CANADA FLASH MAY GDP +0.1% ON FACTORIES AND REAL ESTATE

MNI China Daily Summary: Friday, June 28

MNI BRIEF: PBOC Pledges to Curb Any Overshoot Of The Yuan: MPC

MNI: PBOC Net Injects CNY40 Bln Via OMO Fri; Rates Unchanged

CHINA PBOC CONDUCTS CNY50 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1268 Fri; -0.32% Y/Y

MNI: BAKER HUGHES US RIG COUNT 581; OIL RIGS 479; GAS RIGS 97

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK Bond Supply Calendar: BoE APF on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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

U.S. Gulf Pulling Record Straight Run Fuel Oil in May

OIL PRODUCTS
Energy BulletsHomepagemarkets-real-timeBulletCommodities

Imports of straight-run fuel oil (SRFO) to the U.S Gulf Coast were set to climb to record levels this month according to Kpler due to higher supplies from Mideast and African suppliers.

  • SRFO has been used by US refiners to fill the gap due to a lack of heavier crude barrels on the market.
  • Heavier avaialbaility has been limited by less Mexican crude, more Canadian barrels heading to Asia, a reimposition of Venezuelan sanctions and ongoing OPEC+ cuts.
  • The U.S. Gulf Coast has imported 224,000 bpd of SRFO so far this month - nearly double last month's imports and up from 116,000 bpd y/y.
  • Al Zour, Duqm and Dangote refineries coming online provide more availability of SRFO as they ramp up operations to higher value products.
  • U.S. imports of SRFO are currently at their strongest monthly pace in six years Kpler said.
142 words

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.

Imports of straight-run fuel oil (SRFO) to the U.S Gulf Coast were set to climb to record levels this month according to Kpler due to higher supplies from Mideast and African suppliers.

  • SRFO has been used by US refiners to fill the gap due to a lack of heavier crude barrels on the market.
  • Heavier avaialbaility has been limited by less Mexican crude, more Canadian barrels heading to Asia, a reimposition of Venezuelan sanctions and ongoing OPEC+ cuts.
  • The U.S. Gulf Coast has imported 224,000 bpd of SRFO so far this month - nearly double last month's imports and up from 116,000 bpd y/y.
  • Al Zour, Duqm and Dangote refineries coming online provide more availability of SRFO as they ramp up operations to higher value products.
  • U.S. imports of SRFO are currently at their strongest monthly pace in six years Kpler said.