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Crude prices retreat from highs but bumpy road ahead

Crude oil prices have reached a semblance of balance after a meteoric jump last month, when Dated Brent peaked at around US$137.04 per barrel on March 8. Prices are likely to be rangebound in the coming weeks, with bearish factors such as a Middle East-Yemen truce, the release of additional reserves by the US SPR and other members of the International Energy Agency, tempering the impact of short term supply risks due to the ongoing Russia-Ukraine war.

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Asian refiners hope US SPR release leads to more crude exports, lower global spot premiums

Asian refiners cheered US President Joe Biden’s decision to release 1 million b/d of oil from the US’ strategic petroleum reserves as the release may lead to more light sweet US crude exports to the Far East, while spot crude price differentials across the globe could fall should US refineries cut back on feedstock imports. .

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South Korea aims to maximize US crude intake to minimize feedstock cost burden | Hellenic Shipping News Worldwide

South Korea’s crude imports from the US jumped 40.5% from a year earlier in February and local refiners aim to take as much light sweet crude cargoes from the US as possible as they continue to favor competitive US barrels in times of surging benchmark oil prices, industry sources and market analysts based in Seoul .

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South Korea aims to gradually increase net-zero oil portion in US crude imports

South Korea finds competitive US crude highly attractive in times of surging benchmark oil prices, but Asia’s biggest US crude customer also aims to enhance its green energy practices by gradually increasing the share of net-zero crude oil in the overall feedstock imports from the North American producer. Major South Korean refiners said light sweet .

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China s oil product export quota cut music to ears of South Korean refiners | Hellenic Shipping News Worldwide

China s oil product export quota cut music to ears of South Korean refiners | Hellenic Shipping News Worldwide
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