Attacks by Iran-backed Houthi rebels on vessels in the Red Sea have led to transport disruptions for oil and other goods, but international oil shippers may have found a way to deal with the chaos. The latest data from the Energy Information Administration offers a hint to that solution.
The report from the government agency showed surprisingly large weekly increases in gasoline and distillate supplies, contributing to losses for energy futures on Thursday. But Robert Yawger, executive director for energy futures at Mizuho Securities USA, also highlighted another key figure in the data — a weekly jump in U.S. petroleum exports. Exports climbed by 1.377 million barrels a day to 5.292 million barrels a day for the week ended Dec. 29, according to the EIA. “For the first time since Houthi Yemeni rebels started to attack international shipping in the Red Sea, we are seeing a spike in U.S. exports,” said Yawger, in a Thursday afternoon note.
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The report from the government agency showed surprisingly large weekly increases in gasoline and distillate supplies, contributing to losses for energy futures on Thursday. But Robert Yawger, executive director for energy futures at Mizuho Securities USA, also highlighted another key figure in the data — a weekly jump in U.S. petroleum exports. Exports climbed by 1.377 million barrels a day to 5.292 million barrels a day for the week ended Dec. 29, according to the EIA. “For the first time since Houthi Yemeni rebels started to attack international shipping in the Red Sea, we are seeing a spike in U.S. exports,” said Yawger, in a Thursday afternoon note.
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