EIA’s December Petroleum Supply Monthly data show that exports of noncrude petroleum products from the United States averaged 3.8 million barrels per day (bbl/d) in 2014, an increase of 347,000 bbl/d from 2013, and a new record high. Increased exports of motor gasoline and hydrocarbon gas liquids (HGL), including propane and butane, were the main contributors to the trend, while exports of distillate decreased.
Financial market action apparently depressed the ag markets Wednesday. News that Argentine farmers are planning a three-day selling strike to protest government policies might have supported U.S. grain and soy markets overnight, since that might shift buyer interest back to the U.S. However, the crop markets suffered general losses, which probably reflected equity market weakness and the concurrent U.S. dollar index surge to a fresh 11-year high, both of which are negative for demand.