Feature: Europe to see big rise in US crude oil imports in February
https://www.hellenicshippingnews.com/feature-europe-to-see-big-rise-in-us-crude-oil-imports-in-february/The volume of US crude oil arriving into Europe, which has been rising of late, will pick up sharply in February, pressuring values for North Sea and Mediterranean grades.
“There are a lot of US barrels coming over and landing in February, more than [has been seen in the past couple of months] due to Asia not pulling as much in the near future due to turnarounds,†a crude trader said.
“It is going to massively affect the balance of crude and affect North Sea and Urals.â€
Trading and shipping sources estimated that 800,000-850,000 b/d of US crude will arrive into Europe in February, with the majority headed to Northwest European refineries, although a sizeable volume will go to Mediterranean destinations.
While the main crude grade continued to be light, sweet WTI Midland, sources said naphtha-rich Eagle Ford and medium sour Mars have also been offered to refineries.
Aside from refinery maintenance in Asia meaning some US crude has to find another home, other reasons for the rise in US crude flows to Europe include more supportive freight rates and the knock-on effect of long, weather-related delays transporting Black Sea-loaded oil through the Turkish straits.
Those ongoing delays have led to buyers looking elsewhere....
