Just a decade ago, few could have imagined that the U.S. would be producing more than 10 million bpd of crude, but with the explosion of shale production, that is exactly where we are. In what can only be seen as a complete U-turn in policy and mindset, the south-north flow of imported oil is poised to become the north-south flow of exports. This about turn must of course be borne out by logistics and practicalities first, as aging infrastructure that was designed primarily with ship-to-shore movement in mind requires a significant overhaul if it to meet this reverse demand. The consequences of this shift are already being revealed, as trading volumes in WTI futures surged ahead of those of Brent, and trading of U.S. oil future contracts has doubled in the last decade . What formerly acted more as an indicator of inventories is now being seen as […]