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US September Crude Exports by Destination

Oil

US crude oil exports in September rose 364K b/d m-o-m and 976K b/d y-o-y to 3.09M b/d, exceeding the 3M b/d mark for just the second time on record on a monthly basis, according to data from the US International Trade Commission. Exports rose to all regions, with shipments to Europe up 55K b/d m-o-m to 930K b/d and those to the Americas rising by 45K b/d m-o-m to 189K b/d. Exports to Asia were 314K b/d higher m-o-m at 1.49M b/d, as a 45K b/d monthly drop in flows to China was offset mainly by gains in shipments to South Korea (+66K b/d m-o-m) and Taiwan (+92K b/d m-o-m). Japan also imported a 10-month high of 97K b/d of US crude during the month following zero imports in July-August.

By early afternoon in London, ICE Brent was trading at $62.45/bbl, up $0.71/bbl from the end of last Friday’s trading.