Altered trading patterns push US petroleum product exports to record levels - EIA

The US Energy Information Administration (EIA) says that US exports of petroleum products reached their highest average in first half of the year as Russia’s invasion of Ukraine shifted trading patterns.

PHOTO: Oil tanker with a tugboat escort passing under the Corpus Christi Harbor Bridge. Getty Images

Nearly all petroleum products contributed to more exports, with the largest increases coming from distillate fuel oils such a gasoil and heating oil, and hydrocarbon gas liquids (HGLs).

US exports of petroleum products averaged nearly 6 million b/d in the first half of the year, clocking an 11% increase over the same period a year earlier.

Among the biggest increases were distillate fuel oil exports, which increased by 190,000 b/d as well as HGL exports which increased by 114,000 b/d.

In February, Russia invaded Ukraine with an ensuing full-scale war triggering sanctions and disrupting global oil trade patterns. The US banned all Russian petroleum imports from early March, and with full effect since mid-April.

Several other Western countries have either sanctioned or tapered their imports of Russian oil, creating fresh demand for other import sources, including the US.

As Russia has been a key producer of middle distillates imported to Europe and elsewhere, other major producers including the US have stepped up to fill some of the supply cap.