US Crude Oil Exports Plunge in June
U.S. crude oil exports plunged by more than 40 percent in June, foreign trade data from the U.S. Census Bureau showed on Friday, after Brent's premium to U.S. crude hovered in a tight band earlier this year.
Total exports dropped to 383,000 barrels per day from May's record of 662,000 bpd, according to data compiled by Reuters.
Exports to Canada were 280,000 bpd versus 308,000 bpd a month prior. Exports to United Kingdom were 37,000 bpd, nearly unchanged from May. Meanwhile, exports to Curacao were 17,000 bpd, a sharp drop from May's 67,000 bpd.
The export declines were likely a result of Brent's May and June contracts having traded in such a tight band to U.S. crude earlier this year. At one point, Brent even briefly traded at a discount. Typically, a wide premium for Brent over U.S. crude makes exports more economical.
U.S. Census' foreign trade oil data is published weeks earlier than closely watched U.S. Energy Information Administration trade figures. The EIA, which bases its numbers on the Census data, will release its monthly crude figures at the end of August.
(Reporting by Catherine Ngai; Editing by Meredith Mazzilli)