FINWIRES · TerminalLIVE
FINWIRES

Middle East Conflict Brings US Close to Net Crude Exporter Position For First Time Since WW2, Data Show

-- US crude exports surged last week as the Middle East conflict persisted, taking it close to achieving a net export position for the first time since the Second World War, according to data released by the Energy Information Administration Wednesday.

Crude exports during the period jumped to their highest level in seven months at 5.2 million barrels per day, while imports dropped week over week by more than 1 mmbbls/d to 5.3 mmbbls/d.

Effectively, net imports of crude oil, or the difference between imports and exports, slumped to their lowest on record at 66,000 barrels per day.

The US was last a net exporter of crude oil in 1943, based on annual data.

Demand for US crude oil has recently soared as Asian and European refiners turned to other regions to replace lost Middle Eastern barrels due to the US-Iran conflict.

"US crude exports are soaring in the weekly data as expected, with Asian demand for West Texas Intermediate running hot," said Neil Crosby, head of research at Sparta Commodities.

The attractiveness of US crude improved as Brent's premium over WTI surged to more than $20 per barrel in March, Reuters said.

Kpler ship tracking data, cited by the news agency, showed that about 37% of last week's US crude exports were headed to Asia, up from 30% in the prior year, with Japan and South Korea the top buyers.

Around 47% reportedly sailed to Europe, mainly to the Netherlands, France, and Germany.

While US oil is gaining traction among refiners worldwide, Crosby said that "US prices will eventually, perhaps quickly, rise to defend their own inventory."

Additionally, US exports may soon plateau as they reach maximum capacity of around 6 mmbbls/d, due to pipeline capacity limitation and vessel availability, according to analysts and traders cited by Reuters.

In April, US exports may average about 5.2 mmbbls/d, Kpler analyst Matt Smith reportedly said.

has reached out to the EIA seeking further information on export capacity and projections.

Related Articles

Research

Research Alert: CFRA Maintains Buy Rating On Shares Of Quest Diagnostics

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We keep our 12-month price target at $235. This is based on a forward P/E of 21.9x our 2026 EPS estimate, a premium to DGX's three-year forward average of 16.8x due to our view of strengthening sales and earnings growth, backed by higher health care utilization trends and some regulatory relief due to postponement of lab reimbursement cuts until at least 2027. We think lab testing providers remain a relatively well-positioned area within health care given lower policy risks, supportive testing demand, and attractive earnings growth potential. On a compounded annual basis from 2025-2028, we expect near 8% EPS growth, raising our 2026 EPS to $10.73 from $10.60 and 2027 EPS to $11.50 from $11.42. We also anticipate additional smaller M&A opportunities, along with healthy dividend increases (recent 7.5% boost; shares yield 1.7%) as cash flow generation remains supportive over the near term.

$DGX
Research

Research Alert: Pega: Q1 Results Miss, But Strength In Pega Cloud Offsets

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:PEGA reported total revenue of $430M, missing consensus by $37.2M and declining 10% Y/Y, while non-GAAP EPS of $0.46 missed by $0.23 and fell 39% Y/Y. However, Pega Cloud revenue surged 36% Y/Y to $205M, now representing 47.7% of total revenue and validating the cloud transition thesis. Pega Cloud annual contract value (ACV) acceleration remains the standout metric, growing 29% Y/Y to $906.7M and accelerating from 23% growth in Q1, demonstrating continued strong demand for the company's AI workflow automation platform. Total ACV grew 12% Y/Y to $1.62B, with backlog increasing 16% Y/Y to $2.01B providing revenue visibility. We believe the robust cash flow generation of $206.5M in free cash flow and a solid balance sheet with $474M in cash provides financial flexibility for continued AI investment. Despite near-term profitability pressure, we expect the sustained Pega Cloud momentum and strong ACV growth to support the business transformation.

$PEGA
Asia

Air New Zealand CFO to Resign

Air New Zealand (ASX:AIZ, NZE:AIR) said that Chief Financial Officer Richard Thomson has resigned, effective Aug. 28, according to a Wednesday filing with the New Zealand bourse.The airline has started the process of searching for a new CFO, the filing added.

$ASX:AIZ$NZE:AIR