Oil prices are unable to get up off the canvas, as signs of global market rebalancing continue to be errant. With the first weekly EIA report of the month on deck tomorrow, hark, here are five things to consider in oil markets today:
1) Saudi Aramco officially took full control of the Port Arthur refinery yesterday, after breaking up its joint venture with Shell and separating the assets. Saudi Aramco assumes full ownership of the JV name, Motiva Enterprises.
Port Arthur is the largest refinery in North America with a capacity of 600,000 bpd, and the deal means Saudi Aramco maintains a solid foothold for its crude into the US market. As for flows to the refinery, we can see from our ClipperData they should not change much, given Saudi grades already account for over 70 percent of imports:
2) In terms of the OPEC / NOPEC production cut deal, Mexico appears to be trailblazing from an export perspective. The Latin American nation committed to cut crude production by 100,000 bpd, and we can see from our ClipperData that Mexican export loadings are down by