• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 4 hours Why Wind is pitiful for most regions on earth
  • 3 hours Is OilPrice a cover for Green Propganda
  • 57 mins During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 1 hour Sources confirm Trump to sign two new Executive orders.
  • 14 hours In a Nutshell...
  • 1 day Joe Biden to black radio host, " If you don't vote for me you ain't black". That's our Democratic Party nominee ?
  • 2 days Happy 4th of July!
  • 2 days Putin Paid Militants to Kill US Troops
  • 2 days Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 3 days Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 3 days Victor Davis Hansen on Biden's mental acuity " . . unfit to serve". With 1 out of 5 Democrats admitting it. How many Dem's believe it but will not admit it?
  • 6 hours Coronavirus hype biggest political hoax in history
  • 2 days Apology Accepted!
The Oil Rally Has Stalled Once Again

The Oil Rally Has Stalled Once Again

Oil prices rallied once again…

Oil Capped By COVID Fears

Oil Capped By COVID Fears

Oil prices rose this week…

Is The UK Doing Enough To Stimulate EV Sales?

Is The UK Doing Enough To Stimulate EV Sales?

Electric vehicle sales in the…

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




Oilprice - The No. 1 Source for Oil & Energy News