Many analysts believe there is not much room left for U.S. production to grow for now because of the oil-patch capital-spending slump seen in 2015 and 2016 as prices crashed.
NEW YORK/HOUSTON (Reuters) - U.S. refineries are producing more fuel than ever as they seek to meet rising demand - from overseas, rather than the drivers on nearby roadways. Last year, the U.S. became the world's top net exporter of fuel, an outgrowth of booming domestic production since the shale oil revolution started in 2010. Net exports are on track to hit another record in 2017, making foreign fuel markets increasingly important for the future growth prospects and profit margins of U.S. refiners.
U.S. West Texas Intermediate and international-benchmark Brent crude oil rallied nearly 2% to an 8-week high on Wednesday, driven by a big drop in U.S. crude stockpiles. September WTI crude oil settled at $48.75, up $0.86 or 1.80%. October Brent crude ended the session at $51.10, up $0.74 or +1.47%. Late Tuesday, industry group the … Continue reading Oil Price Fundamental Daily Forecast – Is the Long-awaited Rebalancing Taking Place?