Odaily Planet Daily reports, according to the Financial Times, U.S. crude oil exports are expected to reach 5.2 million barrels per day in April, up nearly one-third from 3.9 million barrels per day in March, as Asian customers rush to secure alternative supplies amid disruptions to Middle Eastern oil due to the Iran conflict. Demand from Asian customers surged 82% to 2.5 million barrels per day. Data from oil research firm Kpler shows that 68 tankers are currently sailing empty toward the U.S., compared with 24 a week before the war broke out on February 28 and an average of 27 last year. The U.S. and Iran announced a two-week ceasefire on Tuesday, but following Israel’s strike on Lebanon, Iran stated on Wednesday that it is closing the Strait of Hormuz. Previous weeks of blockade caused U.S. oil prices to rise over 50%; earlier this week, WTI crude reached a four-year high above $110 per barrel and remains more than 40% higher than pre-war levels. The Trump administration has announced the release of over 170 million barrels from the Strategic Petroleum Reserve to curb fuel prices, yet U.S. gasoline prices have risen above $4 per gallon for the first time in four years.
U.S. crude oil exports to reach record 5.2 million barrels per day in April
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Summary
U.S. crude oil exports are forecast to surge to 5.2 million barrels per day in April, up from 3.9 million in March. Asian demand rose 82% to 2.5 million barrels per day. Kpler reports 68 tankers heading to the U.S., up from 24 before the Iran conflict began on February 28. Tensions remain high after Israel attacked Lebanon, with Iran threatening to close the Strait of Hormuz. WTI crude recently surpassed $110 per barrel, while U.S. gasoline prices hit over $4 per gallon for the first time in four years. Traders are closely monitoring altcoins as the Fear & Greed Index fluctuates amid energy market volatility.
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