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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.
OIL
Two key buyers of Canadian heavy crude are set to boost their imports of Venezuelan crudes, possible replacing Canadian crude demand, ArgusMedia said.
- PetroChina’s 0.4m b/d Jieyang refinery consumes 23.1% of some Canadian Crude grade exports from the USGC, while Repsol’s Cartagena refinery takes 17.5%.
- Both refineries are in discussions to acquire additional Venezuelan crude barrels, following the temporary sanction easing.
- PetroChina is expected to buy up to 300k b/d of Venezuelan crude, cutting its demand for Canadian heavy by 319k b/d, Argus said. PetroChina’s preference prior to the sanctions was to take Venezuelan Merey.
- Cold Lake Houston’s discount to Nymex futures for Dec has averaged $8.30/b since Oct. 26. It averaged a narrower $5.6/b for November trading.
- While Canadian crude faces immediate pressure, there are concerns that the sanction relief may not last past Nov. 30, a deadline the US gave for Venezuela to release political prisoners.
Source: ArgusMedia
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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