US ultra low sulfur diesel exports surged 1.645 million b/d in July,
driven mainly by demand in Europe and Latin America, according to the most
recent Energy Information Administration data.
The 4.176 million b/d in July exports, released by the EIA on Monday,
represents the highest mark reported by the agency, which tracks the data back
to January 2009. It bested a previous monthly high of 4.161 b/d in March 2014.
From June to July, exports to Finland rose 300,000 b/d, France rose 1.556
million b/d, Germany rose 302,000 b/d and the Netherlands rose 3.239 million
b/d. Exports to Italy and the UK, however, fell by 407,000 b/d and 435,000 b/d
The 7.144 million b/d exported to the Netherlands is the most the country
has taken from the US since 8.744 million b/d in October 2013. Comparatively,
the July Netherlands exports are nearly as much as April, May and June exports
to the country combined, 7.282 million b/d.
The surge to Europe slightly predated an upset at Shell’s 404,000 b/d
refinery in Pernis, the Netherlands, the largest refinery on the continent. A
fire shut the refinery on July 29 and started the restart process on August
US volumes rarely make it past the Adriatic, tending to discharge into
the West Mediterranean.
July exports to Peru rose 698,000 b/d, Panama rose 316,000 b/d, Mexico
rose 415,000 b/d, Honduras rose 359,000 b/d, Guatemala rose 1.101 million b/d,
Brazil rose 629,000 b/d and Chile rose 1.645 million b/d. Exports to Costa
Rica and Argentina, however, fell by 1.224 million b/d and 557,000 b/d,
Meanwhile, ULSD exports to Singapore fell by 1.151 million b/d to 1.089
million b/d in July.
–Allen Reed, Allen.Reed@spglobal.com
–Edited by Derek Sands, email@example.com