⚠️US crude exports are surging to historic levels:

American crude oil exports are on track to average a record 4.90 million barrels per day in April, based on current loadings.

Since February, exports have risen +1.12 million barrels per day, or +30%.

At this pace, May exports are expected to exceed 5.0 million barrels per day for the first time ever, with ~28 supertankers already contracted, compared to just 5 typically booked at this point in a month.

The surge is being driven by Asian and European refiners scrambling to replace Middle Eastern supply while the Strait of Hormuz remains effectively shut.

However, the US export system is starting to face its own limits, with vessel availability, port capacity, and rising freight costs making it difficult to push much beyond 5.5 million barrels per day.

At the same time, more barrels heading overseas means fewer staying at home, with US gasoline prices already at the highest since 2022 at over $4 a gallon.

The world needs American oil, but so does America.

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