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Citigroup projects the U.S. will overtake Saudi Arabia as the world's largest oil exporter next year. U.S. crude and product exports are on course for that position, with weekly exports reaching a record 8.3 million barrels a day recently.
Rising U.S. export capacity adds crude supply to global markets, which tends to weigh on benchmark prices and widen WTI discounts. Feed costs tied to diesel and freight may ease over time.
bloomberg.comSharon ChoApr 26, 2018After 171 past bearish report events, Crude Oil (WTI) moved a median -1.5% over 5 sessions (37% higher; middle half -4.8% to +1.9%), and -0.9% over 20.
After 129 past bearish report events, Crude Oil (Brent) moved a median -1.3% over 5 sessions (45% higher; middle half -3.9% to +2.5%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
