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OIL
Asia’s TMX crude loadings have slowed slightly into July according to Vortexa vessel tracking with Indian refiners instead sticking to the US Gulf Coast for Canadian crude.
- Overall Chinese demand has also slipped this month while South Korean refiners began pulling cargoes.
- Kpler reported that last week that Canadian barrels via the Gulf had only slipped to 150,000 bpd in June, slightly lower than the 12-month average prior of 170,000 bpd.
- It was forecast that the TMX startup may significantly impact flows via the Gulf but it has failed to materialize.
- The Gulf Coast allows access to VLCC cargoes, something Vancouver is unable to offer amongst a number of other restrictions.
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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