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US exports first crude oil cargo to Singapore since 2014

Bloomberg Published on Thu, Oct 06, 2016 / 7:13 AM GMT+8

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(Oct 6): US crude oil has gone to Singapore for the first time in two years in what may be a test shipment to one of Asia’s largest refining centres.

About 649,000 barrels of US crude with a gravity of more than 25 API left the US Gulf Coast in August, according to US Census Bureau data released Wednesday. The final recipient of the crude wasn’t identified. The shipment was also the first since Washington lifted restrictions on US crude exports last year.

“This shipment to Singapore was likely an opportunistic movement,” John Auers, executive vice president of Turner Mason & Co., a Dallas-based consulting firm, said by phone. “I don’t expect expect large volume to go there, and it won’t be a long-term trend.”