U.S. light oil exports double in May, mostly to Europe

(Reuters) By Catherine Ngai and Florence Tan – U.S. exports of ultra-light crude, also known as condensate, have doubled since the start of the year, with most shipments headed to Europe, according to traders familiar with the deals and data from an energy consultant. The United States exported between 120,000 and 140,000 barrels per day (bpd) of condensate last month, according to traders and ClipperData, which tracks ships and terminal loadings, up from about 60,000 bpd at the start of the year. The condensate is lightly processed through stabilizers due to rules banning crude exports in the United States, now the world’s third-largest oil producer. The rise comes as more companies look to take advantage of the ability to ship the oil overseas, including to places like the Netherlands, France, South Korea and Brazil. “One of the main surprises is that the majority of the exports have been to Europe rather than anywhere else, when we thought the concentration would be to Asian markets,” said Abudi Zein, chief operating officer at ClipperData, adding this was probably to do with the size of the cargoes and freight costs. Traders have also said that the oil’s quality deterred some Asian refiners. Enterprise … continue reading

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Source: CTRM Center

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