The high crude run environment in the US continues to filter through to export markets, with US net-exports surging higher in November (see Americas Weekly – Issue 5).

  • Gasoline net-exports rose to the highest level on record, and alongside more typical regional trades higher volumes were sent even to Asia and the Middle East.
  • With US crude intake having stayed high through the winter we are expecting monthly data to continue to show relatively hefty product outflows through that period, although going forward the rising risk of economic run cuts in the US this month (on the back of bearish regional gasoline fundamentals), as well as rising seasonal demand, could dampen outflows.