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US Crude Exports Rise in April

Oil

US crude exports rose by 167K b/d m-o-m in April to just over 1M b/d (410K b/d higher y-o-y) the second highest on record, according to data from the US International Trade Commission. Shipments to Canada edged slightly higher to 296K b/d while those to Asia rebounded by 305K b/d m-o-m to the second highest recorded at 488K b/d, 471K b/d higher y-o-y. Volumes to Europe were down by 59K b/d m-o-m at 191K b/d but remained 111K b/d higher on the year. Asia accounted for 49% of April's exports compared to 22% in March. Year-to-date exports have averaged 924K b/d, 405K b/d higher y-o-y, driven by 306K b/d and 112K b/d gains to Asia and Europe respectively.