- Platts AGS assessed at $72.b, weaker against forward Dated Brent strip
- US crude exports over week ending June 18 to average 3.19 million b/d: cFlow
Platts American GulfCoast Select was assessed at $72/b on June 18, while a fresh report from S&P Global Platts Analytics shows US crude exports over the week ending on June 18 to have fallen from the week prior.
US crude exports over the week ending on June 18 averaged 3.19 million b/d, according to cFlow, S&P Global Platts trade flow software. This is 470,000 b/d lower from the Platts cFlow estimate for the week prior, and 695,000 b/d lower than the reported figure for US crude exports last week from the US Energy Information Administration.
Flows to Asia accounted for the largest share of US crude exports over the week at 1.81 million b/d, according to Platts cFlow, while to Europe, US crude exports averaged 955,000 b/d.
While US crude exports have remained supported in recent weeks, potential headwinds could emerge amid the tight arbitrage economics currently for US grades abroad. However, some softening on USGC crude differentials in recent days could provide some relief.
Meanwhile, as a differential to the 15 to 45 days' forward NYMEX WTI strip, Platts AGS, which represent Midland-spec WTI crude for export from the USGC on an FOB basis, was assessed unchanged on the day at a $1.08/b premium. Against the forward Dated Brent strip, Platts AGS was assessed 17 cents/b weaker at a 93 cents/b discount.
The differential for Platts AGS against the forward Date Brent strip has strengthened significantly in recent weeks amid a narrower Brent/WTI spread. Through the start of June, Platts AGS has averaged a $1/b discount to the forward Dated Brent strip, compared to an average of a $1.90/b discount over April and May. Meanwhile, the Brent/WTI swaps has averaged $2.09/b through the start of June, compared to an average of $3.01/b through April and May.