• 4 minutes "Natural Gas Trading Picks Up Considerably Amid High Volatility" by Charles Kennedy - ...And is U.S. NatGas Futures dramatically overbought at the $6.35 range?
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 6 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 hours Natural Gas is the Cleanest and most Likely Source of Energy to Fuel the World.
  • 2 days "Russia will stop 'in a moment' if Ukraine meets terms - Kremlin" by Reuters via Yahoo News...but Reuters suddenly cut out the balanced part of the story.
  • 1 day Advancing Fundamental Drilling Science - Geothermal drilling successes offer potential gain for petroleum industry
  • 9 hours The World Economic Forum (WEF) - Davos 2022 Conference held this last week of May
  • 4 days What China is Learning from Russia's War in Ukraine and its Consequences
Gasoline Prices Are Set To Spike This Week

Gasoline Prices Are Set To Spike This Week

Gasoline prices are set to…

Alberta Thrives Amid Oil Rally

Alberta Thrives Amid Oil Rally

Alberta’s economy is booming as…

Saudi Arabia Still Sees Russia As An Integral Part Of OPEC+

Saudi Arabia Still Sees Russia As An Integral Part Of OPEC+

Saudi Arabia’s energy minister has…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Supertanker Rates Soar As U.S. Oil Exports Hit All-Time High

The all-time high U.S. crude oil exports have been pushing demand and rates for very large crude carriers (VLCCs) higher since the middle of February as American exports are attractive thanks to the wide Brent-WTI spread in recent weeks.

Rates for the supertankers, VLCCs, capable of carrying up to 2 million barrels of crude oil, have been rising since February 12 and the trend is set to continue at least this month and next, shipping sources tell S&P Global Platts.

The supertanker rates had reached on February 12 their lowest level since September 2018, but the high U.S. exports and the busy loading schedule at the U.S. Gulf Coast had already boosted VLCC freight rates on the USGC-China route by nearly 30 percent in early March, according to Platts data and shipping sources.

U.S. crude oil exports hit an all-time high of 3.607 million bpd in the week to February 15, and held close to that record level, at 3.359 million bpd, in the week ending February 22, according to the latest weekly crude exports data by the EIA.

According to vessel traffic data cited by Platts, so far this year a total of 48 supertankers have been booked for loading and departing from the U.S. Gulf Coast, which is five times higher than the number of VLCCs booked in the first two months of 2018.  Related: $70 Oil Is Right Around the Corner

Weekly U.S. crude oil exports vary, but the general trend month after month is higher, a shipowner told Platts.

“It’s a general trend, exports are now consistently above 2.5 million b/d and all things held equal I think each month will be bigger than the last month,” the source said.

The most recent record high U.S. exports were driven by the large spread between Brent Crude and WTI Crude, which has been close to $9 a barrel for a large part of February, making American crudes attractive for buyers.

The U.S. sanctions on Iran and Venezuela and OPEC’s cuts have been supporting Brent prices in recent weeks, while soaring U.S. production has been capping gains for WTI Crude.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News