US crude oil exports buoyed by widening WTI/Brent spread

Jun 13 06:06 2019 Print This Article

The US exported more than 3 million b/d of crude for the second week in a row in the week ended June 7, aided by macroeconomic factors that have made US oil prices more attractive.

According to S&P Global Platts Analytics data, more than 3.18 million b/d was exported from the US last week, down slightly from the estimated 3.35 million that was exported during the week ended May 31. The Energy Information Administration reported US crude exports averaging more than 3 million b/d since the week ending May 24.

At least 4 million barrels loaded last week are destined for delivery to India, including one VLCC cargo that was loaded June 4 on to the tanker New Prime at the Louisiana Offshore Oil Port. New Prime was chartered by Shell for the voyage, according to Platts’ fixtures reports.

It was not the only VLCC that loaded at LOOP last week. A second ship, the Captain X Kyriakou, chartered by Mercuria, was loaded and sailed from LOOP on June 2. That cargo of US crude is expected to be delivered to South Korea, according to Platts trade flow software cFlow.

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The Barrel

S&P Global Platts provides market insights so people can make more informed trading and business decisions.. They're the leading independent provider of information and benchmark prices for the commodities and energy markets. Customers in over 150 countries look to their expertise in news, pricing and analytics to deliver greater transparency and efficiency to markets. S&P Global Platts coverage includes oil and gas, power, petrochemicals, metals, agriculture and shipping. S&P Global Platts provides critical information for the commodities & energy markets to make physical commodity markets more transparent and efficient. S&P Global Platts blog, The Barrel, provides the essential perspective on global commodities.

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