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Maybe boosting domestic oil prices (USO) is an unprecedented summer export boom for U.S....

Maybe boosting domestic oil prices (USO) is an unprecedented summer export boom for U.S. refiners (VLO, TSO, WNR), with 77 tankers booked already this month, surpassing the total for all of July last year. "The idea of having (freight) rates higher in mid-July than at the end of January - it would be like selling more ice cream in Central Park in January than (in the summer)," says the President of Scorpio Tankers (STNG). Better margins abroad are key to the action, with surging cost of ethanol credits giving refiners even more excuse to sell overseas. WTI crude's up another 0.8% to $108.65.
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Comments (1)
  • P. Dennis
    , contributor
    Comments (377) | Send Message
     
    That "giant sucking sound" you hear is the whoosh of crude oil leaving the storage tanks in Cushing, OK via new pipeline capacity, destined for Gulf Coast refineries. We could well be in a new era where West Texas Intermediate (WTI) tracks very close to Brent Crude prices going forward. American consumers of gasoline are in the process of finding out the true meaning of globalism, as it refers to competing with consumers all over the world for their fuel.
    19 Jul 2013, 12:05 PM Reply Like
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