Unprecedented US Exports Are Weighing on Global Crude Market
- Timespreads across regions weaken as global glut grows
- Asia crude appetite muted as key buyers’ profits get squeezed
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Exports of US crude are nearing a record of 6 million barrels a day — flooding the market with oil and weighing on prices from Europe to Asia.
Shipments for the week ended Dec. 1 could reach about 5.7 million barrels a day, according to ship-tracking firms Kpler and Vortexa. Macquarie, meanwhile, sees exports hitting 5.9 million barrels a day. Either estimate would be a record high if confirmed by the Energy Administration Information data on Wednesday.