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MNI Commodity Weekly: Record US Crude Exports Unlikely to Hold Pace

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Executive Summary:

Strong US Crude and Product Exports Face Headwinds in Q2: US crude exports left at a record pace March/April but should reduce as domestic refiners return from maintenance. Meanwhile, cheap Russian barrels continue to muscle into US Gulf suppliers share of the Brazilian market - the biggest outlet for US diesel supplies.

Oil Markets: Crude and refinery margins remain in a bearish trend with the focus on recessionary fears and concern for future oil demand growth over near-term supplies issues and the OPEC+ production cuts.

Gas Markets: TTF falls to its lowest since July 2021 with high LNG imports, healthy storage levels and low demand, and despite ongoing Norwegian maintenance. Wider market downside pressures are also weighing on US natgas amid healthy supplies.


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MNI Commodity Weekly - Record US Crude Exports Unlikley to Hold Pace.pdf

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