U.S. oil exports surge, drawing crude away from storage hub
NEW YORK (Reuters) - U.S. oil exports have climbed following Russia's invasion of Ukraine, and barrels of domestic oil that would typically go to the Cushing, Oklahoma, storage hub are instead being exported via the Gulf Coast, traders said.
The invasion threw the oil market into disarray, as companies stopped buying Russian oil and prices skyrocketed. Worldwide buyers are looking to source crude wherever they can, and exports have risen in recent weeks from the United States, the world's largest crude producer.
Cushing, Oklahoma, known colloquially as the crossroads of the oil industry, is where holders of U.S. West Texas Intermediate futures contracts take delivery. Its vast storage capacity means it is still considered a guidepost for U.S. inventories even as barrels have shifted to the Gulf after Washington lifted the U.S. ban on exports in 2015.
U.S. crude exports rose to 3.8 million barrels per day for the March 18 week, highest since July 2021, U.S. Energy Department data showed. Cushing stockpiles are currently at 25.2 million barrels, just off a four-year low reached in early March.
https://www.yahoo.com/news/u-oil-exports-surge-drawing-050620112.html
Some of us are paying $5 a gallon for gas yet we're exporting oil.
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