The 600,000-bbl cargo of domestic light crude oil is scheduled to load at the Enterprise Hydrocarbon Terminal (EHT) on the Houston Ship Channel during the first week of January 2016.

Industry sources told OPIS that Enterprise is the seller of the crude cargo, and Vitol is the buyer. Vitol is expected to bring the first U.S. liberalized light crude export cargo for processing at its refineries in Europe.

Vitol has a total refining capacity of 350,000 b/d. Its refineries are located at Antwerp, Belgium and Cressier in Switzerland. It also has a majority stake at a refinery in Fujairah, U.A.E.

Industry sources said that the economics for exporting U.S. crude do not work currently due to a WTI price premium over Brent. The arbitrage window for U.S. crude exports is closed by $2/bbl.

Enterprise has been a seller of processed condensate for exports in the past. OPIS notes that the U.S. crude export liberalization is expected to bring limited export opportunities for now due to a narrow Brent-WTI crude price spread. The U.S. may compete for market share in Brazil and Argentina if the freight rate and cargo size work.

U.S. Gulf Coast crude exports are limited to Aframax cargo size, which covers 600,000-bbl cargoes. Gulf Coast logistics facilities do not have the capability to load larger cargoes for Suezmax and Very Large Crude Carriers.

Prior to the liberalized crude export, U.S. exports were limited to processed condensate. This processed condensate export flow was seen sputtering due to less-than-convincing economics and specs concerns.

As a result of the liberalization, U.S. could export condensate, processed condensate and light sweet crude. The bulk of the future export opportunities will come from the U.S. Gulf Coast loadings, with limited opportunities seen for Alaska.

Besides the first liberalized crude export cargo at Enterprise terminal in January, the Gulf Coast is expected to load the first U.S. crude export cargo in the same month for the new U.S.-Mexico crude swap deal.