Record export highs from Corpus pipelines
Oct 16th, 19
Corpus Christi, Texas saw a jump in crude oil exports for the third time in 4 weeks following the introduction of the new pipelines according to a new article on Oilprice.com today. Plains All American's, Permian to Ingleside, TX, Cactus II pipeline and EPIC'S Permian to Corpus Christi EPIC NGL pipeline all contributed to record breaking export figures for the US overall.
The recent introduction of these new pipelines has made a huge difference in the transportation flow of oil and gas from the Permian Basin and Texas oil fields. Crude exports to Northwest Europe led the way with an increase of exported Crude of over 125,000 bpd, Asia quadrupled it's export figures from last months 37, 000 bpd.
After recent posts that the new pipelines weren't making a quick enough improvement to the flow of Crude to the coast, I think they have proved that wrong. Investors involved in exploration and production in the Permian Basin and Texas projects should be happy to see news like this. Who doesn't want to see record breaking numbers pop up on the monthly reports after the past few months? Exports are up, rig counts are up...
Happy Hump Day!
READ MORE by clicking on the "Record export highs from Corpus Pipelines" link above.
The Pipeline Lifeline For Texas Oil
Waterborne crude exports from Corpus Christi, TX, reached a record high of 11.379mn bbls, or 1.626mn bpd, in week ending September 27, buoyed by increased flows into the port from new pipelines coming online, according to our North American Waterborne report. The high exports from Corpus Christi partially drained crude inventories that grew 2.7mn bbls between mid-August and late September, following the start-up of Plains All American's 585,000 bpd Permian-to-Ingleside, TX, Cactus II pipeline and EPIC'S 400,000 bpd Permian-to-Corpus Christi EPIC NGL pipeline, currently in interim crude service, according to our Texas Gulf Coast Storage report.
Corpus Christi Exports Contributed To Total U.S. Record
Our data showed waterborne exports from Corpus Christi ports, including the offshore Corpus Christi Lightering Area, surged 5.394mn bbls, or 771,000 bpd, week-on-week to the new record high in the week ending September 27. Volumes surpassed the previous record high of 7.392mn bbls, or 1.056mn bpd, set two weeks before and marked the third record high in four weeks. The second-highest export total from Corpus Christi, at 10.25mn bbls, or 1.464mn bpd, followed shortly after in the week ending October 4.
The 2019 year-to-date export average from Corpus Christi prior to September was 502,000 bpd. By comparison, volumes averaged 395,000 bpd overall in 2018.
Record-high exports from Corpus Christi contributed to the highest exports ever from the U.S. overall in the week ending September 27, as they jumped to 29.612mn bbls, or 4.23mn bpd. Export volumes passed the previous high mark of 28.659mn bbls, or 4.094mn bpd, set in week ending July 5, our data shows.
Figure 1: Crude exports from Corpus Christi reached new levels in September. Source: Genscape
The recently higher exports from Corpus Christi led to a record monthly high in September at 1.07mn bpd, up 491,000 bpd from August. The largest portion of the shipments in September headed to Northwest Europe at 343,000 bpd, a 129,000 bpd month-on-month increase, while 181,000 bpd left for East Asia, a month after posting only 37,000 bpd.
The second-highest amount in September from Corpus Christi departed for Eastern Canada at 291,000 bpd, an increase of 76,000 bpd from the month before. Meanwhile, refineries in the Mediterranean received about 116,000 bpd of crude from the U.S. on the month, up 52,000 bpd from August.
Moda Midstream’s Ingleside terminal had the most export loadings of any Corpus Christi terminal at 346,000 bpd in September, up 28,000 bpd from August. However, the biggest month-on-month increase came from NuStar’s terminal, which posted 127,000 bpd more in September than August at 200,000 bpd, after averaging 52,000 bpd on the year until September.
Flint Hills exported 125,000 bpd in September from its Ingleside facility, a monthly increase of 99,000 bpd to 125,000 bpd. Buckeye’s Texas Hub posted 75,000 bpd more than August at 210,000 bpd.
CONTINUE READING this article at Oilprice.com