Gate News message, April 25 — U.S. crude oil exports are on track to hit a new all-time high of 5.48 million barrels per day following the closure of the Strait of Hormuz, which has redirected Asian and European buyers toward American supply. The U.S. Energy Information Administration (EIA) reported that U.S. exports of crude and petroleum products reached nearly 12.9 million barrels per day last week, the highest level ever recorded. Kpler data also showed U.S. liquefied natural gas shipments reached record levels last month.
The Hormuz closure has created significant market disruptions. Before the war, approximately 20 million barrels of oil and petroleum products were shipped daily through the strait. The supply shock caused Dated Brent (physical crude oil cargoes loaded on set dates from North Sea terminals) to trade more than $25 per barrel above front-month Brent futures contracts in early April—an exceptionally rare premium between these two prices. Brent futures averaged about $100 per barrel in April, while physical cargo prices traded closer to $121 per barrel. JPMorgan analyst Natasha Kaneva estimated the April supply loss at 13.7 million barrels per day. However, countries are drawing from commercial and strategic oil reserves at approximately 7.1 million barrels per day, while demand is expected to drop by 4.3 million barrels per day in April, mainly in the Middle East and Asia, narrowing the global supply gap to 6.6 million barrels per day.
Saudi Arabia and the United Arab Emirates, which hold nearly all of the world’s spare production capacity, have been effectively cut off from global oil markets due to the Hormuz closure. Kaneva noted that while current prices do not appear extreme by historical standards, higher pump prices are already beginning to curb discretionary driving in the U.S., and rising airfares are starting to soften jet fuel demand.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Whale Deposits $2M USDC to HyperLiquid, Opens Leveraged Short Positions on Oil
Gate News message, a whale deposited $2 million USDC into HyperLiquid and opened short positions of 21,000 BRENTOIL and 19,000 CL with 3x leverage.
GateNews7m ago
Goldman Sachs Raises Q4 Oil Price Forecasts to $90/Barrel Brent, $83/Barrel WTI Amid Middle East Supply Tightness
Gate News message, April 27 — Goldman Sachs raised its fourth-quarter oil price forecasts on April 26, citing supply tightness in the Middle East. The bank now expects Brent crude oil (London benchmark) to reach $90 per barrel and WTI crude oil (U.S. benchmark) to reach $83 per barrel, up from
GateNews1h ago
Powell’s final dance? Middle East conflict pushes inflation higher; the Fed is expected to hold steady this week
This week, central banks around the world announced their interest-rate decisions, and the market expects the Federal Reserve to keep rates unchanged. The conflict in the Middle East has escalated; shipping through the Strait of Hormuz has been disrupted, pushing up energy and raw material prices and increasing global inflation pressure. As a result, central banks are taking a cautious wait-and-see approach. The estimated U.S. GDP is 2.2% annualized, and PCE has risen, indicating that economic resilience and inflation are coexisting. The market generally believes that the Fed will maintain interest rates. Powell may be hosting for the last time during his tenure, and the Warsh appointment path is also affected by the DOJ incident.
ChainNewsAbmedia2h ago
Iran Proposes Priority Agreement on Strait of Hormuz, Delays Nuclear Talks with U.S.
Gate News message, April 27 — Iran has proposed a new initiative to the United States prioritizing an agreement on reopening the Strait of Hormuz and lifting maritime blockades, while postponing nuclear negotiations to a later stage, according to AXIOS citing a U.S. official and two informed sources
GateNews3h ago
CFTC Faces Enforcement Crisis as 24% Staff Cuts Hit Insider Trading Oversight in Crypto and Prediction Markets
Gate News message, April 26 — The U.S. Commodity Futures Trading Commission (CFTC) has cut 24% of its workforce since Donald Trump returned to office, leaving the agency at its lowest staffing level in 15 years amid growing insider-trading risks across crypto, oil futures, and prediction markets. Th
GateNews4h ago
Trump Says Iran Should Act Wisely, but U.S. Will Win Regardless
Gate News message, April 26 — In an interview on April 26, U.S. President Trump commented on the Iran situation, stating that America's greatest advantage is having destroyed Iran's navy and air force, with Iran's leadership now replaced. Trump noted that the current Iranian leadership is mixed—some
GateNews11h ago
