Morningstar: U.S.crude exports thrive at $50 to $60

摘要

Crude exports from the U.S.soared 73% over the average posted in 2017,according to March data from U.S.Customs and a Morningstar Commodities Research note published March 18.The U.S.is now third behind Russia and Saudi Arabia in crude exports with an average 2 MMbbl/d last year and gaining ground.U.S.exports could double by 2024,according to the International Energy Agency's’Annual Outlook for Global Oil Markets,”the Morningstar report noted.This surge has come about since the ban on U.S.crude exports(other than to Canada)was lifted at year-end 2015.The Morningstar research,led by Sandy Fielden,director of oil and products research,assessed departure points for U.S.crude exports now and in the future,and how companies plan to expand Gulf Coast capacity to support growth.Crude export expansion is being propelled by shale-driven,record U.S.crude production”that hit 12 MMbbl/d at the beginning of May 2019,according to weekly data from the Energy Information Administration(EIA),and is expected to average 12.3 MMbbl/d in 2019 and 13.3 MMbbl/d in 2020,according to EIA's May 2019 Short Term Energy Outlook,”Morningstar noted.Permian light and sweet grades such as WTI that aren't needed by U.S.refineries are being welcomed by international buyers due to their competitive price.To capture this market,companies plan”a wave of pipeline projects set to deliver crude to the Texas and Louisiana Gulf Coasts.”