Asia's crude oil imports return to pre-war levels, but refined fuel imports lag
USO•Asia's crude imports rose to 26.39 million barrels per day in October, near the 27.0 million bpd average before the Iran conflict. Imports of light and middle distillates remained 10% below their pre-conflict average, while Singapore gasoil prices were 84% above their February 27 level.
1. Crude imports recover
Asia imported 26.39 million barrels per day of crude in October, up from 24.24 million bpd in September and near the 27.0 million bpd average in the three months before the February 28 attack on Iran. Imports through the Strait of Hormuz rose to 7.42 million bpd, still below their pre-conflict average of 13.06 million bpd.
2. Refined fuels remain tight
Imports of light and middle distillates reached 6.15 million bpd in October, but remained 10% below the pre-conflict average. Singapore gasoil ended October 30 at $168.62 a barrel, down from its March record but 84% above its February 27 level; gasoline was 61% above its February 27 level. The article says constrained refined-fuel supplies, particularly diesel, remain a source of high prices.
