16/04/26
US crude net imports hit record low on export surge
US crude net imports hit record low on export surge
Houston, 16 April (Argus) — US crude net imports fell to a record low last week
as export loadings surged toward capacity, driven by strong demand from
Asia-Pacific and Europe following disruptions to Middle East supply. US crude
imports fell by 1.03mn b/d to 5.29mn b/d in the week ended 10 April, while
exports rose by 1.08mn b/d to 5.23mn b/d, according to Energy Information
Administration data (EIA). Net imports declined by 2.11mn b/d to just 66,000
b/d, the lowest level in weekly data going back to 2001 . Weekly US crude
exports climbed to 5.23mn b/d, a seven-month high, placing the US close to
becoming a net crude exporter on a weekly basis for the first time in decades.
Imports, by contrast, slipped toward the lower end of their recent historical
range. Weekly crude inflows of around 5.3mn b/d remain well below the 8-10mn b/d
levels seen through much of the early 2000's, reflecting rising domestic supply
and reduced refinery intake. Ship tracking data show elevated US crude loadings
persisting beyond the EIA reporting week. US exports averaged about 4.9mn b/d in
April so far, or roughly 147mn bl scheduled to load over the month, according to
Vortexa. Nearly half of April volumes were lifted on VLCCs, signaling sustained
long-haul demand. Asia-Pacific continues to absorb a growing share of US crude
exports. East Asian and Southeast Asian buyers together account for roughly
one-third of US loadings in April, Vortexa data show. Japan, South Korea and
Singapore alone are collectively slated to receive more than 15mn bl. Market
participants said Asia-Pacific refiners have booked an estimated 50mn–70mn bl of
May loading US crude for delivery in July as they seek alternatives to Middle
East Gulf supply disrupted by the Iran war. That would translate to around
1.6mn–2.3mn b/d of imports into the region, potentially a record high. Europe
also remains a key destination for US crude, with northwest European hubs such
as the Netherlands continuing to absorb a significant share of outbound flows
alongside rising shipments to Asia. Arbitrage economics for May have improved,
which may support continued strong export flows. If elevated export flows
persist while imports remain subdued, the US could register additional weeks
with net crude trade close to in balance or briefly move into net export
territory, underscoring how global buyers are increasingly leaning on US supply
amid ongoing geopolitical disruption. By Nicole Linares Send comments and
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