US crude exports to Asia slumping as WTI discount to other oils narrows

Launceston, Australia

EXPORTS of US crude oil to Asia appear to be starting to struggle under the weight of a narrowing discount for its domestic benchmark crude to international grades and efforts by other suppliers to maintain competitiveness.

Vessel-tracking and port data suggest Asian imports of US crude were equivalent to about 560,000 barrels per day (bpd) in February, down sharply from 676,190 bpd in January. March's figure may be even weaker with data compiled by Thomson Reuters Oil Research and Forecasts pointing to Asian imports of only about 290,000 bpd.