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OIL
Recent supply disruptions in Libya, coupled with three consecutive weeks of Cushing stock draws have worked in favour of light sweet grades, Vortexa said.
- Global imports have also recovered in August versus July, fuelling further hopes of recovery in the light sweet complex.
- Global light-sweet crude imports rose 2% on the month in August to 8m b/d, similar to Aug. 23. Around 66% arrived in the Atlantic Basin.
- Slowing shale production in the US along with the shut-down of Libyan production should lead to a rush for buying WTI barrels translating to a draw-down in inventories.
- Crude drawdowns have managed to sustain prompt loadings of US light-sweet crude towards NWE, which are expected to remain strong during Libyan supply disruptions.
- Supply disruptions in Libya have forced European buyers to look for replacement barrels elsewhere in the USGC and Africa. Libya is around 18% of Europe’s crude imports.
- More US light-sweet barrels should be on the water in Sep-Oct as refinery runs experience a slowdown driven by weaker margins.
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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