US crude heads to Israel
OREANDA-NEWS. Trading firm Trafigura has sold a 700,000 bl cargo of US light sweet WTI to Israel, the third US crude cargo to be shipped transatlantic since Washington lifted crude export restrictions in December. Only a handful of US cargoes have moved to foreign markets since the ban was lifted because of a combination of infrastructure constraints and poor arbitrage economics. But WTI's widening discount to Ice Brent in recent weeks has made such deals more likely. Trafigura says shipping WTI to Europe and Israel for March delivery is profitable, and shipbrokers say the firm is looking to charter more vessels to take to Israel.
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