Asian refiners are on course to nearly double their purchases of US crude for September from a month earlier, a move that stands to squeeze domestic (US) fuel makers at a time when Americans are already facing record high pump prices.
Exports to Asia should see a notable rise next month, according to ship and commodity tracking companies Kpler, Vortexa and Sparta Commodities. Traders estimate that the total amount of US-to-Asia trades for loading in September is more than 40 million barrels compared with a forecast 22 million barrels in August. The increase comes as prices of competing Middle Eastern grades like Abu Dhabi’s Murban crude have surged, making US supply more competitive.
