China falls from top US crude exports spot

US crude exports fell by about 6pc in November with China's intake declining sharply.

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Total US crude exports averaged 2.73mn b/d in November, down from 2.91mn b/d in October, according to trade data released today by the US Census Bureau.

China had been the top destination for US crude in the previous six months, but its intake fell to about 342,000 b/d in November, down by about half from the previous month.

India took over as the top destination for US crude loaded in November taking about 430,000 b/d. The exports to India included about 85,000 b/d of heavier crude.

State-controlled Indian refiners last month expanded their import portfolio to include more US grades, with IOC now including West Texas Light (WTL) as an eligible grade in their weekly import tenders and Hindustan Petroleum (HPCL) issuing a unique tender that sought Mars for its Vizag refinery in January and February.

There has also been an upswing of heavy sour Canadian grades like Cold Lake and Western Canadian Select (WCS) deliveries to the US Gulf coast for re-export purposes to Indian and Chinese refiners seeking high-bitumen yields.

Canada was the second top destination of US crude in November at about 413,000 b/d, and the Netherlands was third with 393,000 b/d.

Total US crude exports in November were down from 3.1mn b/d a year earlier.

Since the US lifted 40-year-old restrictions on most oil exports in December 2015, US crude has been exported to countries around the globe. For the full year of 2019, US crude exports averaged 2.98mn b/d, an annual record.

The monthly trade data comprises several categories of oil, including crude under 25°API, crude that is 25°API or higher, and condensate derived wholly from natural gas.

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Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor.   He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage, and is the Co-Host of the energy news video and Podcast Energy News Beat. Energy should be used to elevate humanity out of poverty. Let's use all forms of energy with the least impact on the environment while being sustainable without printing money. Stu is also a co-host on the 3 Podcasters Walk into A Bar podcast with David Blackmon, and Rey Trevino. Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.