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South Korean refiners rejected two US crude cargoes from the Eagle Ford field over unacceptable levels of impurities including metals and oxygenates, according to Bloomberg. The article noted that other US exports are not necessarily affected.
If buyers reject US crude over quality, US export flows and WTI pricing relative to other grades could weaken. The effect appears limited so far, as the article says exports may not be broadly affected.
freightwaves.comJohn KingstonMar 30, 2019After 80 past bearish trade events, Crude Oil (WTI) moved a median -2.2% over 5 sessions (30% higher; middle half -6.9% to +0.8%), and -1.5% over 20.
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.
