Strong demand for sour crude grades helped boost LOOP Sour deliveries in January.Comment: when President Obama killed the Keystone XL, he really screwed things up for the American consumer. He really screwed things up for Canada. It's obvious he had no idea what he was doing.
In a recent report from the Louisiana Offshore Oil Port, the company said LOOP Sour demand nearly tripled month on month, increasing by some 620,000 barrels to more than 985,000 barrels, which is about 32,000 b/d. It was the largest volume of LOOP Sour crude pulled from the Louisiana storage cavern since September.
A shortage of sour crudes along the US Gulf Coast has inverted the typical sweet-sour relationship globally. Additionally, US sanctions on Venezuela could further increase demand for sour grades.
LOOP Sour comprises US Gulf of Mexico grades Mars and Poseidon and a crude blend called Segregation 17, named after a cavern into which the Middle Eastern grades Arab Medium, Basrah Light and Kuwait Export Crude can be delivered. The grade has been most similar to Mars in terms of API gravity over the past 12 months, averaging 0.33 degree off Mars’ typical 29.44; and from a sulfur standpoint, averaging 0.02 percentage point off Arab Medium’s typical 2.53%.
EIA's weekly petroleum report: oilprice. With regard to pricing, oilprice covers all bases.
EIA's weekly petroleum report, link here: pending.
- US crude oil inventories: increased by 1.3 million bbls -- essentially flat in the big scheme of things
- US crude oil inventories: at 447.2 million bbls, 6% above the five-year average
- the five-year average continues to increase
- refineries operating at 90.7% capacity -- very, very low
- gasoline/distillate production: flat line
- US crude oil imports: pretty much unchanged
- gasoline product supplied over past four weeks: up about 1.6% -- pretty much background noise
- distillate product supplied over past four weeks: up by 6.4% -- probably reflects demand for heating oil this past winter
- jet fuel supplied over same four-week period: unchanged from a year ago
Week
|
Date
|
Change w-o-w
|
In Storage
|
Weeks to RB to 350 Million Bbls
|
Week 0
|
November 21, 2018
|
4.9
|
446.9
|
N/A
|
Week 1
|
November 28, 2018
|
3.6
|
450.5
|
N/A
|
Week 2
|
December 6, 2018
|
-7.3
|
443.2
|
N/A
|
Week 3
|
December 12, 2018
|
-1.2
|
442.0
|
Never at this rate
|
Week 4
|
December 19, 2018
|
-0.5
|
441.5
|
Never at this rate
|
Week 5
|
December 28, 2018
|
0.0
|
441.4
|
Never at this rate
|
Week 6
|
January 4, 2019
|
0.0
|
441.4
|
Never at this rate
|
Week 7
|
January 9, 2019
|
-1.7
|
439.7
|
A long, long time
|
Week 8
|
January 16, 2019
|
-2.7
|
437.1
|
Won’t happen in my life time
|
Week 9
|
January 24, 2019
|
8.0
|
445.0
|
Won’t happen i my life time
|
Week 10
|
January 31, 2019
|
0.9
|
445.9
|
Won’t happen in my life time
|
Week 11
|
February 6, 2091
|
1.3
|
447.2
|
Won’t happen in my life time
|
******************************
The Shirley MacLaine Page
Lobo reincarnated as SUSTO?
Susto: an American indie rock band from Charleston, South Carolina, formed ~ 2014.
Lobo: born and raised in Florida, musical career began in 1961.
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