SINGAPORE (Reuters) – S&P Global Platts said on Monday it will launch new price assessments for U.S. crude for Asian buyers from Oct. 1, as the United States exports more oil to the East.
Asian refiners are increasingly turning to sweet, or low-sulfur, light U.S. crude, amid falling production in Asia and as U.S. sanctions curb oil supply from Iran and Venezuela.
Price - Quotes - West - Texas - Intermediate
The two price quotes are for West Texas Intermediate (WTI) Midland for U.S. crude sold to Singapore and South Korea’s Yeosu on a delivered-ex-shipment basis, Platts said in a statement.
At both locations, Platts will assess cargoes for delivery three months from the date of publication, it said.
Move - Offer - WTI - Midland - Crude
The move follows the first-ever offer of a WTI Midland crude cargo by oil major Royal Dutch Shell for delivery in October on Platts’ widely used trading platform for Asian buyers in late August.
“The market has already shown appetite to demonstrate...
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