US crude exports jumped to their highest level on record in May, coming in at 662,000 b/d, monthly data from the US Energy Information Administration showed Friday. Exports are up from 591,000 b/d in April and have been up steadily from the 392,000 b/d exported in December, when the US lifted all restrictions on the export of crude oil. A tight ICE Brent/NYMEX WTI spread through May likely didn’t stand in the way of exports, despite a strong NYMEX discount often making exports more attractive. That spread averaged just 26 cents/b in May, compared with $1.33/b in April. While exports to Canada — typically the biggest market for US crude — remained strong at 308,000 b/d, that represents under half of the total. In May 2015, Canada took 524,000 b/d of the 531,000 b/d total from the US. The Netherlands — home to the massive Rotterdam port — imported […]