US crude exports in June rose modestly as shipments to the Netherlands jumped to a record high following the inclusion of West Texas Intermediate (WTI) in the Dated Brent basket.
Total exports from the US rose to 3.8mn b/d in June, up by 0.8pc compared to May levels, according to the latest available monthly statistics from the US Census Bureau. Compared with a year earlier, US crude exports in June rose by 7pc.
Total US crude shipments to Europe in June were little changed on the month at roughly 1.8mn b/d, as higher volumes to the Netherlands were offset by lower volumes to France, Spain and Finland.
US crude exports to the Netherlands, whose primary crude port is in Rotterdam, rose to a record 893,000 b/d, accounting for 23pc of all US exports in June. Shipments to the Netherlands were up by 58pc from 565,000 b/d in May and they topped the prior high of 698,000 b/d in March when total US exports reached a record 4.8mn b/d.
WTI was first included in the Dated Brent basket alongside North Sea grades Brent, Forties, Oseberg, Ekofisk and Troll in May, when June loading crude in the US began trading. WTI on an Aframax vessel delivering to northwest Europe or the Mediterranean can now set the North Sea Dated benchmark price if the cargo has an arrival date between 12 days to one month plus two days forward, but cargoes must be traded on a cif Rotterdam basis. That could be contributing to higher shipments to the Netherlands, but its unclear if that is the case.
Exports to Asia-Pacific were little changed on the month at about 1.4mn b/d in June. Taiwan's imports of US crude nearly doubled to 359,000 b/d, making it the largest importer in Asia-Pacific for the month. India's imports meanwhile declined by 42pc to 144,000 b/d, while Thailand didn't take any US crude loading in June compared to 100,000 b/d in May.
US shipments to other countries in the Americas rose by 17pc to 536,000 b/d. Canada led gains, rising on the month by 22pc to about 382,000 b/d, making the US neighbor the second largest importer in June.