Harvey Sends U.S. Oil Exports to New Heights, But Not for Long
By Sheela Tobben
5 באוקטובר 2017, 07:01 GMT+3
Shipments climbed 33% last week to 1.98 million barrels a day
Exodus seen easing once refiners return to pre-storm rates
U.S. crude exports climbed to a record last week thanks to Hurricane Harvey, but the bonanza may be short lived.
Lower demand from Gulf Coast refiners that are still recovering from the August storm has caused crude sellers to seek markets abroad, triggering shipments of 1.98 million barrels a day, the highest level in weekly government data compiled since 1993. The figure was about a third higher than the previous record, set the prior week.
Growing U.S. production has spurred export volumes this year, the second since 40-year-old restrictions on crude shipments abroad were lifted. But the latest spurt comes as the crude glut created by Harvey has pressured the price of West Texas Intermediate crude in relation to international benchmark Brent. That has made American crude more attractive than oil from the North Sea, but the arbitrage window is already tightening.