November 02, 2023 08:41 GMT
Europe Bound Crude from USGC Jump As Refiners Undergo Maintenance
Europe-bound crude departures from the US Gulf coast climbed to a record 2.2mn bpd in October according to Vortexa – 300,000 bpd higher m/m and 600,000 bpd higher y/y.
- Higher flows supported freight rates. The Suezmax rate to Europe hit an 11-month high of $4.45/bl for WTI, and the Aframax rate to Europe hit a six-month high of $6.25/bl for WTI, according to Argus pricing.
- Fall maintenance season kept US refinery utilization at 86pc of capacity in the four weeks ended 27 October against a backdrop of record high production through the first four weeks of October at 13.3mn bpd.