Metallurgy / Chemicals / Rubber & Plastics

According to the Huacheng Import and Export Data Observation Report, the US crude oil and refined oil exports hit a record high last week, and the commercial inventory fell to a low level.

According to the Huacheng Import and Export Data Observation Report, the US commercial crude oil inventory decreased by more than 12 million barrels last week. Previously, crude oil exports, including refined oil products, soared to an all-time high, with daily exports of nearly 11.8 million barrels. By contrast, the daily export volume of crude oil and petroleum products at the beginning of this year was 6.6 million barrels, compared with 7.5 million barrels in the same period last year.

More than half of U.S. crude oil and petroleum products are exported to Mexico, Canada, Japan, South Korea, the United Kingdom and the Netherlands.

However, there are signs that the high export volume of crude oil and petroleum products of the United States may soon start to decline, because the transportation cost of American crude oil (at least the cost of shipping to Europe) of Aframax tankers soared to the highest level in history on November 18, 10.18 dollars per barrel, which is mainly due to the support of high export volume. Huacheng Import and Export Data Observation Report.

According to a report by Argus earlier this week, American traders hoped to load crude oil onto super large tankers rather than Aframaxes to save freight costs. However, the loading of American large tankers was affected by bad weather.

According to Huacheng Import and Export Data Observation, the daily export volume of crude oil from the United States to Europe climbed to a record 1.47 million barrels from January to September. The data shows that the crude oil export from the United States to the United Kingdom increased by 28% over the same period last year, and the crude oil export to the Netherlands increased by 46% over the same period last year.

According to the Huacheng Import and Export Data Observation Report, due to the expansion of the discount of global oil prices to US $9 per barrel, the daily export volume of US crude oil to Asia in November will hit a new high of 1.8 million barrels. In previous months, Asian refineries had been snapping up cheap crude oil. At the beginning of September, the discount of oil price to Brent crude oil was only $6 per barrel.