Propane continues to lead US petroleum product exports

Propane was the most-exported U.S. petroleum product in the first half of 2022 by volume, continuing a trend that started in 2020, according to the U.S. Energy Information Administration (EIA).

U.S. propane exports averaged 1.4 million barrels per day (bpd) in the first half of 2022, a 6 percent increase (78,000 bpd) from the first half of 2021.

The strong propane exports contributed to the U.S. averaging about 6 million bpd of petroleum product exports from January to June 2022 – the most petroleum exports in the first half of the year dating back to 1973, according to the EIA.

Petroleum product exports increased in the first half of 2022 by 11 percent (596,000 bpd) compared with the first half of 2021 – the fastest growth rate for that period since 2017, EIA adds. Nearly all petroleum products contributed to increased exports, and the largest volumes came from distillate fuel oil and hydrocarbon gas liquids, which include propane.

U.S. propane exports to Asia have grown rapidly in recent years as consumption of propane as a petrochemical feedstock and consumer demand have both increased. This year, changing supply patterns have increased Europe’s demand for U.S. propane. In fact, most of the growth in propane exports in the first half of 2022 went to Europe. U.S. propane exports to Europe increased by 51 percent (87,000 bpd) and set a record of 349,000 bpd in June.

EIA forecasts U.S. propane exports this winter to be higher compared with last winter because of high global demand for propane as a petrochemical feedstock as well as higher exports to Europe for winter heating.

In looking at other petroleum products, distillate fuel oil exports increased by 19 percent (190,000 bpd) from the first half of 2021 to the first half of 2022.

U.S. motor gasoline exports increased by 11 percent (89,000 bpd) to reach a record of 910,000 bpd for the first half of 2022. U.S. jet fuel exports more than doubled in the first half of 2022 compared with the same period last year. Only U.S. residual fuel oil exports declined slightly compared with last year, to 113,000 bpd.

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