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.
