General Category > Energy
U.S. crude oil exports reached record levels in 2020 and remain high in 2021
thackney:
--- Quote from: IsailedawayfromFR on July 20, 2021, 02:41:32 pm ---And, since crude has much greater value by volume than the other petroleum products, it is a bigger sink than at first glance.
--- End quote ---
I do not understand the "greater value by volume" comment.
Most of the refined products sell at a higher cost per barrel than crude oil.
Avg price week of 2021 Jul-12
Crude Oil $74.10/b WTI
https://www.eia.gov/dnav/pet/hist/RCLC1D.htm
Gasoline RBOB $2.277/gal = $95.63/b
https://www.eia.gov/dnav/pet/hist/EER_EPMRR_PE1_Y35NY_DPGD.htm
No. 2 Heating Oil $2.150/gal = $90.3/b
https://www.eia.gov/dnav/pet/hist/EER_EPD2F_PE1_Y35NY_DPGD.htm
IsailedawayfromFR:
--- Quote from: thackney on July 20, 2021, 03:58:31 pm ---I do not understand the "greater value by volume" comment.
Most of the refined products sell at a higher cost per barrel than crude oil.
Avg price week of 2021 Jul-12
Crude Oil $74.10/b WTI
https://www.eia.gov/dnav/pet/hist/RCLC1D.htm
Gasoline RBOB $2.277/gal = $95.63/b
https://www.eia.gov/dnav/pet/hist/EER_EPMRR_PE1_Y35NY_DPGD.htm
No. 2 Heating Oil $2.150/gal = $90.3/b
https://www.eia.gov/dnav/pet/hist/EER_EPD2F_PE1_Y35NY_DPGD.htm
--- End quote ---
But propane is less, and make up a considerable volume of that exported.
I just looked at the avg values of exports vs imports of the largest import/export volumes and they come out to be $64.58/$67.26.
They show a slight advantage per bbl for exports, chiefly because we export a higher quality crude than what we import, so you are correct, although the difference is not nearly as much as you imply.
Do you happen to know whether the volumes are stated as shipped out or as landed?
The more volatile products/crudes will shrink more in that equation if as shipped, so the differential will be even tighter as our exports appear overall to be more volatile than what we import.
thackney:
--- Quote from: IsailedawayfromFR on July 23, 2021, 10:39:00 pm ---But propane is less, and make up a considerable volume of that exported.
--- End quote ---
But that is from Natural Gas Liquids, mainly from Gas Plants. Very little comes from the crude oil.
Oil and petroleum products explained
https://www.eia.gov/energyexplained/oil-and-petroleum-products/
--- Quote ---I just looked at the avg values of exports vs imports of the largest import/export volumes and they come out to be $64.58/$67.26.
They show a slight advantage per bbl for exports, chiefly because we export a higher quality crude than what we import, so you are correct, although the difference is not nearly as much as you imply.
Do you happen to know whether the volumes are stated as shipped out or as landed?
--- End quote ---
You will have to show me what you are looking at. I'm not sure what imports versus exports has to do with the value of crude oil versus the products made from it.
--- Quote ---The more volatile products/crudes will shrink more in that equation if as shipped, so the differential will be even tighter as our exports appear overall to be more volatile than what we import.
--- End quote ---
Shipping costs seems to be a different topic. Just compare prices of each in the US.
IsailedawayfromFR:
--- Quote from: thackney on July 24, 2021, 03:08:11 pm ---But that is from Natural Gas Liquids, mainly from Gas Plants. Very little comes from the crude oil.
Oil and petroleum products explained
https://www.eia.gov/energyexplained/oil-and-petroleum-products/
You will have to show me what you are looking at. I'm not sure what imports versus exports has to do with the value of crude oil versus the products made from it.
Shipping costs seems to be a different topic. Just compare prices of each in the US.
--- End quote ---
I really do not understand the point you are making as petroleum products are included in your graph and those petroleum products include propane.
Do you need me to repeat the definitions on the EIA website?
As far as value propositions, i looked at last reported volumes for exports/imports and used the last reported prices obtained, all for the top three components of exports/imports, then averaged them. These were all on EIA's website so you can do it yourself.
I never mentioned shipping costs at all, so do not understand why you bring that up.
We were talking volumes. And if a volume is recorded when shipped vs when landed, they will invariably be reduced due to losses in transit. I just do not know where the volume is recorded for exports vs imports.
thackney:
--- Quote from: IsailedawayfromFR on July 20, 2021, 02:41:32 pm ---And, since crude has much greater value by volume than the other petroleum products, it is a bigger sink than at first glance.
--- End quote ---
If you think that refineries change crude oil into products for a loss in value, I think our discussion further is going to be a waste of time.
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