Oil Futures Signal a Flood of U.S. Exports Is Coming This Summer
- Soaring output, weak U.S. oil prices to fuel record outflows
- American refiners may be near limits on local oil processing
Photographer: Eddie Seal/Bloomberg
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Selling more than two million barrels a day of U.S. crude overseas may soon be the new normal.
The U.S. sent out record amounts of crude to foreign destinations last week, with domestic output hitting an all-time high, thanks to growth in the Permian Basin. The ballooning production has weakened benchmark West Texas Intermediate crude at Cushing, Oklahoma, relative to its international counterpart Brent, making it attractive to buyers overseas.