U.S. Crude Exports Estimated at Least Five Years Away by BofA

The U.S. probably won’t lift its ban on crude exports within the next five years, undermining long-dated prices of New York-traded West Texas Intermediate relative to Brent, according to Bank of America Corp.

Rules against the overseas shipping on U.S. crude will remain in place despite surging domestic production, unless oil prices collapse, the bank said in an e-mailed report. The discount on the December 2019 WTI contract of $11.50 to European marker Brent “seems justified.”