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US Oil Exports Weigh on Global Crude Market: Bloomberg

OIL

Exports of US crude are approaching a new record of near 6m b/d, putting pressure on European prices, according to Bloomberg.

  • Shipments in the week ending Dec. 1 are expected to be around 5.7m b/d, according to Vortexa and Kpler figures. Macquarie sees exports for that period at 5.9m b/d.
  • The strong export numbers come as domestic production has surged to record levels, surpassing 13m b/d.
  • The high exports have caused a glut which should see supply outpacing demand.
  • European prices have been depressed in the physical market, with dated brent driven down by falling WTI prices. Norway’s Johan Sverdrup crude is trading at a discount of $1.80-$1.90/b, compared to a $2/b premium last month.
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