US Oil Product Exports Hit Record 8.7M Bpd
Last week, total US oil product exports surged to a record 8.7 million barrels per day, led by propane, diesel, gasoline, and jet fuel. Most diesel exports go to South America, while ~14% head to Europe.
Weekly US oil product exports jumped to a new all-time high of 8.7 million barrels per day. The increase was driven primarily by propane, followed by diesel, gasoline, and jet fuel cargoes.
Most US diesel shipments are destined for Brazil and the rest of South America, with roughly 14% bound for Europe. Since March, product exports have risen by 2.0 million barrels per day, a 30% gain. For context, in early 2022 refined product flows briefly dipped below 4.0 million barrels per day.
Meanwhile, weekly crude oil exports fell 3.1 million barrels per day from their April peak to 3.3 million barrels per day, a level close to the two-year average. The data points to surging global demand for American refined fuels.
Source: The Kobeissi Letter