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Crude Drives US Goods Export Surge in April Amid Hormuz Closure; Prices Top $102/bbl

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Crude oil exports accounted for $6.4 billion of the $8.7 billion increase in exports of goods in April, according to the US Department of Commerce's Bureau of Economic Analysis report on Tuesday.

Fuel oil registered a $1.3 billion increase, and other petroleum products accounted for $1 billion.

US crude export prices surged to $102.20 per barrel in April, up from $85.45/bbl in March and $68.88/bbl a year earlier.

Export prices have surged as supply disruptions due to the closure of the Strait of Hormuz have boosted demand for US crude.

Before the Iran conflict began on Feb. 28, prices were $62.08/bbl in January and rose to $65.41/bbl in February.

Export volumes averaged 5.6 million barrels per day, up from 4 million b/d in March and 3.8 million b/d a year earlier.

April's average export volumes marked a significant jump from pre-conflict levels. Exports averaged 3.9 million b/d in January and 4.3 million b/d in February.

The US exported 167.2 million barrels of crude in April, valued at $17.1 billion, up from 124.8 million barrels, valued at $10.7 billion, in March and 114.3 million barrels a year ago.

On the import side, the US purchased 177.6 million barrels in April, averaging 5.9 million b/d.

The import unit price for crude in April was $78.24/bbl, sharply below the export price of $102.20/bbl. Import volumes were down from 6.3 million b/d in March and 6 million b/d a year ago.

Canada was the top supplier at 119.9 million barrels, followed by Venezuela at 12.4 million barrels and Saudi Arabia at 10.1 million barrels.

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