Caspian sweet crudes head east

摘要

Asian light sweet crude demand is pulling Caspian grades east (see upper graph). US demand for light sweet crudes has raised competition for west African cargoes, boosting Asian interest in Mediterranean and Caspian grades. Two 1mn bl cargoes of BTC Blend have loaded for Indonesia since the end of July and a 2mn bl shipment loaded in early August destined for South Korea. Further cargoes are heading to China and India.