-- 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.