Exports of crude oil from the US reached a new high last week, the US Energy Information Administration (EIA) said in a weekly report. More of those barrels appear to be reaching Asian customers, providing a small fillip to tanker tonne-mile demand.
The EIA reported that 1.2 million barrels per day of crude was exported out of the US last week, the highest recorded. A four-week moving average shows crude oil exports hitting 838,000 barrels per day.
As reported in TradeWinds, trade sources estimated US crude exports could hit a new high this month, thanks to resurgent shale oil production and the cuts in production seen among Opec and non-Opec producers.
Two Bahri-owned VLCCs, the 319,000-dwt Manifa (built 2008) and the 310,000-dwt Awtad (built 2011) are heading to Ningbo from the US Gulf Coast, according to AIS data. Asia this month. More of those cargoes are headed to Asia.
More of those cargoes are likely heading to teapot refineries, which received import quotas of some 334 million barrels earlier this year.
The trade out of the US, though, has primarily relied on suezmax and aframax vessels due to port limits. Rates for the Baltic Exchange's TD9 assessment for aframaxes in the US Gulf remain about $16,000 per day thanks to increased spot fixtures in the region.
