Iraqis, Canadian creditors prefer US oil refineries to replace hurricane losses – Traders

May 15, 2021 ExxonMobil Baton Rouge screening view in Baton Rouge, Louisiana, USA. REUTERS / Kathleen Flynn / File Photo

HOUSTON, Sept. 23 (Reuters) – Asian oil buyers sought to replace the damage lost in last month’s hurricane in the Gulf of Mexico, Asian buyers said, citing Middle East and Russian products, analysts and traders.

Royal Dutch (RDSa.L), the largest producer in the Gulf of Mexico in the United States, said this week’s hurricane Ida damage to its marine facilities will limit the production of roast raw materials early next year. The rankings have been used extensively by US Gulf filters and companies in South Korea and China, the two largest export destinations for Mars.

The United States exports more than 3 million barrels of BPD oil, mostly from the Gulf of Aden. Returning to general pre-epidemic demand, oil refineries need to compensate for Mars’ closures.

Traders say some US filters are looking for replacements for the fourth quarter, especially in Iraq Basra. Others have sourced raw materials from American warehouses.

Basa Dfdf has been prominent in the past riots. A.D. Iraq has stepped up its cargo shipments after the US imposed sanctions on Venezuela in 2019. Canadian heavy oil suppliers have also benefited.

Emergency supplies

Exxon Mobil (XMN) and Plasid Filters have been able to respond quickly to urgent raw material needs from US Strategic Petroleum (SPR).

US Gulf Raw Trader “Asked from SSS for Urgent Raw Materials to Replace Mars Barrels! “Others will buy Basra’s extra supplies in October, and the prices are generally very low due to the pressure of sour cream.”

Earlier this month, Mars Dump was trading at a premium of $ 1.50 in the West Texas Intermediate (WTI) but returned to pre-wave levels on Wednesday with a $ 2.25 barrel discount. Most of the nine American factories that stopped production during Idaho have returned to production.

Trader Marathon Petroleum (MPC.N) buys Basra for October shipment The Suezmax tanker Jag Lina is scheduled to ship 1 million barrels of Basra light on October 10 to the United States.

Traders added that US filters that can process and integrate heavy filters have also shown interest in Canadian and Latin American standards. He refrained from commenting on the marathon.

Preliminary data from the US Energy Information Administration as of Tuesday show that goods from Mexico and Brazil will be available after the storm.

Attractive shipments

According to freight tracking company Vortexa, up to 250,000 bpd of crude oil is exported, and about 80,000 bpd is typically shipped to Asian filters.

Kepler Oil analyst Matt Smith said South Korea accounted for two-thirds of Mars exports this year.

Before the hurricane hit, China’s Unipek and South Korean filters raised Mars’ purchases to take advantage of favorable prices, but there were some cancellations. However, traders said they were able to replace supplies from the Middle East and Russia. Read more

“All medium-sized raw materials, such as Oman, Urals, and Basra, can be substituted for Mars filtering,” said a trader with a Chinese company.

UNEPEC has bought 200,000 tons of Russian Urals in October due to price differences.

South Korea’s second-largest filter, the GSL Caltex Corporation, was about to be canceled by the end of November.

A parent of UNEP, Sinopec and G.S. Caltex did not respond to comments.

Report by Olga Yagova in Bengalru, Arati S. Nayer, Mariana Paraga, Houston, Singapore, Florence Tan and Moscow; Edited by David Gregory and Anna Nicolas da Costa

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