U.S. Crude Exports rose 800 Mb/d to 4.4 MMb/d on a very busy week for most terminals, however this keeps the 4 week average pretty flat. Loadings for Canada reached their second-highest weekly total in over a year, at 3.9 MMbbl. Cargos with no declared destination were nearly 20% of the total loadings this week.
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- Analyst Insight
U.S. Crude Oil Exports Edge Above Year-To-Date Levels
Despite the continued challenge to export economics posed by the narrow Brent-WTI spread, U.S. crude oil loadings rose to 4 MMb/d last week, an increase of 689 Mb/d from the previous week.
- Blog
Fear Inoculum - Oil Market Shows Concern, Not Panic, Over U.S.-Iran Face-Off
Fear about supply interruption isn’t the frantic force it used to be in the crude oil market. A deadly confrontation that might have pushed the U.S. and Iran to the verge of war raised the spot Brent crude oil price to above $70/bbl early in the week of January 6. Despite continuing regional concerns, the price quickly subsided. By January 13, Brent spot had fallen to $64.14/bbl, its lowest point since December 3. Before the Shale Era, a U.S.-Iranian face-off may well have launched Brent crude to well over $100/bbl as oil traders blew fuses over the heightened possibility of disruption to Persian Gulf oil production and transportation. There’s nothing like adequacy of supply, globally dispersed, to keep things calm — or at least calmer than they would have been if the U.S. and Iran had drawn so much sword a dozen years ago. In this blog, we’ll discuss where U.S. crude exports have been heading, how close the oil gets to strategically touchy areas, and whether the market still has reason to worry about disruption to oil supply.
- Analyst Insight
U.S. Crude Oil Exports Rise, Back at Year-To-Date Levels
Despite the continued challenge to export economics posed by the narrow Brent-WTI spread, U.S. crude oil loadings rose to 3.9 MMb/d last week, up 434 Mb/d from the previous week and only 13 Mb/d shy of year-to-date levels.
