Demand to export U.S. crude is poised to soar as the nation’s surging supply of hydrocarbons creates a glut of the feedstock, according to Citigroup Inc., the bank that predicted a slump in the nation’s imports.
Crude oil is reaching a “tipping point” where prices will threaten demand, Edward Morse, head of commodities research at Citigroup Global Markets Inc., told Erik Schatzker on Bloomberg Television’s “InsideTrack.”
Makoto Nagai was sitting in his third-floor office at 2:46 p.m. on March 11 when the earthquake alarm buzzed. An orange LCD screen flashed 100 and 4, telling him the number of seconds before a category 4 quake would hit the city of Sendai on Japan’s northeast coast.
Higher crude prices and rising imports may be in store for the U.S. after the government slashed its forecasts for Gulf of Mexico output by 6.1 percent following the BP Plc spill, the worst in the nation’s history.