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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
Crude/condensate exports from Saudi Arabia and Russia (excluding Kazakh origin) have each fallen by just over 400kbd m/m, when viewing a 28-day rolling moving average in March. US exports are also lower by around 100kbd over the same period according to Vortexa.
- In total, this means the big three’s combined seaborne crude/condensate exports fell by around 1mbd m-o-m to 13.7mbd, as of March 25 (28-day MA).
- Russian refinery attacks may free up crude for export but tightening restrictions on freight/sanctions may limit it ability to keep exports at current levels.
- For Saudi Arabia, the upcoming seasonal rise in power-gen demand should support increased crude burn but it may turn to fuel oil imports from markets like Russia.
- The US is returning from refinery maintenance ahead of the summer driving season, while crude production remains just shy of record levels. Widening WTI discounts for delivery to Europe suggests Atlantic Basin weakness for its closest core market and doesn’t indicate an increase in crude exports into April.
Source: Vortexa
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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