Asian Refiners Lock in Crude Earlier as Russia Fuel Risks Rise
Asian buyers are securing crude further in advance, with Indian refiners seeking November cargoes, while Ukrainian attacks on Russian refineries add supply pressure.
Asian refiners are extending crude procurement timelines, with Indian buyers already looking for November cargoes. The early buying points to efforts to secure barrels amid an uncertain supply backdrop.
Meanwhile, Russia is facing fuel shortages after Ukrainian attacks on refinery infrastructure. The disruptions are not yet halting physical crude flows, but they are adding to concerns about refined product availability.
Market participants see physical flows as resilient for now, but the combination of forward buying and Russian refinery damage leaves oil price risk skewed to the upside.
Source: First Squawk