U.S. crude oil exports up in September

U.S. crude oil exports up in September

US crude exports rose 35,000 b/d to a record 692,000 b/d in September after Brent’s premium to WTI widened, according to U.S. Census Bureau report.

Canada took in the most exports at 243,000 bpd, followed by Singapore at 99,000 bpd. Exports to Europe were also high, with Italy receiving some 81,000 bpd and Spain 41,000 bpd. Other prominent destinations included South Korea and the Netherlands.

Brent’s premium over WTI widened from 34 cents/b in May to average $1.88/b in August and $1.66/b in September. After the spread tightened in May, US crude exports shrank to 383,000 b/d by June as arbitrage opportunities tightened. By August, US crude exports had bounced back to 657,000 b/d.

US crude exports have risen significantly since Congress lifted export restrictions in December 2015.

Source / More on: U.S. Census Bureau

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