U.S. Crude Oil Exports hit record
Posted: Fri Oct 06, 2017 9:39 am
Growth of Gulf Coast storage enables crude oil export boom. Houston Chronicle.
The expansion of storage tanks, pipelines and loading terminals along the Texas Gulf Coast is driving record U.S. crude oil exports, much of it coming from West Texas. The nation exported 2 million barrels a day of crude last week, the Energy Department reported, and the industry continues to build out Texas Gulf Coast facilities. The Houston and Corpus Christi regions are leading the way as companies race to build pipelines from the booming Permian Basin, install new storage capacity in tanks and underground caverns, and construct new terminals at ports that can accommodate massive oil tankers, said Sandy Fielden, Morningstar's director of oil and products research. That expansion combined with Hurricane Harvey to produce last week's record oil exports, which were more than one-third greater than the previous record, set the prior week.
The big gap ($6/bbl) between Brent and WTI make if profitable to export U.S. oil to Europe and Asia where refineries are designed to handle lighter oil.
The expansion of storage tanks, pipelines and loading terminals along the Texas Gulf Coast is driving record U.S. crude oil exports, much of it coming from West Texas. The nation exported 2 million barrels a day of crude last week, the Energy Department reported, and the industry continues to build out Texas Gulf Coast facilities. The Houston and Corpus Christi regions are leading the way as companies race to build pipelines from the booming Permian Basin, install new storage capacity in tanks and underground caverns, and construct new terminals at ports that can accommodate massive oil tankers, said Sandy Fielden, Morningstar's director of oil and products research. That expansion combined with Hurricane Harvey to produce last week's record oil exports, which were more than one-third greater than the previous record, set the prior week.
The big gap ($6/bbl) between Brent and WTI make if profitable to export U.S. oil to Europe and Asia where refineries are designed to handle lighter oil.