US crude and fuel exports reaching new highs

WTI's persistent discount to Brent has drawn record levels of American oil onto international markets

American producers and refiners are throwing their weight around international oil markets. Continental Resources announced this week that it had reached a deal to sell 1m barrels of light oil produced in the Bakken to customers in China in November, the latest sign of US crude's growing presence around the world. US crude exports surged over the first ten and a half months of this year, and especially in recent weeks. Oil exports have averaged 0.85m barrels a day through mid-October this year, compared to 481,000 in 2016. The pace of exports has been supercharged over the past four weeks, averaging 1.6m b/d, easily the briskest period for US oil exports ever. Hurricane Harvey wrought havoc