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US crude arbitrage to Asia to close soon

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09 March 2017

US crude arbitrage to Asia to close soon

Report summary

US exported close to 1.4 million tons of crude to Asia in the first two months of 2017. This arbitrage opportunity came in timely for US producers to offload their surplus crude to Asian refiners looking to meet their supply shortfall from OPEC production cuts. At Brent-WTI of above US$2.0/bbl, WTI competes favourably with Dubai's refining margins for Asia, making it an attractive substitute for Middle East crudes. This arbitrage window will narrow from Q2 2017 onwards with the shift in US and Asia's crude market fundamentals, where WTI loses its shine against Middle East and African crudes due to price inflation.  

Table of contents

  • US crude arbitrage to Asia to close soon

Tables and charts

This report includes 2 images and tables including:

  • Crude price differentials, $/bbl
  • Singapore FCC refining margins, $/bbl

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  • Document

    US crude arbitrage to Asia to close soon

    PDF 281.87 KB

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