US crude import/export trends - more "independence"

The EIA has released the US monthly petroleum market updates for July. Along with revised upward US crude production trends, the import and export data for the US market have been updated. Unlike the stronger revisions in monthly data vs weekly data for crude production, monthly import and export trends reported on a monthly basis track the weekly data more robustly. Little revision appears to have been required.

US crude exports spiked in the Spring (near 5mbd) and declined significantly in the summer. Likely affected by both world markets (much of that related to decreased import demand in China) as well as increased domestic refinery needs. Most of the summer averaged ~4mbd of crude exports. The US is still on pace to set record highs in crude exports on an annual basis.

US crude imports for monthly and weekly data also show little change. Little revision was made by the EIA. US crude imports averaged slightly less than 6.4mbd in the first half of the year. Weekly data (the …