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Asian refiners are considering more U.S. crude purchases as OPEC+ supply from Saudi Arabia and Iraq has been cut back under contract. Sharp swings in official selling prices and lower Pacific freight rates make U.S. barrels more attractive.
About 49 million barrels of U.S. oil were scheduled to arrive in Asia the following month.
Rising U.S. crude export flows to Asia support U.S. benchmark prices and shift trade patterns that feed buyers track for energy costs. Cheaper freight can also lower shipping costs for grain and feed cargoes.
energynow.comJun 22, 2020After 36 past bullish trade events, Crude Oil (WTI) moved a median +1.6% over 5 sessions (69% higher; middle half -2.0% to +4.5%), and +0.7% over 20.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
