US product exports jump again, net import dependence slides just a bit

The release of the monthly US export/import numbers is starting to draw attention from a wider range of the media. The release Tuesday of export/import numbers from September is proof of that, as it was highlighted in various media around the country.

The US was a net product exporter in September, with product exports of 3.123 million b/d, and product imports of 2.203 million b/d.

But we've long felt that the number that counts the most is the net import dependency. It didn't move significantly. It was 8.051 million b/d, down slightly from the 8.074 million b/d of August. Still, that September figure is still the second lowest since the US net import dependence began declining from its all-time high of about 13.4 million b/d in August 2006.

The export records set in September were:

  • Natural gas liquids/liquids petroleum gases (NGLs and LPGs) soared to 256,000 b/d, the fifth time this year it's set a monthly record. Note that the figure was rarely above 100,000 b/d until 2008, when the shale gale started hitting. In September's figure: exports of pentane plus, which is mostly natural gasoline, of 101,000 b/d. Ten years ago, that figure used to be close to zero.

  • Total finished product exports of 2.703 million b/d, breaking August's record of 2.63 million b/d. It never got above 2 million b/d until March of last year.

  • Finished gasoline exports of 529,000 b/d were not the most ever, but were just below August's figure of 536,000 b/d, which was a record.

  • The distillate export train keeps on riding. Total exports were 931,000 b/d, up from 895,000 b/d a month earlier. Ironically, none of the individual components of that -- jet fuel, varying categories of low sulfur and high sulfur diesel -- were records. It was just a lot of everything.

  • Petroleum coke at 535,000 b/d were about 17% of total exports, and were a record. (An editor at Platts asked the question "What's up with petroleum coke?" and then proceeded to do a Seinfeldian monologue off that question: "It's not fizzy. You can't drink it.")

The end-of-month release of these import/export statistics can now be said to be an oil industry event. We'll see what the October numbers bring.

The statistics on net imports can be found here. The overall export figures can be found here.

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