French Refinery Strike Opens Door for More US Exports to Asia
October 10, 2022
Asian refiners snapped up at least 12 million barrels of US crude oil in the past two weeks as a strike in France dims demand from one of Europe’s largest buyers.
Refiners, mostly from South Korea, have bought flagship West Texas Intermediate Midland for January delivery at a premium of around $9 a barrel to the Dubai benchmark, according to traders. That price level has opened a door for US sellers, making WTI more attractive relative to Middle Eastern barrels, which Asian refiners can typically source more cheaply because of the shorter distance.
