South Korea. Platts reported Monday that South Korean refiner GS Caltex has purchased a million barrels of U.S. crude for delivery this December. With the supply slated to come from producers in the Eagle Ford play of south Texas. The purchase is particularly significant given that Caltex already bought a previous batch of 1 million barrels of Eagle Ford oil. Which was bought in July, and reportedly delivered to Caltexs Korean refining facilities this past weekend. The fact that the refiner is now going ahead with a second purchase is encouraging. Check This OutSuggesting that the company likes what it sees in the crude it has received which officials said is being used to blend with heavier crudes before the refining process. All of this is of course possible because of the lifting of the U.S. crude export ban late in 2015. With these shipments representing a toe in the water for refiners in the key Asian market, testing how Americas shale oil may fit in the overall global refining picture.
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