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US crude export hit a record level in September

According to new data, exports rose to 692,000 barrels per day.

07.Nov.16 8:50 AM
By Alesya Davydova


US crude export hit a record level in September

American crude oil exports hit a new record in September rising 35,000 barrels per day to a level of 692,000 barrels after Brent's premium to WTI widened, S&P Global Platts informs citing a new analysis of Census Bureau data that was released Friday.

US crude exports have seen a significant rise since Congress lifted export restrictions in December last year.

Before that, some analysts attributed some of the early exports to refiners testing different US grades in their systems, but, according to Dominic Haywood, oil analyst at Energy Aspects, that is not likely to be the case anymore.

"Early on, it may have been test cargoes, but I think that's done and dusted now," he said. "If you look at where the WTI/Brent spread traded in August, it's clear that the trend is based on good economics for barrels delivered in September, October and November."

The expert also reminded that a tightening in the Atlantic Basin crude market in the third quarter of the year amid sustained Nigerian outages played their role as well.

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