UCO - The Surge In U.S. Crude Exports Brought Stronger Competition For Light Sweet Crudes
OPEC crude oil output has fallen sharply over the past two months to its lowest level in four years, to 30.8 million barrels per day (bpd) in January, causing any oil surplus to disappear. This might move the oil market into a deficit toward the end of the first quarter. The Brent/WTI spread remains wide.
The wide spread helps traders to hedge US crude oil exports that help increase the flow heading east. This is the reason behind US exports jumping to above 3 million bpd in the last two weeks. The Energy