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OIL: America's Crude Imports Are Trending Heavier

OIL
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Total America’s crude imports (north, central and south) have been trending more sour in recent months according to Vortexa, coming in at similar levels to medium grades in August (see chart).

  • Heavier grades had been in shorter supply due to factors like prolonged OPEC+ cuts which had prompted support for alternative grades in the Atlantic Basin like those out of Norway’s Johan Sverdrup field or Canadian volumes.
  • Three countries have been contributors of heavy grades for the America’s in recent months – Canada, Ecuador and Venezuela.
  • This has been limiting volumes of these grades heading to Asia, more typical buyers of these volumes.

 

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Total America’s crude imports (north, central and south) have been trending more sour in recent months according to Vortexa, coming in at similar levels to medium grades in August (see chart).

  • Heavier grades had been in shorter supply due to factors like prolonged OPEC+ cuts which had prompted support for alternative grades in the Atlantic Basin like those out of Norway’s Johan Sverdrup field or Canadian volumes.
  • Three countries have been contributors of heavy grades for the America’s in recent months – Canada, Ecuador and Venezuela.
  • This has been limiting volumes of these grades heading to Asia, more typical buyers of these volumes.

 

Keep reading...Show less