Crude Oil Exports Surpass Imports For First Time at Texas Ports

OILMONSTER.COM- Last April, crude oil exports from the Gulf Coast in Texas exceeded imports for the first time,Kallanish Energy reports.

Exports exceeded imports by 15,000 barrels a day in that month and that difference grew to 470,000 Bpd in May, according to the U.S. Department of Energy. In May, total U.S. crude oil exports rose to a record 2 million barrels a day (Mmbpd), it said.

A year earlier, they were just over 1 Mmbpd, it said.

The report covers the Houston-Galveston port district that also includes Texas City, Freeport, Port Lavaca and Corpus Christi.

Since mid-2017, the Houston-Galveston district has accounted for more than half of U.S. crude oil exports, DOE said. In May, that percentage grew to 70%.

In May, Houston-Galveston accounted for 12% of all U.S. crude oil imports, second only to Chicago at 19%.

The crude oil arriving in Houston-Galveston comes mostly from Mexico, South America and the Middle East. Most shipments from the Texas Gulf Coast have gone to China, Italy, Canada and the United Kingdom.

The DOE linked the growing crude oil export volumes to efforts at the ports of Corpus Christi and Houston to expand infrastructure.

The only other U.S. port district to report a significant jump in crude oil export volumes is Port Arthur, Texas, which includes the ports of Port Arthur, Sabine, Beaumont and Orange.

That port district has accounted for about 25% of all U.S. crude oil exports since mid-2017.

Despite infrastructure improvements, Gulf Coast crude oil export capacity is still limited because most ports are unable to load larger crude oil vessels.

 Courtesy: www.kallanishenergy.com