Analysis: US crude exports hit record in September

5 Nov 2016   exports

US crude exports rose 35,000 b/d to a record 692,000 b/d in September after Brent’s premium to WTI widened, an analysis of Census Bureau data released Friday showed. Brent’s premium over WTI widened from 34 cents/b in May to average $1.88/b in August and $1.66/b in September. After the spread tightened in May, US crude exports shrank to 383,000 b/d by June as arbitrage opportunities tightened. By August, US crude exports had bounced back to 657,000 b/d. US crude exports have risen significantly since Congress lifted export restrictions in December 2015. Previously, some analysts attributed some of the early exports to refiners testing various US grades in their systems, but that likely is not the case anymore, according to Dominic Haywood, oil analyst at Energy Aspects. “Early on, it may have been test cargoes, but I think that’s done and dusted now,” he said. “If you look at where […]

Tags:

Comments are closed.