US crude oil exports to the US Gulf Coast have increased during spring turnaround season , as a result of a widening spread between the benchmark prices of US and West Texas Intermediate Both delivered and FOB offers have been seen, with US Gulf crudes offered into Northwest Europe and Mediterranean at Dated Brent plus $1.20-$1.40/b (WTI). Brent 's premium over WTI has risen, making the US product more competitive, while spring maintenance at refineries on the US Gulf Coast has reduced local demand, and left more volume available for export. Predictions that volumes from the US could reach 500,000 barrels per day have led to pressure on the US Gulf Coast and West African producers, which are already seeing lower prices.
US crude oil exports to the US Gulf Coast have increased during spring turnaround season , as a result of a widening spread between the benchmark prices of US and West Texas Intermediate (WTI). Brent 's premium over WTI has risen, making the US product more competitive, while spring maintenance at refineries on the US Gulf Coast has reduced local demand, and left more volume available for export. Predictions that volumes from the US could reach 500,000 barrels per day have led to pressure on the US Gulf Coast and West African producers, which are already seeing lower prices.