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US Crude Exports to NWE Set for All Time High in June: Platts

OIL

US crude exports to NWE are on track for a record high in July amid improving arbitrage economics, strong US production, and rising European refinery runs, Platts said.

  • Crude flows are at 1.6m b/d so far in July, compared to 1m b/d in June.
  • US production remains strong at 13.3m b/d.
  • The arbitrage incentive to sell Magellan East Houston terminal origin WTI of Rotterdam at 24 cents/b in July, up from minus 83 cents/b in June.
  • European demand for sweet crudes remains strong due to high refinery runs. Platts forecasts runs in the region to 12.2m b/d in July and 12.3m b/d in Aug, compared to June’s 11.8m b/d.
  • WTI is also replacing falling Nigerian export cargoes now diverted to the 650k b/d Dangote refinery.
  • Nigeria’s sweet light exports to NWE fell to 256k b/d in July, compared to 387.9k b/d in June.
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