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OIL: Shorter Voyage & Lower Price Makes TMX Crude Competitive in Asia: Platts

OIL
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The short voyage and competitive prices of heavy sour West Canadia crudes moving via the TMX pipeline offers an economic feedstock option for Asian buyers, Wu Qiunan, Chief Economist of PetroChina told Platts at APPEC.

  • Canadian crude could increasingly make its way to Asia, with Platts expecting crude production to rise by 315k b/d between Q3-24 and Q1-25, leading the world’s non-OPEC growth of 1.55m b/d.
  • TMX expansion and the export terminal on Canada’s west coast has shortened the voyage to 19 days, from 45 previously.
  • It is also pricing competitively at around a $5-$6/b discount to Brent, approximately $64.18/b for AWB basis DES Zhoushan. The competing Basrah Heay crude is around $68.92/b.
  • Crude inflows from West Coast Canada to Asia surged to 240k b/d in July, 75% going to China, Kpler said. The previous high was 57k b/d in June 2020.
  • Flows to Asia are seen hitting a new high of 277k b/d in September.

 

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The short voyage and competitive prices of heavy sour West Canadia crudes moving via the TMX pipeline offers an economic feedstock option for Asian buyers, Wu Qiunan, Chief Economist of PetroChina told Platts at APPEC.

  • Canadian crude could increasingly make its way to Asia, with Platts expecting crude production to rise by 315k b/d between Q3-24 and Q1-25, leading the world’s non-OPEC growth of 1.55m b/d.
  • TMX expansion and the export terminal on Canada’s west coast has shortened the voyage to 19 days, from 45 previously.
  • It is also pricing competitively at around a $5-$6/b discount to Brent, approximately $64.18/b for AWB basis DES Zhoushan. The competing Basrah Heay crude is around $68.92/b.
  • Crude inflows from West Coast Canada to Asia surged to 240k b/d in July, 75% going to China, Kpler said. The previous high was 57k b/d in June 2020.
  • Flows to Asia are seen hitting a new high of 277k b/d in September.

 

Keep reading...Show less