US crude oil exports to Europe have increased during April, as a result of a widening spread between the benchmark prices of Brent Crude and West Texas Intermediate (WTI). The price differential has widened from about $110 per barrel in April 2014 to more than $200 today, according to data compiled by Bloomberg. "There is pretty much everything offered -- WTI, Eagle Ford, Mars, also Canadian [heavy crudes]...there is a decent volume available," a crude trader said, adding he saw pressure starting to build on light sweet, Mediterranean crudes including Azerbaijan's Azeri Light, Kazakhstan's CPC Blend and Algeria's Saharan Blend. Predictions that volumes from the US could reach 500,000 barrels per day have led to pressure on Mediterranean and West African producers, which are already seeing lower prices.
US crude oil exports to Europe have increased during April, as a result of a widening spread between the benchmark prices of Brent Crude and West Texas Intermediate (WTI). The price differential has widened from about $110 per barrel in April 2014 to more than $200 today, according to data compiled by Bloomberg. Predictions that volumes from the US could reach 500,000 barrels per day have led to pressure on Mediterranean and West African producers, which are already seeing lower prices.