Goldman weighs a US diesel export ban as propane exports hit 2 million barrels a day
Goldman Sachs is modeling what a US diesel export ban would do, and the bank says Latin America takes the hardest hit, ahead of Europe. US diesel covers as much as 50% of consumption in several Latin American countries. For a jobber the relevant piece is domestic supply. Barrels that now sail south would back up into US terminals, and rack could ease. Goldman says supply would adjust quickly, which cuts both ways, because refiners can throttle runs about as fast as product piles up.
No formal ban is on the table. This is a bank note quoted by Reuters, not a rule. Still, know where you sit if the talk turns real, and if you haul into PADD 3 you are closest to the export docks that would move first.
Propane leaving the country
The EIA reported US propane exports ran at 2 million barrels a day in the first half of 2026, up 11% year over year, with April peaking at 2.1 million. Middle East supply disruptions pushed buyers like India toward US cargoes. Enterprise Products Partners is the midstream name the report flagged.
Strong export pull helps producer economics and hurts buyers who need propane in the field this winter. More molecules on boats means fewer in domestic storage. Propane marketers heading into heating season should watch inventory builds over the next few weeks, because a tight fall could make for a jumpy wholesale market in January.
Pritzker shops EDP
Pritzker Private Capital is exploring a sale of propane distributor EDP that could top $1 billion, per Private Equity Wire. Another distribution asset changing hands fits the pattern of private money rotating through propane retail. For marketers it marks where valuations are, and a new owner can mean new supply agreements and rack terms down the line.
The LNG pull
ConocoPhillips signed a 20-year deal to buy 1 million tons of LNG a year from Venture Global starting in 2030. JERA's chief executive Yukio Kani said Qatari supply will not return soon, with QatarEnergy extending its force majeure another month. None of this hits your rack tomorrow. It matters because steady LNG demand keeps a floor under natural gas, and gas feeds both propane and refinery economics.
What to watch
Whether the diesel export-ban talk gets any traction in Washington or stays a bank note. Propane storage builds through October, which will tell propane marketers how tight the field runs into heating season. And whether Pritzker finds a buyer for EDP near its asking range, which would set a marker for the next distribution deal.