America is no longer just producing the marginal barrel. It is exporting it. U.S. crude: $91.61 Brent crude: $95.20 Spread: $3.59 70 supertankers are due into the Gulf Coast across April and May, versus 27 a month on average last year. U.S. crude exports are running at 5.0 million barrels a day. That is not a long-term shortage. That is a physical bottleneck now.
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