Asia's crude oil imports return to pre-war levels, but refined fuels lag: Russell
USO•Asia imported 26.39 million barrels per day of crude oil in October, nearly matching pre-conflict levels, while light and middle distillate imports remained 10% below their pre-conflict average. Singapore gasoil prices were 84% above their February 27 level on October 30.
1. Crude imports recover
Asia's crude oil arrivals rose to 26.39 million barrels per day in October from 24.24 million in September, according to Kpler data. The October total was just below the 27.0 million bpd average in the three months before the February 28 attack on Iran, and 39% above April's post-conflict low.
2. Refined fuel supply lags
Imports of light and middle distillates, including diesel and gasoline, reached 6.15 million bpd in October, up from 5.88 million in September but 10% below the pre-conflict average. Imports from the Middle East were down 18.4% from that average, while supplies from the Americas and Africa increased.
3. Prices remain elevated
Singapore gasoil ended at $168.62 a barrel on October 30, down from its March 30 record of $199.89 but 84% above its February 27 price. Singapore gasoline ended at $127.64, down from its March 23 record of $151.60 but 61% above its February 27 price. The article says constrained diesel supply, including reduced shipments from the Middle East and Russia, is contributing to high prices.
