Reuters quotes traders, as saying that US crude export demand at the Gulf Coast surged on Monday after attacks on Saudi Arabia’s oil facilities opened the window to export crude profitably to Asia and Europe.
The Saudi attack knocked-out 5% of global oil supplies.
Additional Points:
“Brent’s premium over U.S. crude widened to as much as $7.40 a barrel on Monday, making U.S. crude-linked grades more attractive to buyers in Asia and Europe.
The United States now exports over 3 million barrels per day (bpd), with some analysts estimating it may reach more than 4 million bpd in response to the attacks.”
Both crude benchmark are down over 1%, correcting Monday’s solid rally to multi-month tops, triggered by the Houthi drone attack on the Saudi Arabian oil facilities.
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