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America's Oil Demand in Asia Slipping

OIL

Crude supply from the Americas headed for Europe has maintained strength in January while flows to Asia have slipped according to Vortexa.

  • In January 2024, Europe surpassed Asia as the preferred destination for Americas crude mainly driven by European appetite for US light sweet crude.
  • Europe has also shown interest in Brazilian, Guyana and Mexican crude.
  • Upcoming Spring maintenance in the US and Europe and weak Asian demand may cause higher America’s volumes to head into storage.


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Crude supply from the Americas headed for Europe has maintained strength in January while flows to Asia have slipped according to Vortexa.

  • In January 2024, Europe surpassed Asia as the preferred destination for Americas crude mainly driven by European appetite for US light sweet crude.
  • Europe has also shown interest in Brazilian, Guyana and Mexican crude.
  • Upcoming Spring maintenance in the US and Europe and weak Asian demand may cause higher America’s volumes to head into storage.


Keep reading...Show less