Corpus Christi crude exports rise in 2021

Crude exports out of Corpus Christi, Texas, rose in the first half of 2021 on strong demand as global economies continue to recover from the Covid-19 pandemic, port officials said.

Crude exports out of the South Texas port averaged 1.58mn b/d in January-June, an increase of 3.6pc from a year earlier, according to the Port of Corpus Christi.

Corpus Christi has become the top port for exports of US crude after three new pipelines went into service in the past two years, moving Permian and Eagle Ford crude to the south Texas port.

Overall US crude exports averaged 2.9mn b/d from January-May of this year down from 3.3mn b/d a year earlier, according to the latest monthly trade data released by the Census Bureau.

The official June trade data will be released in early August.

US crude exports fell by 16pc to 2.71mn b/d in May compared with the previous month and the top two destinations were India and China.

More recently, US exports have been volatile amid pressure from a narrowing Brent-WTI price spread.

US exports were resilient in 2020, reaching a yearly record of 3.2mn b/d despite the Covid-19 pandemic and an active hurricane season, which disrupted shipping in the Gulf of Mexico.

By Eunice Bridges