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US crude producers are flooding Europe with record volumes, with about 550,000 bpd expected to flow there in April. The share of US exports going to Europe has risen to roughly 12 percent this year from 7 percent in 2017, pressuring Russian and Nigerian grades.
US output is expected to reach 10.7 million bpd this year.
Surging US crude exports shift global trade flows and pressure competing grades, which can soften prices for those barrels. Feed buyers see only indirect effects through energy and freight costs.
nmpc.org.ukayodelecalebApr 24, 2018After 80 past bearish trade events, Crude Oil (WTI) moved a median -2.2% over 5 sessions (30% higher; middle half -6.9% to +0.8%), and -1.5% over 20.
After 12 past neutral trade events, Crude Oil (Brent) moved a median +2.3% over 5 sessions (75% higher; middle half +0.2% to +4.6%), and +4.7% 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.
