South Korea’s crude imports and middle distillate exports will likely extend their upward momentum into June as refiners continue to maximize operating rates to fully capture lucrative product cracks, industry and market participants said over May 20-24. A recent explosion at the S-Oil Corp. refinery complex in Ulsan will have minimal impact on the country’s .
South Korea’s retail diesel prices rose above gasoline prices on May 11 for the first time since the Global Financial Crisis in 2008 amid tight supply of gasoil across Asia and the globe, prompting local refiners to reassess their domestic sales and export ratio of middle distillates to ensure adequate domestic supply. The national daily .
Asia’s appetite for US crude posted positive growth in the first quarter despite lucrative Russian offers, but North American supplies could face more competition in the second quarter as refiners will continue picking up barrels from the non-OPEC supplier until they remain outside sanctions and are available at substantial discounts But analysts added even if .
South Korea is on course to sharply reduce crude imports from Russia with shipments from the OPEC+ producer tumbling by more than 40% year on year in March, as refiners aim to avoid trade, logistics and financial complications, while light sweet US crude is considered the country’s best option to fill any Russian supply gaps. .