Sep 27, 2019

U.S. could hit crude oil export milestone after Saudi attacks

Photo: OZAN KOSE/AFP/Getty Images

One spillover from the aerial attacks against Saudi facilities: It could help propel U.S. crude exports to fresh highs and maybe even lift them to the 4 million barrels per day mark, S&P Global Platts reports.

Why it matters: U.S. crude exports have gone well over 3 mbd at times over the last year, but hitting 4 mbd — while just a number — would reinforce how the U.S. has become a major player in export markets.

  • Per Platts, U.S. crude exports averaged 2.9 mbd in the first half of 2019, compared to 1.8 mbd in the first half of 2018.

What they're saying: Sandy Fielden, oil research director at Morningstar, tells Platts that the time needed to fully restore Saudi shipments means "the market call on the U.S. will increase because the U.S. is effectively the marginal supplier."

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The U.S. is a crude oil export powerhouse

Photo: RJ Sangosti/The Denver Post via Getty Images

The U.S. is now exporting crude oil to more nations than it's importing from, the Energy Information Administration said in a new analysis out Tuesday.

Why it matters: The inflection point highlights the U.S. emergence as a crude export powerhouse and falling import reliance thanks to the domestic production surge.

Go deeperArrowOct 23, 2019

The U.S. hits a new milestone in net petroleum exports

The U.S. has been a net exporter of petroleum products for a consecutive four weeks on a four-week average basis, per Energy Information Administration data released Wednesday.

Why it matters: EIA analyst Mason Hamilton noted via Twitter that it's the first time the U.S. has been a net exporter by that metric. It has previously happened for shorter stretches.

Go deeperArrowOct 24, 2019

The oil market's dueling pressures

Illustration: Sarah Grillo/Axios

Two pieces of news this morning distill the competing forces acting on oil markets these days.

The big picture: Geopolitical risks in the vital oil producing and transit region can cause short-lived price spikes, but at the same time, a drumbeat of bearish economic news is preventing a sustained price rise.

Go deeperArrowOct 11, 2019