U.S. Light Crude Imports Surge Again
U.S. imports of light crude from across the Atlantic are set to jump this month to their highest in more than two years, according to market sources and trade data that indicate global oil flows are being scrambled by the lowest prices in years and the end of the 1970s era U.S. export ban. Shipments totaling some 500,000 barrels per day (bpd) are booked or underway from producers including Norway and Nigeria, a surprisingly rapid revival of flows that had dwindled to nearly nothing in 2014-2015, after the U.S. shale oil revolution got in full swing. The arbitrage has opened as a result of an inversion in the spread between benchmark U.S. crude oil prices and global Brent. After five years at a discount due to the eruption of domestic production, U.S.
US Light Oil Imports Resurge to Highest in Years
U.S. imports of light crude from across the Atlantic are set to jump this month to their highest in more than two years, according to market sources and trade data that indicate global oil flows are being scrambled by the lowest prices in years and the end of the 1970s era U.S. export ban. Shipments totaling some 500,000 barrels per day (bpd) are booked or underway from producers including Norway and Nigeria, a surprisingly rapid revival of flows that had dwindled to nearly nothing in 2014-2015, after the U.S. shale oil revolution got in full swing. The arbitrage has opened as a result of an inversion in the spread between benchmark U.S. crude oil prices and global Brent. After five years at a discount due to the eruption of domestic production, U.S.
