China's plan to put tariffs on U.S. crude oil shows it has a willingness to take a bigger hit from the trade war than some expected.
The U.S. exports light sweet crude, a grade of oil that is expected to be in greater demand from refiners making lower sulfur shipping fuel, which will be mandated starting early next year for the world's shipping industry.
"They're hurting themselves on the domestic front by making it more difficult for domestic refineries to make money. The're hurting themselves on the international front by making their refineries less competitive," said Francisco Blanch, head of commodities and derivatives research at BofA.that take place early next year could "create a pretty big premium on light sweet grades which are mostly coming out of the U.S. these days.
starting Sept. 1. The U.S. now exports more than 2.5 million barrels a day of oil, while it produces over 12 million barrels a day.
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