Appetite for US crude oil exports climbs despite high freight
US crude exports remained elevated at 3.5 million b/d in September, edging up from 3.4 million b/d in August, according to S&P Global Commodities at Sea(opens in a new tab) data, but well below the May peak of 4.4 million b/d. South Korea was the largest single destination at 568,600 b/d, followed by the Netherlands ...
The appetite for US crude oil exports has continued to rise in September, reaching 3.5 million barrels per day, a slight increase from 3.4 million barrels per day in August, according to S&P Global Commodities at Sea data. South Korea emerged as the largest single destination for US crude oil exports, receiving 568,600 barrels per day, followed by the Netherlands with 459,000 barrels per day.
Asian volumes increased across the region, including Northeast Asia, Southeast Asia, and the Indian subcontinent. However, surging tanker rates have made spot eastbound arbitrage for US crude exports to Asia less favorable, with WTI Midland barrels now favoring Northwest Europe for shipping. The widening refining economics gap between the Atlantic Basin and Asia is evident, with Platts WTI MEH cracking margins into Northwest Europe climbing from $44.13/b in August to $47.47/b in September.
Brief written by urgent.news from Hellenic Shipping News's own syndicated text. Machine-written — may contain errors; check the original before relying on it.