U.S. crude oil exports hit an all-time high at the end of September, and are poised to surge even more to hit unprecedented levels in the coming two or three weeks, Marco Dunand, chief executive of trading house Mercuria, told the Reuters Global Commodities Summit on Friday. U.S. crude oil exports hit a record-high of 1.98 million bpd in the week to September 29, EIA data showed. This was the highest weekly average since the U.S. removed restrictions on crude oil exports at the end of 2015, after a four-decade ban. Oversupply due to Harvey drove the higher exports, but most of all, it is the wide spread of around $6 between WTI and Brent prices that drives buyers to lust after the cheaper U.S. crude grade. The spread is also wide enough to offset shipping costs to destinations like Asia and Europe. Mercuria’s Dunand thinks that the excess […]