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OIL
Global waterborne crude supplies are constrained in May as combined volumes from the three big suppliers – Saudi, Russia and the US – slip in May from April’s strong levels according to Vortexa.
- On a combined basis, total exports from the big three exporters were around 1.3mbd lower in May (days 1-20) from April full-month levels.
- Saudi flow reductions are likely indicative of voluntary production cuts which began May but will need to sustain to conclusively suggest cuts are underway.
- Russian exports are down almost 300kbd so far in May, versus full month April levels – indicating its cuts may actually be underway – export are still however at the upper end of historical ranges.
- Preliminary data for May (days 1-20) shows Saudi Arabia’s crude/condensate exports have fallen by around 800kbd from April full-month levels.
- The US seems more resilient in dropping crude exports. Total loadings, which include Canadian crude loaded from PADD 3 in May, have only fallen by around 100kbd from April.
- US exporters are benefiting from a strong pull from European refiners as they move away from Russian crude.
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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