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US diesel exports hit record high as global supply tightens
U.S. refiners shipped a record 1.9 million barrels overseas last week, while distillate inventories fell to the lowest seasonal level since 1996.
U.S. distillate, led by diesel, surged to a record for the week as global supplies tightened, OilPrice reports. The outlet points to disruptions across the Gulf area and nearby maritime chokepoints, plus Ukrainian one-way attack drone strikes that have affected parts of Russia’s energy infrastructure.
OilPrice says those issues boosted U.S. refiners and Gulf of America export terminals, with shipments reaching 1.9 million barrels sent overseas last week. The article adds that exports have topped 1.5 million barrels a day for five consecutive weeks.
The source notes that recent cargoes have been directed toward northwestern European ports, which it describes as at the center of a broader diesel shortage. It also links the shortage to Gulf area refinery disruptions and the reduced Russian refining capacity from the attacks.
OilPrice highlights a downside for the U.S. market, saying the trade-off for higher exports is that U.S. distillate stockpiles have fallen to their lowest seasonal level since 1996. The article warns this raises the risk of a tighter domestic market heading into the fall demand surge.