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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
Heavy sour crude supply to the USGC could tighten as major projects in Canada and Mexico draw supply away, Argus said.
- Canada’s TMX pipeline expansion due online in Q2 will enable more Canadian crude to move to the USWC. Nevertheless, it could face further potential delays of up to two years.
- Canadian crude-USGC flows in Jan-Oct 2023 were 275k b/d.
- Moreover, the opening of Mexico’s 340k b/d Olmeca refinery should limit flows of Mexican grades.
- Maya shipments could fall 58% to 250k b/d, if Olmeca were runs at full capacity, Argus estimates.
- Offsetting some of the tightness is the return of Flows of Venezuela’s Merey crude, following sanction relief.
- Imports from Venezuela were 166k b/d in October compared to 40k b/d in January, according to EIA data.
- The higher supply from Venezuela has pushed Colombia’s Castilla crude to a $10.40/b discount vs Dated Brent, the widest in seven months.
Source: Argus
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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