Saudi exports to the US rise
Saudi Arabia has promised to cut supplies to the US as part of its efforts to rebalance the market.
According to Bloomberg, average shipments to the US over the past year have been 1.088 million barrels per day. Last week, it shipped 1.174 mbpd, which is the highest since late May.
In the past two months, there have been lower exports to the US in keeping with pledges to lower flows and bring inventories into line but the bump over the past two weeks raises questions. It will be an interesting metric to watch in the weeks ahead.
WTI last down 42-cents to $48.73 per barrel.
