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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 -
US-China Energy Flows Belie Combative Rhetoric
Tension between the United States and China has ratcheted up in recent weeks amid increasingly hostile rhetoric. The global spread of the coronavirus has further hurt relations between Beijing and Washington, stoking the possibility of a new trade war amid a global economic slowdown. However, from a flows perspective, all seems to be fine. LPG, […]
Tags: china, crude, LNG, lpg, petchem, US -
Coronavirus pushes rare crude grades onto global market
Unusual crude oil grades are making their way onto the global market as refiners slash runs amid cratering demand. Lockdowns and quarantines as a result of the coronavirus are freeing crude grades that are typically consumed in their domestic markets. First up is Argentina, where we have seen the first export of Canadon Seco on […]
Tags: Canadon Seco, crude, Rospo Mare, Talara, Tempa Rossa -
Record Saudi Flows vs Tariff Woes
I was on CNBC Asia last night, discussing the potential for a synchronized production cut – or the prospects of US oil tariffs – amid rampant Saudi crude loadings in recent weeks. We discussed whether the threat of US tariffs on oil imports were more ‘bark than bite’ – and it does indeed seem that […]
Tags: crude, Saudi crude oil exports, US imports of Saudi oil, US oil imports -
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 -
Colombia’s Give and Take with the US
Colombian crude oil exports last year were at the slowest pace on our records, although the export of new grades has helped temper a stronger decline. Last year, the South American country began exporting its heavy Acordionero and heavy sour Apiay Blend grades, which combined represented around 3% of the country’s total crude exports. The […]
Tags: Acordionero, Apiay, Colombia, CPP, crude, latam, oil, US, USG, WTI -
Awaiting the Coronavirus Impact
The Coronavirus is causing all manner of concerns across the world, claiming over 1,000 lives amid fears of a global economic slowdown. Nonetheless, we are yet to see an impact on oil flows heading to East Asia. In January, Chinese waterborne imports held close to the record set late last year, and imports so far […]
Tags: arab gulf, china, coronavirus, CPP, crude, latin america, oil, west africa -
Global Crude Weekly
Given the lack of market reaction following the recent supply fallout in Libya, extending and even deepening production curtailments under the OPEC+ plan might just not cut it.
Tags: crude, Libya, OPEC, supply -
Domestic Crude Oil East
December was not only a record month for shale crude exports from the US Gulf Coast but also for exports of offshore produced-crude, which at 262,000 barrels per day reached the fastest monthly pace in a year.
Tags: crude, Gulf Coast