South Korean Crude Demand to Slow in 3Q — Market Talk

0356 GMT [Dow Jones] South Korea’s demand for foreign crude will likely falter in the third quarter as an overhang of refined products in the region prompt Korean refiners to cut their productivity and therefore, scaling back the need for crude, says BMI Research. In the first half of the year, South Korea imported 531.6 million barrels of crude, a 5.9% on-year jump, coinciding with the robust appetite for gasoline and diesel in the region. “However, a persistent oversupply of gasoline and diesel across the region will put a brake on South Korea’s gasoline exports growth, as ample supplies and weak margins prompt refiners to curb runs, thereby hitting overall crude demand,” says the research group. Nymex is down 7 cents at $42.70 a barrel, while Brent is down 3 cents at $44.95 a barrel. (jenny.hsu[a]

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