Asia’s June crude imports rise to 20.71 million barrels per day from May but remain below pre-conflict levels

com. That figure is higher than May’s 20.39 million barrels per day and April’s 18.77 million barrels per day, yet remains well below the 26.79 million barrels per day average recorded in the three months before February 28. The Iran conflict began on February 28 with attacks by the United States and Israel on Iran.

A 60-day ceasefire was later agreed between the United States and Iran. OilPrice.com reported that Asian refiners reduced spot purchases of Middle East crude in mid-June for loadings in June and July after three weeks of heavier buying.8 million barrels per day for June, down from 6.8 million barrels per day in May.

Before the conflict, China averaged 11.39 million barrels per day over the same three-month period. OilPrice.com reported that China held more than 1.2 billion barrels in commercial and strategic stocks at the start of the conflict, allowing it to cut spot purchases. Crude oil volumes exiting the Strait of Hormuz are estimated at 2.58 million barrels per day.

OilPrice.com reported that lingering uncertainties about the strait’s navigability and high freight costs have deterred further spot purchases from the Middle East. Brent crude futures closed at $73.15 per barrel on June 29, compared with $72.48 per barrel on February 27. Singapore gasoil closed at $111.15 per barrel on June 29, up from $91.42 per barrel on February 27.

Singapore gasoline closed at $100.30 per barrel on February 27. OilPrice.com reported that Asian refiners have stocked up on non-Middle Eastern crude for July and most of August, reducing the immediate need for additional spot purchases from the Middle East. The next major market move will depend on whether Asian refiners resume buying at a Brent price near $70 per barrel, OilPrice.com reported.