RPT-MNI BOC WATCH: More Gradual Approach Seen After 50BP Cut

MNI BRIEF: Beijing To Protect Firms From U.S. Bill - MOFCOM

MNI: SNB CUTS KEY POLICY RATE BY 50 BPS TO 0.5%

MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI: SWEDEN FINAL NOV CPIF +1.8% Y/Y

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

TMX Startup Indicates Asian Demand Pickup for Canadian Barrels

OIL

An oversupply of Aframax tankers on the west coast of the Americas in anticipation of the TMX pipeline startup pressed Vancouver loading rates to a six-month low towards the end of April according to Argus reports.

  • This is expected to ease now that permitting signals that the TMX pipeline is on scheduled to begin operations this month.
  • Argus reports the first shipment on the line is the Aframax Dubai Angel for a Vancouver-China voyage on May 18.
  • In March, China's state-run Sinochem purchased the first TMX cargo — 550,000 bl of Canadian Access Western Blend — for June delivery.
  • It would mark the first Vancouver-China shipments since May 2023 according to Vortexa.
  • China already pulls heavy sour Canadian barrels via the US Gulf Coast – averaging 110,000 bpd in 2023.
  • Higher flows on the new pipeline give Asian buyers access to heavier barrels which have been in tighter supply in early 2024 due to factors like prolonged OPEC+ supply cuts.
Energy BulletsHomepageBulletCommodities
Energy BulletsHomepageBulletCommodities

To read the full story

Close

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.