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The Latam Corona vs. Economy Dilemma
Coronavirus was a distant concern for us in Latin America back in February. Higher infection rates in colder weather made the idea of COVID-19 even harder to grasp as a threat. Life continued as normal, and the pandemic felt a world away. To our chagrin, we learned that cold Cuba Libres at the beach would […]
Tags: Argentina, brazil, coronavirus, covid-19, crude, diesel, Ecuador, gasoline, mexico, middle distillates, Venezuela -
Increasingly Cluttered Clean Product Glut Builds off Mexico
Lower demand for refined products, sparked by quarantine measures and limited onshore storage capacity are leading to a glut building offshore several Mexican ports. Some vessels are waiting for more than a week to offload. Based on information from Onexpo, Mexico’s petrol station association, the demand for refined products in Mexico has decreased by more […]
Tags: clean products, coronavirus, CPP, gasoline, mexico, pemex -
Brazil Flows Mostly Holding Up Despite Coronavirus
Brazil is maintaining both strong imports of gasoline and oil exports despite lower domestic demand and oil production cuts. Yet, exports of fuel oil have been hit by the global economic slowdown of recent months. Meanwhile, coronavirus cases in the country are spiking. The South American country is one of the hardest-hit countries by the […]
Tags: brazil, coronavirus, covid-19, fuel oil, gasoline, middle distillates, oil -
Latam Oil Exports in a Time of Quarantine
The economies of both Colombia and Ecuador face significant headwinds as oil prices remain depressed and the coronavirus spreads through the region. Colombian crude oil exports have rebounded so far this year, after averaging 582,000 barrels per day in 2019. Meanwhile, imports of light sweet US crude – which are used for refining – have […]
Tags: Colombia, coronavirus, crude, Ecuador -
Brazil Pushes More Crude onto the Global Battleground
Brazilian crude exports to Europe are ticking higher so far this year as appetite for heavy grades stands strong following the new regulation on marine fuels, known as IMO 2020. Brazilian loadings bound for Europe have been kicking higher so far this year. While flows to Northwest Europe have been considerably stronger since October, loadings […]
Tags: brazil, coronavirus, crude, crude oil, crude oil exports, Europe, oil -
LNG Daily: Market Analysis
Despite OPEC+ likely to agree to a substantial new production cut tomorrow, oil prices have followed equity markets lower on ongoing coronavirus fears, with Brent down 2.2% to $49.99/bbl, while WTI dropped 1.9% to $45.90/bbl.
Tags: coronavirus, LNG, oil, OPEC -
Olefins and Feedstock Report: Almost Business as Usual
Olefin and feedstock offtake plummeted in February in regions that are being impacted by the coronavirus, such as East Asia (See Vol. 1, Issue 1), but Latin America has nearly been completely spared. Discharges of propylene and naphtha in the region were down slightly in February from January, while LPG offtake increased.
Tags: Asia, coronavirus, feedstock, lpg, Naptha, olefin, petchem, propylene -
Global LNG Report – Daily: Market Analysis
Asian LNG spot prices remain stable, with higher bids heard in the market while demand sentiments still subdued fueled by news of CNPC declaring force majeure. Northeast Asian terminals received 64 vessels, up from 61 last week. Next week’s outlook is for 59 vessels. South Asian received eight vessels, while 15 laden vessels arrived in […]
Tags: Asia, china, coronavirus, force majeure, LNG, Natgas -
Global Distillates Report: Corona Non Grata
South Korean exports of middle distillate reached 866,000 bpd in February, the third highest volume on our records and substantially above the 818,000 bpd of exports seen in January.
Tags: coronavirus, middledistillates, South Korea -
FOFT: China’s Hengrunde Petrochemical to Temporarily Stop Selling Residual Fuel Oil
After selling all residual fuel oil stock in the beginning of February, China’s independent refinery (teapot) Hengrunde Petrochemical inGuangrao, Shandong paused residual fuel oil sales, waiting for the market to return to normal from the interruption of the coronavirus outbreak.
Tags: china, coronavirus, FO, fuel oil, petchem, refining