- Chinese companies looking to sign long-term agreements to buy crude oil from U.S. exporters have virtually disappeared, Enterprise Products Partners (NYSE:EPD) CEO Jim Teague says.
- The trade war has all but shut down shipments of U.S. crude to China, and Chinese buyers are not likely to sign long-term offtake agreements with U.S. crude exporters for now, but demand for U.S. crude will shift to other countries as U.S. producers pump additional volumes, Teague says.
- China was the biggest importer of U.S. crude during H1 2018, averaging 377K bbl/day, but in the six months ended February, the most recent data available, the total plunged to 41.6K bbl/day.