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Asian Demand Supports US Crude Export Recovery

OIL

US seaborne crude exports crossed the 4mbd mark again in the month of May after slipping to 3.8mbd in April helped by growing demand from Asia as European demand slowed according to Vortexa.

  • Exports to Asia are driven by an increased buying from refiners in South Korea, India, Singapore and Taiwan while Chinese buying slowed.
  • As European refinery maintenance winds down and seasonal demand picks up, European buying is expected to recover.
  • VLCC fixtures for June also point towards strong exports levels to continue out of the US Gulf Coast Vortexa added.



Source: Vortexa

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