Slumping Asian oil demand amid the coronavirus outbreak has led to a sharp drop in Middle Eastern and Asian regional crude prices, while prices for rival U.S. WTI Midland grade have risen due to new pipeline demand in Texas to the point of closing in the arbitrage for U.S. crude shipments to North Asia this month, S&P Global Platts reported on Wednesday, citing market sources. In view of the weak demand in Asia, with Chinese refiners cutting run rates and China exporting more fuel , regional grades from Russia and the United Arab Emirates (UAE) have become cheaper than U.S. WTI Midland—a rare occurrence in the market. Because of the pricier U.S. grade, shipping WTI Midland to Asia is now uneconomical, and the booking of cargoes from the U.S. set for Asia for arrival in May and June has slowed down in recent weeks, according to shipping reports cited […]