- U.S. crude exports increased to a record level as European refiners rushed to stock up on supplies ahead of a ban on Russian imports
- Weekly crude exports hit 5 MMBbl/d, the highest on record, with an increase of 2.89 MMBbl/d from last week, according to EIA
- The increase in exports shows just how much the world is relying on U.S. oil and gas to meet their energy demands while supplies of both are decreasing due to geopolitical risks
- President Biden was granted authority yesterday to temporarily halt energy leasing on federal waterways and lands, overturning an earlier appeal
- The decision was reached after 13 states sued President Biden to force him to restore federal leasing after Biden paused leasing
- China's exports of gasoline and diesel reached their highest level in three months after refiners were given more export quotas to help reduce overstocked inventories (BBG)
- Gasoline shipments in July increased to 0.237 MMBbl/d, up roughly 21% from a month earlier and the highest level since April
- Diesel exports rose 9% month over month to 0.360 MMBbl/d