U.S. Gulf Coast Diesel Exports Soar on Wartime Global Shortage
- Exports are on track to hit record in data going back to 2016
- U.S. stockpiles have drained to the lowest level since 2014
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Russia’s invasion of Ukraine has set off a global scramble for diesel, prompting buyers around the world to snap up massive volumes of fuel from the U.S. Gulf Coast despite high prices.
Waterborne diesel exports from the U.S. Gulf Coast rose to 1.3 million barrels per day so far this month, on track to reach the highest monthly level since January 2016, when oil analytics firm Vortexa began tracking this data. U.S. government data show a similar spike, with weekly national diesel exports surging to 1.74 million barrels per day in early April, the highest since June, 2018.