U.S. Oil Exports To Japan, South Korea Soar As Refiners Reap Steep Discounts

[franco + 96]

U.S. oil exports to Japan and South Korea will rise to record highs this month as Asian refiners take advantage of the steep discounts American sellers are offering after losing Chinese customers amid the trade dispute between Washington and Beijing. Ship tracking data in Thomson Reuters Eikon showed that oil exports from the United States to South Korea in September will rise to a record average of at least 230,000 barrels per day (bpd). U.S. shipments to Japan will also rise to a record average of at least 134,000 bpd, the data showed. Two traders and a brokerage source said South Korean and Japanese refiners have been taking advantage of steep discounts of up to $10 per barrel between the U.S. crude benchmark West Texas Intermediate (WTI) CLc1 that American producers base their crude sales on and the international Brent crude LCOc1 benchmark. “They (South Koreans and Japanese refiners) need to find replacements for their drop in Iran imports and a fair amount of that is coming from the States. The steep discount of WTI to Brent is hard to resist,” said a Singapore-based ship broker. Japan and South Korea were among the first major Iranian clients to bow to U.S. pressure and cut orders from Iran, the third-largest producer among the Organization of the Petroleum Exporting Countries, with South Korea importing its last cargoes in July, the trade data showed.
 

[rainman + 263]

Saudi Arabia was Japan’s largest supplier of crude in fiscal 2017, accounting for 39 percent, while Iran was sixth at around 5 percent.

[Pavel + 384]

Saudi Arabia: Observed crude oil exports in August rebounded to 7.183m b/d from revised 6.811m b/d in July, which was lowest since April.

South Korea 1.054m vs 796k
Japan 1.043m vs 1.129m
China 935k b/d vs 710k
U.S. 855k vs 1.032m
India 613k vs 811k

.

[ThunderBlade + 231]

So, sanctions work

[Scott A. Simon 0]

New trader...very new so be gentle lol jk.. however what is the best factor that oil prices. My buys are very short term, (1-3 weeks) so I often use the data from EIA inventories to determine my position at times if there's hasn't been a new headline in the news. However, last week it showed that inventories were way less than the expected and less than the previous inventory take the week before but prices still went down. What are some tips when trading oil? I typically try to stay abreast when it comes to any news plus the numbers but my speculations are still wrong at times. I guess I attribute it to the trade war between the U.S n China and China was one of our top importers of u.s crude? Idk

[Petar + 76]

 

U.S. oil exports in Japan and SK soar as refiners reap steep discounts 

 

 

[ceo_energemsier + 1,818]

https://www.spglobal.com/platts/en/market-insights/latest-news/shipping/091018-premiums-for-ships-loading-from-iran-to-rise-as-us-sanctions-loom