Most ‘Competitive’ Oil In The World Befuddles Analysts

9 Oct 2017   Shale Oil, USA

U.S. oil exports hit record highs last week, doubling over the course of a week as the Gulf Coast clears out product backed up because of Hurricane Harvey. The high level of crude exports won’t last forever, but there appears to be a little more life left in the export boom. The surge in exports led net import totals to plunge to levels never seen in EIA data dating back to 2001. Over the last few years, weekly net imports tend to fluctuate between 6 and 8 million barrels per day (mb/d). But September was a highly unusual month. Net imports fell to 5.7 mb/d in the week ending on September 8 before recovering a bit mid-month. By September 29, however, net imports plunged to 5.2 mb/d, the lowest weekly total on record. (Click to enlarge) As mentioned, those low import figures were the direct result of an explosion […]

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