• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 6 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days Does Toyota Know Something That We Don’t?
  • 6 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 3 days World could get rid of Putin and Russia but nobody is bold enough
  • 2 days America should go after China but it should be done in a wise way.
  • 6 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 5 days China is using Chinese Names of Cities on their Border with Russia.
  • 6 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 5 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 6 days Putin and Xi Bet on the Global South
  • 6 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 7 days United States LNG Exports Reach Third Place
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 11 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine

U.S. Gulf Coast Crude Oil Exports To The UK Bounce Back

Crude oil cargoes delivered to the UK from the U.S. Gulf Coast bounced back from a five-week low, with week-on-week delivered crude oil cargoes into the UK up by around 1 million barrels in the week to October 26, data from S&P Global Platts Analytics showed on Tuesday.

Crude oil cargoes from the U.S. Gulf Coast delivered into the UK included two cargoes of 536,000 barrels and one cargo of 501,000 barrels, all of which were delivered in Liverpool.

Yet, despite the rise of U.S. Gulf Coast cargoes delivered to the UK, total crude cargoes that arrived in northwest Europe in the week to October 26 were down 262,000 barrels week on week to a total of 2.104 million barrels, according to S&P Global Platts.

In recent weeks, demand for crude in the region has declined amid Fall refinery maintenance and surging freight rates.

Freight rates for Aframaxes started to increase in early October, and the rates for the USGC-UK Continent route also steadily increased until Friday last week, when the freight rates on the USGC-UK Continent route dropped for the first time since October 5, according to Platts data.

Platts fixture logs show that a total of 22 Aframax vessels have been booked so far in October for the USGC-Europe route, up from 15 cargoes last month and from 12 vessels in August.

Related: Russia's Latest Geopolitical Power Grab Is Going Unnoticed

U.S. Gulf Coast crude oil exports to all destinations have been slowing in recent weeks due to arbitrage constraints because of surging freight rates, S&P Global Platts reported last week, citing market participants’ expectations of 1.7 million bpd-1.8 million bpd of exports for November.

Freight rates started to increase early in October for all ship classes, with rates trending higher due to routes delayed by weather, more lightering activities, and increased ship movement between Mexico’s east coast and the U.S. Gulf Coast.

ADVERTISEMENT

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News