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.
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). 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 Mediterranean and West African producers, which are already seeing lower prices.