Oil companies are securing licences to export U.S. crude at the fastest rate since records began, as the shale boom leads to swelling supplies along the Gulf of Mexico.
The U.S. government granted 103 licences to ship crude oil abroad in its latest fiscal year, up by more than half from the 66 approved in fiscal 2012 and the highest since at least 2006, according to data obtained by the Financial Times.
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All but a dozen of last year's licences were to Canada, where companies may buy U.S. crude as long as they refine it there.
The clamor for licences had appeared unlikely because Canada is the top foreign oil supplier to the U.S.
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But huge production gains in states such as Texas, coupled with restrictions on coastal tanker movements to U.S. refineries, mean shipping cheap Gulf coast crude to eastern Canada makes economic sense. Light Louisiana Sweetcrude from the Gulf coast now trades at a deep discount to Brent, the global benchmark.