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Kayrros detected one restart and two outages in the week ended June 21. US facilities are operating at the lowest utilization rates since January at 58%. Exports decreased by 25,000 cm/d to hit 121,000 cm/d last week. Out of the six export terminals, only three ports exported cargoes last week: Port Arthur (Sabine Pass), Chesapeake Bay (Cove Point), and Calcasieu Lake (Cameron LNG).
When plummeting demand due to COVID-19 and increased OPEC output drove WTI prices to historic lows in March, operators reacted immediately, cutting well completion activity to bare minimums in every basin except the Delaware. Though drilling activity was also reduced, operators kept enough drilling rigs running to drive a spike in DUC inventories to the highest level in four years.
Iran contributed to additional weekly lost production of 93 kb/d, where the outages at the Ardeehir oilfield took additional production offline this week. Outages are ongoing at the Karanj oilfield.
