BroadChain has learned from the Financial Times that U.S. crude oil exports are projected to hit 5.2 million barrels per day in April—a surge of nearly one-third from March's 3.9 million barrels per day. This jump comes as Asian buyers scramble for alternatives due to disruptions in Middle Eastern exports following the Iran conflict. Demand from Asian customers alone skyrocketed 82% to 2.5 million barrels per day.
According to data from oil research firm Kpler, 68 empty tankers are currently heading for U.S. ports, up sharply from 24 just before the war began on February 28 and far above last year's average of 27.
Despite an earlier announced two-week ceasefire between the U.S. and Iran, Iran has declared it is shutting the Strait of Hormuz after Israeli strikes in Lebanon. Previous extended closures of the strait have driven U.S. oil prices up more than 50%. Earlier this week, WTI crude topped $110 per barrel, a four-year high, and remains over 40% above pre-war levels.
The Trump administration has moved to release more than 170 million barrels from the Strategic Petroleum Reserve to temper fuel costs. Nevertheless, U.S. gasoline prices have breached $4 per gallon for the first time in four years.