all of last year, Britton said. Around 3 million barrels per day of refined products pass through the Strait of Hormuz, according to Melius. Global jet fuel stocks are approximately 7 million barrels below average.
