1. A fleet of US oil moves to Asia
– US crude oil shipments to Asia are expected to hit an all-time high this month, rising to 1.8 million barrels per day as WTI’s relative discount to other global benchmarks makes American barrels increasingly profitable.
– Just a few days ago, WTI was trading at a discount of 9 a barrel to Brent and a discount of 6 a barrel to Asian benchmark Dubai, with South Korea, China and India all joining the buying spree.
– South Korea will…