U.S. crude oil exports broke yet another record , spiking to 2.566 million barrels per day for the week ending on May 11. With U.S. shale surging and export terminals retooling on the Gulf Coast, the export surge is likely set to continue. The export figures bounce around quite a bit from week to week, but the trend has been sharply up over the past year, rising from the 1.5-milion-barrel-per-day level, to routinely topping 2 million barrels per day more recently. The latest week put U.S. crude exports above 2.5 mb/d for the first time. Obviously, the surge in U.S. shale production is a large part of the reason. U.S. refiners have swallowed up a large portion of the enormous increase in shale supply over the past few years, but there is a limit to how much they can take on. Moreover, the type of oil that refiners can […]