U.S. Crude Exports Surge to a Record

24 Feb 2017   exports

Another week, another record for U.S. crude exports. Producers and traders shipped out 1.21 million barrels a day of U.S. crude in the week that ended February 17, the most in Energy Information Administration data going back to 1993. Domestic output increased to 9 million barrels per day last week, the fastest pace since April, while U.S. refiners used the least crude since October 2015. Shale output has surged and tankers loaded in the Middle East during the last days of all-out production by OPEC nations arrived this month in the U.S., swelling stockpiles to a record. Prices for West Texas Intermediate crude have averaged $2.24 a barrel below global marker Brent this year, making U.S. oil more attractive to refiners around the world. Local refiners are using as much domestic crude as they can and the remaining incremental production is being exported, Gary Morgan, director for Clarksons Platou […]

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