Asia Relying on US Crude to Replace Middle East Supply

Asian refiners have grown increasingly reliant on US crude as oil-starved fuel makers scour the globe to replace Middle Eastern supply and stave off shortages that could ripple through the broader economy.

Buyers in Japan led the charge to purchase May-loading cargoes from the US early in the month, with South Korean, Singapore and Thai processors also among customers, said traders familiar with the matter. At least 60 million barrels of grades from the US Gulf was bought for loading next month, in line with the tally for loading in April, according to the traders. That was the highest level in three years.