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TMX Canadian Crude Arb to East China Rises: Platts

OIL

Arbitrage inflows of heavy Canadian crude to China via the TMX pipeline have risen as the grade remains competitive over its Middle Eastern competitors, Platts said.

  • China has become a regular buyers of Access Western Blend crude, taking at least 5.5m bbl since late May. These cargoes are for Aug-Nov delivery. Chinese buyers have taken at least 6.1m bbl for June-Sep delivery.
  • Petrochina previously said the CFR cost of its first AWB cargo via TMX was $2/b lower for July than that of regular Middle East grades.
  • The popularity of Canadian crude, mainly AWB, is mainly due to the competitive prices for promotion as TMX starts up. However, the sustainability will depend on the market price of the crudes and freight, a Sinopec engineer told Platts.
  • From Sep. 1, TMX will accept stricter qualities of heavy crudes on its pipeline system, but the revision will not have much impact on Asian buyers.
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Energy BulletsHomepagemarkets-real-timeBulletCommoditiesCanada Bank of Canada Market News

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