Middle East Gulf disruptions are reshaping transatlantic crude trade patterns, with North American waterborne loadings in February and March 2026 tilting heavily toward European destinations as buyers seek alternatives to Middle Eastern supply.
North American crude loadings to Northwest Europe totalled 118 cargoes carrying approximately 93 million barrels during February and March 2026, making it the dominant export corridor by both volume and cargo count. Rotterdam alone received 61 cargoes, representing over half of all NW European arrivals, followed by Wilhelmshaven with 11 cargoes. Houston terminals, Enterprise Products, Seabrook Logistics and ETP accounted for 61 of the 118 loadings, underscoring the US Gulf Coast's role as the primary supply hub for European refiners during periods of Middle Eastern uncertainty.
East Asian flows remained significant but secondary, with 48 cargoes delivering approximately 61 million barrels over the same period. China dominated demand: Zhoushan received 19 cargoes while Ningbo, Jieyang and Shuidong collectively absorbed 7. Canada's Westridge terminal supplied 24 of the 48 cargoes to Asia, with US Gulf lightering areas at Corpus Christi and Galveston providing 19. The Indian Subcontinent received only 5 cargoes totalling approximately 6 million barrels, directed to Karachi, Mumbai and Sikka.
Mediterranean loadings reached 23 cargoes at approximately 19 million barrels, with Trieste (5 cargoes) and Fos Sur Mer (4 cargoes) leading discharges. Intra-US Gulf movements remained active at 96 cargoes and approximately 89 million barrels, reflecting continued STS lightering operations feeding VLCC departures to long-haul destinations.
The concentration of North American exports toward Atlantic Basin receivers during this period suggests buyers are hedging against further disruptions to Persian Gulf flows. Whether this pattern sustains through the third quarter depends on the trajectory of Strait of Hormuz tensions and the pace at which Middle Eastern export volumes normalise.
