The article does not mention the first; was it the Shaden? See this post. The Shaden just rounded Singapore and is on its last leg north to China.
Now the second direct-to-VLCC export of US crude from the Louisiana Offshore Oil Port is en route to the port of Shanghai, China. The tanker is currently off the northeast coast of South America, just south of Venezuela, just north of Brazil. ETA, China: May 17, 2018.
The second direct-to-VLCC export of US crude from the Louisiana Offshore Oil Port is en route to the port of Shanghai, China.
The vessel Nave Photon departed LOOP on March 25, after having arrived at the offshore US Gulf of Mexico port March 15.
The vessel is believed to be laden with US Gulf Coast medium sour crude grade Mars and chartered by Shell.
Following its departure from LOOP, the vessel has made its way past the Caribbean islands just northeast of Venezuela.
In recent months, buyers in China have been looking to increase their exposure to WTI-based crude grades in an attempt to diversify supply. An open arbitrage window for USGC crudes to go east has added to the attractiveness of buying USGC crude grades for buyers in China.
The Dubai/WTI swap spread has widened $1.41/b since the start of March and 7 cents/b since the start of February to 96 cents/b as of Monday. As Dubai’s premium over WTI grows, WTI-based sour grades become more competitive with Dubai-based Middle Eastern sour grades in export markets in Asia.
Mars has been steadily gaining in price since February 13, having added $1.80/b since to end at a differential of WTI cash plus 15 cents/b on Monday.Much more at the link.
President Trump and Syria Back In The News
Does anyone remember this story, from an earlier post?
That was back on July 8, 2015.President Obama Spent $500 Million To Train Syrian Army
Recruited 60 soldiers.
$500 million / 60 = $8 million / soldier.
But they have really nice uniforms. I can't make this stuff up.
For those folks who still support President Obama, they are simply not paying attention.