July 6, 2022

WWW.ENERGYINTEL.COM

US Exports Ride Record-High Wave

  • US product exports touched new highs in April, with record volumes going to Latin America.
  • Crude exports continue to hover around 3.2 million b/d, but a record volume traveled to Europe in April.
  • Even while exports surge, demand remains well below prepandemic levels.

The US exported near-record volumes of petroleum in April, according to the latest monthly report from the Energy Information Administration (EIA). But while volumes sent abroad have largely breached pre-pandemic levels and are likely to keep rising, domestic demand remained short of the pre-Covid mark.

Demand

In its Petroleum Supply Monthly, the EIA pegged April demand at just over 19.9 million barrels per day. The monthly data broke with preliminary weekly readings, which had suggested lower demand. April consumption outdid that of the same month 2021 by 498,000 b/d.

However, the reading also indicated some wobbles in demand — even ahead of price spikes at the pump. April consumption was down 555,000 b/d from March and some 376,000 b/d below the pre-pandemic 2019 level.

In addition, demand for both gasoline and distillate fuel oils dropped from March to 8.8 million b/d and 3.8 million b/d, respectively. Gasoline demand was, in fact, slightly lower than 2021 levels and 657,000 b/d short of pre-pandemic readings for the same month.

More recently, fuel demand has faced headwinds from sky-high prices at the pump. Consumption was stubbornly strong during the period from May through the July 4 holiday, but concerns about ebbing demand have intensified. Retailers noted their most expensive markets were already seeing consumers change behavior late in the first quarter.

In the wake of the Independence Day weekend, preliminary demand readings from unofficial sources have shown significant drops, while retail prices are starting to retreat.

Exports

Total shipments of crude and refined products were just over 9.5 million barrels per day, roughly 24,000 b/d higher than March but up 417,000 b/d for the year. The data in the EIA’s Petroleum Supply Monthly show how the US is emerging as a key replacement supplier amid disruptions to Russian petroleum flows, especially in the Atlantic Basin and Europe.

Product exports posted record highs of almost 6.3 million b/d, up roughly 100,000 b/d from March as global markets scramble to fill the void left by Russian barrels. Following Russia’s invasion of Ukraine, several countries, including EU member states, began phasing out "toxic" imports from the country. The EU’s ban on maritime shipments will displace roughly 3 million b/d of crude and products through the end of the year, Energy Intelligence estimates.

No surprise then that US flows across the Atlantic are rising: April saw product shipments to Europe at 746,000 b/d, their highest since February of 2020 and a third consecutive month of growth.

However, Latin America remained the top regional destination for US products at a record 3.3 million b/d.

Europe also took in considerably more US crude in April — almost 1.6 million b/d, a record volume. Typically the bulk of US crude exports go to the Asia-Pacific, but Europe’s share was higher by almost 600,000 b/d. Total crude exports for the month were roughly 3.2 million b/d.

US Crude Oil Imports, April 2022
CanadaMexicoSaudi ArabiaColombiaIraqEcuadorBrazilGrand Total
('000 b/d)Apr '22Apr '21Apr '22Apr '21Apr '22Apr '21Apr '22Apr '21Apr '22Apr '21Apr '22Apr '21Apr '22Apr '21Apr '22Apr '21
Phillips 665555694741413321----35--864903
Marathon364305373332---79-37-37-664357
Chevron351393127778740716632256425-549537
BP441456------------441456
PBF Energy8291859067372833--585558-393342
ExxonMobil322216------------322216
Valero-34174158--17-7279112411-307365
Flint Hills263264------------263264
Saudi Aramco74---179---------253-
Houston Refining51315437--103101------208169
Cenovus Energy17771------------17771
PDV Midwest Refining165170------------165170
Hollyfrontier Refining & Marketing LLC144104------------144104
Citgo6924----51-------11946
Suncor111116------------111116
Top 152,8542,464489487397157259204218111132179132-4,9824,115
Total Companies3,6823,472599594413291259219218175132238114-6,0595,819
Total Imports3,6823,472599594413291259219218175132238114-6,0595,819
US Petroleum Product Imports, April 2022
CanadaRussiaMexicoSaudi ArabiaSouth KoreaIndiaUnited Arab EmiratesGrand Total
('000 b/d)Apr '22Apr '21Apr '22Apr '21Apr '22Apr '21Apr '22Apr '21Apr '22Apr '21Apr '22Apr '21Apr '22Apr '21Apr '22Apr '21
Valero57362182321011421316312524395378
ExxonMobil177187740---------280198
Irving Oil209205------------209205
Chevron--13533196-1111----10982
Shell6-----11---11-11-103-
Saudi Aramco--39---14-5-----87-
BP14823---13-5205115385206
Vitol-11126----4-14-14168457
Phillips 6677111318311-03656-6861
Trafigura8--15--101--326316795
Atlantic Trading3--15--10--1025925-6196
George E. Warren Corp---168-----5-5-5958
PBF Energy---245232-7------5271
RIL USA---4------342434-3428
Petrogas Energy3137------------3137
Top 153393503354541605511521417510481104241,7271,573
Total Companies5335723365061901141243911615110811077372,1812,448
Total Imports5335723365061901141243911615110811077372,1812,448
US Petroleum Product Imports, April 2022
CanadaRussiaMexicoSaudi ArabiaSouth KoreaIndiaUnited Arab EmiratesGrand Total
('000 b/d)Apr '22Apr '21Apr '22Apr '21Apr '22Apr '21Apr '22Apr '21Apr '22Apr '21Apr '22Apr '21Apr '22Apr '21Apr '22Apr '21
Other Oils38132744196449583649--77-711592
Motor Gasoline1361517668-59-28338968-56961,030
Residual Fuel Oil5285516118657----18--227156
Middle Distillates127141-3---1911-19-3164248
LPG/Chemicals150167--1---------154168
Kerosene-Type Jet Fuel157------6394195-24123141
Asphalt5054------------5054
Lubricants1111-1---2134---54649
Petroleum Coke11------------910
Grand Total5335723365061901141243911615110811077372,1812,448
Total Companies5335723365061241141243911615110811077372,1812,448
Total Imports5335723365061901141243911615110811077372,1812,448
US Crude Exports, April 2022
MonthlyMonthlyAvg.Avg.
('000 b/d)Apr'22Apr'2120192018
All Destinations3,2393,2832,9822,048
India695578255151
Netherlands390266279132
Korea355336419242
Canada347398479440
United Kingdom251227244167
China213728137231
Singapore18307843
Italy176124128108
Taiwan16449169131
Switzerland152024
Spain118244722
France99738823
Germany9372273
Thailand7410510938
Uruguay540155
Dominican Republic36171410
Australia250410
Norway24242435
Peru2424287
Denmark23243517
Ireland22404313
Brazil19294825
Colombia18181824
Nicaragua1012116
Belgium1040
Lithuania04920
Other06500
US Petroleum Product Exports, April 2022
Total ProductsTotal ProductsLPG & Pents+LPG & Pents+MogasMogasJet KeroJet KeroDistillatesDistillatesResidsResidsPet CokePet CokeOtherOther
('000 b/d)Apr'22Apr'21Apr'22Apr'21Apr'22Apr'21Apr'22Apr'21Apr'22Apr'21Apr'22Apr'21Apr'22Apr'21Apr'22Apr'21
All Destinations6,2885,82602,497937819216741,4301,1331001825715473,033575
Mexico1,3691,15101225845119337399315925556822873
Canada4825670319643717216381421621369108
Japan329433035400000000345729422
China39035702450000000013110225910
Brazil4873070113372002144400736116288
Indonesia93970970000000000930
India159267022600000000112314818
Korea2401840156000000800023227
Chile300285093421518151701590000703
Peru150112052325101017100002511
Netherlands19320108500002036313192015148
Dominican Republic7160028204421200006432
Panama13712304253318165851803081
Guatemala114132014526524314300156151
Ecuador841190741130002970078371
Colombia1479400251170712300004461
Honduras546601019232217310000151
Costa Rica688006203164302720011102
Spain711700000000002617460
Egypt40250250000000000400
France533903700002000051281
Morocco5880052000000001527430
Singapore144118021020013299320012233
El Salvador423901324122088000581
United Kingdom114870390020122700229818
Bahama Islands552601224227132090010
Other8457630359821393167157306215811444346

Frans Koster, New York