From Dow Jones & Company:

Iran-backed Houthi rebels attacks vessels in the Red Sea disrupting transport for oil and other goods. The Energy Information Administration reports record weekly gasoline and distillate supply increases, causing energy futures to drop. However, U.S. petroleum exports rose by 1.377 million barrels a day, offering a solution to international oil shippers affected by the chaos. The Red Sea chokepoints are critical for international oil and natural-gas flows. International shippers are opting for U.S. exports for fear of being attacked by Houthi rebels on the open seas. As a result, U.S. crude-oil exports reached a record 5.629 million barrels a day. This has the potential to break the all-time record. This increase in exports will help refiners pull back on the run rate. This is driving international oil customers to U.S. shale producers. (Word count: 108)



Read more: Why Red Sea chaos is driving oil buyers ‘into the arms of U.S. shale producers’