Oil markets have been relatively quiet this week, with muted trading in both Europe and the Americas ahead of Christmas. – For the first time since World War II, the United States might become a net exporter of crude next year as increasing domestic output will push even more oil toward the country’s terminals. – Back in 2015, U.S. net imports stood at an average rate of 7 million b/d. In November, that figure shrunk to just a little above 1 million b/d amidst increasing exports. – The US Energy Information Administration expects US crude production to come in at 11.7 million b/d in 2022 and add another 600,000 b/d next year to reach an all-time high of 12.3 million b/d. – US crude exports have averaged 3.4 million b/d this year, reaching the annual peak in November, with almost 60% of all departures going through Corpus Christi, TX. Market Movers – Canada’s pipeline operator TC Energy (TSE:TRP) submitted a restart plan for the 622,000 b/d Keystone pipeline to US regulator PHMSA, with initial rumors indicating a full restart might take several months. – Spain’s oil firm Repsol (MBE:REP) agreed to buy renewable energy company Asterion Energies for $600 […]
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