Managing US Crude Exports: ¬ A Guide to WTI Houston

In response to the drastic decrease in global demand and over-supply due to the COVID-19 pandemic and the recent OPEC+ meetings in March 2020, the oil market has endured extreme stress, particularly related to logistics, storage, and finance. With the demand collapse and refinery utilization rates near record lows, storage utilization levels have risen dramatically. The arbitrage price signals have responded to volatile market fundamentals to re-direct barrels to flow into storage due to the declining exports in the US Gulf Coast market.