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US Crude Oil Exports Spike to 662,000 bpd in May

July 6, 2016 at 17:27 by Andrew Moran

US crude oil exports continue to make considerable strides in the global trade market. New international trade data show that US crude oil exports hit a record in May, which highlights other nations’ fierce appetite for American oil.

A new report from the US Census Bureau on Wednesday found that US crude oil exports soared to a record 662,000 barrels per day (bpd) in May. This is up from 591,000 bpd in April.

The data found that Canada, Netherlands, and Curacao had accounted for most of the US crude exports with 308,000 bpd, 110,000 bpd, and 67,000 bpd, respectively. Other top countries on the list include Great Britain at 36,000 bpd, Japan with 29,000 bpd, and Italy at 23,000 bpd.

According to the US government, the total export figure was the highest on record since 1920.

Ever since the 40-year ban on US oil exports was eliminated in January, US oil exports have substantially gone up. This year, a large number of producers, traders, refiners, and merchants have shipped crude to Europe, Asia, Latin America, and elsewhere around the world.

West Texas Intermediate (WTI) crude oil futures increased a tepid $0.55, or 1.18%, to $47.15 per barrel on Wednesday at 17:00 GMT on the New York Mercantile Exchange. This comes one day after crude oil prices experienced their biggest daily declines since February.

Investors have been fleeing riskier trades, like oil, into more safe haven assets, like gold and bonds, over the past two weeks. Since the Brexit fallout is creating a great deal of uncertainty in the global financial markets, investors are trying to protect themselves by heading into negative or low yielding bonds and gold – the yellow metal has been skyrocketing since the June 23 referendum.

US crude prices are up about 80% since touching 12-year lows in February. Oil prices even touched above $50 for the first time since July 2015.

If you have any questions and comments on the commodities today, use the form below to reply.

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