Exxon, BP, Vitol ship most US fuels to Australia for a single month in three decades, traders say

Record volumes of oil products were shipped from the U.S. to Australia in March by ExxonMobil, BP and Vitol, filling a gap left by the loss of regular Asian supplies after disruptions related to the Iran conflict. The flows boost U.S. product exports and should ease Australian product tightness, with likely effects on regional product spreads and upside for exporters while reflecting heightened geopolitical supply risk.

Analysis

Record volumes of oil products were shipped from the U.S. to Australia in March by ExxonMobil, BP and Vitol, filling a gap left by the loss of regular Asian supplies after disruptions related to the Iran conflict. The flows boost U.S. product exports and should ease Australian product tightness, with likely effects on regional product spreads and upside for exporters while reflecting heightened geopolitical supply risk.