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OIL
Key July crude/condensate loading takeaways according to Vortexa:
- Total OPEC crude loadings stood at around 22mbd in July, approx. 600kbd higher than June, but loadings from the rest of the word (excluding Russia), rose by 1.55mbd over the same period to also reach 22mbd.
- Russian loadings remain largely unchanged m-o-m at 4.9mbd, but a reduction in flows from the Far East Russia, Siberia and the Baltics was offset by higher Black Sea loadings.
- Within the core OPEC group, Saudi loadings continued to be the main source of growth, rising by around 700kbd m-o-m to 8.2mbd – the highest monthly total seen since April 2020 – UAE and Iraq loadings also increased m-o-m by a combined 550kbd.
- Nigerian loadings continued their downward trajectory in July, falling to just 1.2 mbd, a new record low – changes to loadings schedules and more general concerns over the reliability of exports have also dampened traders’ interest.
- Looking at non-OPEC+ loadings, a key source of growth in July was from the Americas, as the US, Brazil and Mexico all increased loading activity by a combined 600kbd – though Europe is keen on taking more transatlantic crude, stronger Asian demand has pulled more cargoes further east.
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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