Data from the US Energy Information Administration (EIA) showed that petroleum products exports from the US slightly increased by 0.3% year-on-year to 5.47 million bpd in the first half of 2019. The growth in the petroleum products exports was limited by slowing global economic growth and lower US refinery runs during the period.
The distillate was still the largest US petroleum product export in H1 2019, increasing by 60,000 bpd or 5% year-on-year to an average of 1.3 million bpd. Mexico was the top export destination for US distillate in H1, purchasing 22% of total US distillate exports, equal to roughly 290,000 bpd. Other main destinations for US distillate include Brazil (13%), Chile (7%), the Netherlands (4%), and Peru (5%).
Propane accounted for the second-largest share in US petroleum product exports in H1. The US exported 1.03 million bpd of propane during the period, increasing 142,000 bpd (16%) from the same period last year. US propane usually ends up being used as petrochemical feedstock by companies in Asia and Europe.
Meanwhile, US residual fuel exports were 258,000 bpd in H1, falling by 74,000 bpd from a year earlier. In the January-June period last year, most US residual fuel exports went to Singapore. However, exports to the country fell by 68,000 bpd (80%) in H1 this year due to new international regulations on the sulfur content limit of marine fuels.
Looking forward, EIA projects that US petroleum product exports will continue to grow, albeit at a slower pace. Given the increasing US crude oil exports, the EIA expects the US to be a total petroleum net exporter in this year’s Q4.
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Published on October 29, 2019 10:41 PM (GMT+8)Last Updated on January 17, 2020 2:13 AM (GMT+8)
