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OIL: Mexico Exports Suggest Dos Bocas Restart Attempt

OIL
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Mexican oil exports fell to their lowest monthly level on record in January, averaging just 535 kbd, a decline of 400 kbd m/m according to Kpler vessel tracking.

  • The most pronounced drop occurred in the week beginning January 20, when shipments fell to only 200 kbd, with no exports from the Dos Bocas port, potentially indicating more test runs at the refinery.
  • Pemex may be able to restart the Dos Bocas refinery as soon as this month, according to President Claudia Sheinbaum on Feb 5.
  • It is working to restore the supply of refinery-ready oil following issues with high salt content in the crude supply in mid-Jan.
  • Ongoing maintenance at USGC refineries will reduce PADD-3 refinery runs by an additional 260 kbd in February m/m Kpler forecasts. This will likely limit Maya crude differentials until the Dos Bocas refinery demonstrates consistent operational improvements.
image

Source: Kpler 

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Mexican oil exports fell to their lowest monthly level on record in January, averaging just 535 kbd, a decline of 400 kbd m/m according to Kpler vessel tracking.

  • The most pronounced drop occurred in the week beginning January 20, when shipments fell to only 200 kbd, with no exports from the Dos Bocas port, potentially indicating more test runs at the refinery.
  • Pemex may be able to restart the Dos Bocas refinery as soon as this month, according to President Claudia Sheinbaum on Feb 5.
  • It is working to restore the supply of refinery-ready oil following issues with high salt content in the crude supply in mid-Jan.
  • Ongoing maintenance at USGC refineries will reduce PADD-3 refinery runs by an additional 260 kbd in February m/m Kpler forecasts. This will likely limit Maya crude differentials until the Dos Bocas refinery demonstrates consistent operational improvements.
image

Source: Kpler