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US Crude Heading to Europe at Record Pace March

OIL

US crude exports to Europe are leaving at a record pace of 2.1mn bpd on average so far this month.

  • The US is cementing itself as a key US crude supplier to Europe post Russian sanctions.
  • Flows have been supported by weaker domestic demand because of high US refinery maintenance as well as a widening discount to Brent.
  • The spread between West Texas Intermediate and Brent widened to more than $7 at the end of January, the steepest discount so far this year.

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