US LPG exports grew by 61pc in 2014

OREANDA-NEWS. US LPG exports surged by 61pc in 2014 to total 194.87mn bl, up 73.8mn bl from the year prior, according to the US Energy Information Administration (EIA).

LPG exports stood at 646,000 b/d in December as shipped volumes rebounded from the prior month's level of 522,000 b/d, but still did not match the record high 680,000 b/d reached in October 2014. US LPG exports averaged 533,000 b/d for the full year, the EIA said.

Total US NGL exports rose 51pc last year to total 257.95mn bl, up 87mn from the prior-year level. NGL exports, which include the shipments of natural gasoline and ethane, averaged 706,000 b/d for the year. December volumes rose by 117,000 b/d to hit 819,000 b/d.

December exports were supported by large gains in ethane and propane shipments. US propane exports grew by 98,000 b/d to reach 522,000 b/d in December, while ethane exports stood at 70,000 b/d, up 21,000 b/d month-on-month. US butane exports gained 4,000 b/d to 53,000 b/d while natural gasoline exports dropped 7,000 b/d to 173,000 b/d.

North America continued to be the top destination for US LPG exports. Mexico took in 2.87mn bl, the equivalent of about five VLGCs, while Canada imported 2.64mn bl to total 5.5mn bl.

Asia was the second strongest consumer of US LPG, despite the sharp decline in South Korean imports. South Korea took its imports from 1.16mn bl down to zero, while Japan and China collectively absorbed 3.38mn bl.

European imports were up nearly 47pc as France, Portugal, the Netherlands, Spain and the United Kingdom brought in 2.9mn bl.

Caribbean imports stood at 2mn bl while South American imports into Brazil and Ecuador stood at 1.43mn bl.

The EIA reported a massive 79pc boost to exports into Panama, which stood at 3.1mn bl. Last month's level was reported at 1.73mn bl. While those barrels were reported to enter the country of Panama, the majority were shipped on to countries in Asia and the west coast of South America.