Analysis: EIA Data Show U.S. Became Net Crude Exporter


   
Karim Bastati
DTN Analyst

   VIENNA (DTN) -- Driven by strong international demand amid a two-month long 
ongoing Middle East oil supply disruption, the United States last week exported 
more crude oil than it imported in a historic first, Energy Information 
Administration (EIA) data showed Wednesday (4/29).

   Crude exports totaled 6.44 million bpd in the week ended April 24, some 
809,000 bpd, or 14%, above the previous highest weekly pace recorded in 
February 2023. Exports have risen sharply this month as U.S. crude became the 
world's go-to swing barrel amid the largest oil supply crisis in history in 
which the global market has been cut off a fifth of petroleum flows for the 
last two months. Over the past four weeks, they averaged 5.15 million bpd, 
close to 1.15 million bpd, or 29%, more than at the same time span last year.

   This marked the first time that EIA data showed crude exports surpassing 
imports in any week in the agency's history. While the U.S. has been a net 
exporter of refined products for close to 15 years and of total petroleum 
liquids for the better half of a decade, refiners still rely heavily on 
imports, with foreign sourced oil making up more than a third of crude inputs.

   On the four-week average, net crude imports have now dropped to 708,000 bpd, 
500,000 bpd below the previous historic trough and down 1.1 million bpd 
year-on-year, EIA data showed. While the super-6-million-bpd tempo is unlikely 
to be sustained, crude exports may well average out close to import levels over 
the next few weeks.

   Refined product exports, meanwhile, remained robust near historic highs, 
leading total petroleum exports to soar to 14.18 million bpd, pulverizing the 
12.88 million bpd record pace, which itself was 700,000 bpd above the previous 
all-time high, set just the week prior. Given the volatile nature of weekly 
import and export data, the EIA recommends using four-week averages to better 
gauge trends. According to this metric, total exports were up 1.2 million bpd, 
or 20%, year-on-year.

   The U.S. is likely to continue being a net importer of crude oil, 
conditioned on global supply disruptions easing in the foreseeable future. 
Weekly net crude imports dropping below zero for the first time may not herald 
permanent change, but still illustrates the key role U.S. crude production has 
taken on the global stage as a reliable supply source.

    




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