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US Crude Exports to Asia at a Record High in June

Oil

US crude exports to Asia in June rose to a monthly high of 1.60M b/d, up 302K b/d m-o-m and 358K b/d y-o-y, data from the US International Trade Commission show. Notably, shipments to South Korea surged to a record of 605K b/d (+274K b/d m-o-m and +368K b/d y-o-y), while those to China rose to an 11-month high of 292K b/d. Exports to Europe also rose 213K b/d m-o-m and 416K b/d y-o-y to a 5-month high of 961K b/d. By contrast, volumes to the Americas eased 73K b/d m-o-m to 266K b/d, but were still 184K b/d higher y-o-y.

At 3.16M b/d, total US crude exports in June were up 259K b/d m-o-m and 959K b/d y-o-y to a monthly record of 3.16M b/d in June.

By early afternoon in London, ICE Brent was trading at $62.42/bbl, up $1.92/bbl from the end of Thursday’s trading.