U.S. crude exports are ramping up due to increasing demand from Asia and Europe and recovering U.S. production from the lows of the coronavirus pandemic.
Surging worldwide demand, supply outages and international political tension have stoked worries around crude supplies, boosting oil prices to the highest levels in seven years, with some predicting crude could even reach $100 per barrel. That has brought in more buyers of U.S. oil, increasing exports and decreasing domestic crude stockpiles.U.S.
"The exports are underpinning the market now," said John Kilduff, a partner at Again Capital Management in New York. "I expect the 3 million-per-day number to sort of become the norm." Exports have helped reduce crude stockpiles in the U.S. Gulf Coast to as low as 220.3 million barrels earlier this month, which was a two-year low.
Increased vehicle traffic means lighter barrels from the United States, which produce a higher volume of gasoline, are attractive to buyers. The IEA said Thursday it expects worldwide gasoline demand to rebound to 26.3 million bpd - just 1% lower than 2019's consumption.
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