Record US crude exports are competing with Opec producers in their core Asian markets. The country’s changing import slate is also making waves.

US crude exports have recovered from early-September’s hurricane-induced slump, and then some. Exports soared to 1.80mn b/d for the first 27 days of October, blowing the previous record of 1.12mn b/d set in February out of the water. The provisional weekly data also indicate that September exports, at 1.26mn b/d, also topped the...