- Asian refinery orders for US crude for November delivery fell roughly 50% sequentially this month to 24 million to 26 million barrels, according to traders.
- If the current order pace holds through the end of October, it would mark a seven-year low, based on Kpler and Vortexa ship-tracking data.
- The Iran war disrupted global shipping and pushed the cost to lease a tanker for the Pacific journey to a record of almost $80 million.
- MarketWatch reports oil prices are approaching Iran-war highs as tanker rates trigger a second energy squeeze.
Quotes
“US crude oil exports to Asia are set to hit multi-year lows”