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(Reuters) – Asian refiners snapped up U.S. crude cargoes overnight as they sought to secure alternative supplies amid escalating tensions in the Middle East, trade sources said on Wednesday.
Two South Korean refiners purchased at least 5 million barrels of West Texas Intermediate (WTI) crude, the people said.
The cargoes for loading in July and August were bought at premiums of about $11-$12 a barrel to the Dubai benchmark, they added.
Thai refiner PTT bought about 1 million barrels of U.S. crude and Japanese refiner Eneos bought 2 million barrels of WTI, one of them added. Oil companies typically do not comment on their trades. Although U.S. crude remains more expensive than Middle Eastern grades, renewed attacks between the U.S. and Iran have slowed shipping through the Strait of Hormuz, raising concerns over future supplies and prompting buyers to look for alternative crude purchases.
Asian refiners outside China also turned to U.S. crude in March and April when the conflict first erupted and disrupted flows through the Strait of Hormuz.
Reporting by Siyi Liu in Singapore; Editing by Kate Mayberry
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