In one of our articles in the previous edition of The Five Star Standard, we noted that North Sea crude was rushing to fill demand created by Asia’s oil refiners. Crude exports to Asia from the North Sea are poised to reach a record 12 million barrels in January according to Bloomberg.
Apparently, those crazy Europeans are not the only ones trying to cash in on the Asian Market. According to an article published by Reuters, 3 major oil companies and trading houses are set to ship large volumes of U.S. crude oil to Asia in the coming weeks. Traders have estimated that some 700,000 to 900,000 barrels per day is set to leave the United States in February, with the majority of the cargoes headed to Asia.That volume would be the highest monthly level on record, according to the U.S. Energy Information Administration, helping reduce a U.S. inventory glut that has continued to pressure prices. The U.S. crude cargoes are bound for China, Japan, and Singapore.