U.S. Exports Record Amount of Petroleum Products in First-Half 2022

Researched by Industrial Info Resources (Sugar Land, Texas)--U.S. exports of petroleum products in the first half of 2022 reached an all-time high for the first half of any year, according to the U.S. Energy Information Administration's (EIA) Petroleum Supply Monthly data.

Data show first-half exports averaged nearly 6 million barrels per day (BBL/d), an increase of 11% (596,000 BBL/d) year-over-year. That growth rate is the fastest for the first half of a year since 2017, according to the agency. Distillate fuel oil exports jumped by 19% (190,000 BBL/d), which the EIA said can be traced back to high demand and low inventories across the globe, along with economic sanctions on Russia following its February invasion of Ukraine.

U.S. distillate exports to Latin America increased to more than 1 million BBL/d, but exports to Europe decreased in the first half of the year; however, the EIA expects that to change once sanctions on Russian imports of crude oil take effect in December, and certain petroleum products, including distillate fuel oil, in February 2023.

The EIA added: "nearly all petroleum products contributed to increased exports, and the largest volumes came from distillate fuel oil and hydrocarbon gas liquids (HGLs)...." Those HGLs include propane, ethane, ethylene and propylene, among others.

Magellan Midstream Partners LP (NYSE:MMP) (Tulsa, Oklahoma) is the operator of a refined petroleum products marine storage terminal in Pasadena, Texas, along the Houston Ship Channel, which includes more than 5 million barrels of storage, two ship docks and truck loading facilities, with space to nearly double its current capacity, according to the company. Magellan remains the operator even though it sold some of its membership interest in the project's joint venture, MVP Terminalling, in April 2021.

Magellan and its MVP partners, which include a subsidiary of Valero Energy Corporation (NYSE:VLO) (San Antonio, Texas), are considering a proposed $85 million Phase IV expansion of the Pasadena terminal, which would add eight tanks to the existing facility. Subscribers to Industrial Info's Global Market Intelligence (GMI) Terminals Project Database can read more details in a detailed project report.

Vecenergy (Fort Lauderdale, Florida), a subsidiary of Vecellio Group Incorporated (West Palm Beach), is considering building a $100 million petroleum products terminal at Port Manatee, in the eastern Gulf at the entrance of Tampa Bay. The port is regarded as one of the Sunshine State's largest deepwater seaports and also as the closest U.S. seaport to the Panama Canal. The terminal would include 12 tanks with a capacity of 1.5 million barrels, and construction is expected to kick off in January. Click here for the detailed project report.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).