US Distillate Exports Hit Record High

Oil

US distillate fuel oil exports in May (the latest month which data are available for) increased by 195K b/d m-o-m and 274K b/d to a record high of 1.52M b/d, according to the US Energy Information Administration (EIA). Over the first 5 months of 2017, exports have averaged 1.28M b/d, up by 152K b/d y-o-y. Growth has been driven by shipments to Latin America (+202K b/d y-o-y to an average of 941K b/d), which has offset lower volumes to Europe (-75K b/d to an average of 237K b/d). The growth in trade comes amid record US refinery runs and subdued throughputs in Latin America.