Asian refiners are on track to nearly double their purchases of US crude oil in September compared to the previous month. This surge in demand is expected to squeeze the feedstock supply for domestic fuel producers at a time when US gasoline retail prices are already at record highs.

Data from vessel tracking and commodity analytics firms Kpler, Vortexa, and Sparta Commodities indicates a significant jump in US crude exports to Asia next month. Traders estimate that total US crude volumes loaded for Asia in September will exceed 40 million barrels, up from an anticipated 22 million barrels in August. The sharp price rally in competing Middle Eastern grades, such as Abu Dhabi's Murban crude, has enhanced the price competitiveness of US supplies, driving this surge in buying.

Traders familiar with the transactions noted that at least one recent purchase order opted for Aframax-sized tankers, which can transit the Panama Canal-Pacific route for faster delivery rather than sailing around the Atlantic. This choice reflects urgent crude demand in the Asian market.

With the conflict in Iran entering its sixth month and no resolution in sight for reopening the Strait of Hormuz, this wave of large-scale buying from Asia will draw down US crude inventories and is likely to push oil prices higher. US domestic refinery utilization is already near record levels, with plans to maintain maximum output through the autumn. Rising crude costs are expected to feed through to retail gasoline prices, which have already hit seasonal all-time highs. The increased Asian purchases are also diverting crude cargoes that would typically supply Europe.