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US Crude to Europe Easing Physical Market


High US crude exports to Europe are supporting dirty tanker rates and helping to lower a recent price premium for physical crude according to S&P Global Commodity Insights

  • US seaborne crude exports to Europe have risen by 300kbpd since March with a record 1.6mbpd expected in August according to Kpler.
  • The flows from US to Europe have helped improve the physical supply of crude in Europe bringing down the Dated Brent premium to ICE Brent and easing ICE Brent backwardation.
  • The premium was 7$/bbbl during June and July but returned to near parity on Aug 18 according to data from S&P Global.
  • Increasing supplies from the US, Iraq, Libya and Norway are replacing the supply of Russian crude in Europe.

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