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Mexico’s crude exports in 2Q15 fall to multi-decade low
Mexico’s crude oil exports in 2Q15 fell by 199K b/d q-o-q and 15K b/d y-o-y to average a multi-decade low of 1.07M b/d, data from state oil firm Pemex shows. This owed much to a slump in exports to Americas, which dropped by 37K b/d q-o-q and 56K b/d y-o-y to 702K b/d. Exports to Europe also declined over both periods to 208K b/d, the lowest since 3Q14. Exports to Asia were up by 62K b/d y-o-y at 156K b/d but slipped by 67K b/d below 1Q15’s peak.
29/07/2015
US crude stocks resume decline
US crude oil inventories fell by 4.2M bbls w-o-w to total 459.7M bbls in the week ending 24 July, according to the US Energy Information Administration. US crude imports dropped by 396K b/d from the prior week to average 7.5M b/d, but remained in line with their average for the last four weeks (which was up 1% y-o-y). US crude runs slipped by 108K b/d w-o-w from last week’s record high to 16.8M b/d. Refineries operated at 95.1% of capacity.
29/07/2015
Chinese HRB Price Falls
The Chinese domestic price for hot rolled band (HRB) dropped sharply in the five weeks to the 29 July to $275/t, down $32/t from late June, according to the latest SteelBenchmarker from World Steel Dynamics. This is its lowest level since March 2002 and is $175/t below the year-ago level. There was a smaller fall, of $8/t, in the Western European domestic HRB price over the same period to $420/t, while the US HRB price rose by $5/t to $518/t.
29/07/2015
West Africa’s crude exports to Asia set to hit three-month high
West African crude oil loadings to Asia in August are expected to rise by 100K b/d m-o-m to almost 1.95M b/d, Argus reports. This builds on a 215K b/d m-o-m increase in July. The scheduled increase for next month’s shipments is due to higher Chinese and Indian demand.
28/07/2015
Taiwanese Iron Ore Imports
Taiwanese iron ore imports fell very slightly month-on-month to 2.1 Mt in May however, they were still up 0.3 Mt year-on-year as longhaul cargoes from Brazil (+0.3 Mt to 0.7 Mt) and Canada (+0.2 Mt to 0.2 Mt) increased, according to the TEX Report. Iron ore imports for the period January-May were up 2.1 Mt on the same five months in 2014 at 11.0 Mt.
28/07/2015
South Korean Coal Imports
South Korean coal imports rose 2.7 Mt year-on-year to 68.2 Mt in the 1h15, according to official customs data. Imports of steam coal and anthracite combined were up 1.4, at 51.3 Mt, while there was a 1.3 Mt increase in coking coal imports to 16.9 Mt.
28/07/2015
First ships transit New Suez Canal
Egypt has completed the first trial through the New Suez Canal (which will be formally inaugurated on the 6th August) which will allow two-way traffic of larger ships, reports Reuters. The new waterway will be able to accommodate vessels with a draft of up to 66 feet. The transit time will be cut from 18 hours to 11 hours for the southbound convoy while the waiting time is expected to be reduced to 3 hours at most instead of 8-11 hours. The Suez Canal Authority has estimated the daily average of transiting vessels will rise to 97 ships by 2023, up from 49 ships at present. The Suez Canal Authority has also announced that construction of another canal near Port Said on the Mediterranean will begin as soon as the New Suez Canal has been inaugurated. This canal is expected to be 9.5km (6 miles) long, 18.5m deep and 250m wide and will take around 7 months to build.
27/07/2015
US steel imports at 18-month low
US steel imports fell to an 18-month low of 2.8 Mt in June, down 16% year-on-year, according to preliminary trade data from the US Census Bureau. Nevertheless, steel imports in the 1h15 were still up 2% on the same six months in 2014 at 19.5 Mt.
27/07/2015
China’s oil demand growth accelerates in 1H15
China’s apparent oil demand growth in 1H15 averaged 5.4%, up from 1.51% in 1H14, Energy Intel reports.
24/07/2015
Russia’s crude exports from Baltic expected to rise in August
Russia’s Urals crude oil exports from its Baltic ports in August, Reuters reports. Exports from Primorsk are scheduled to rise by 95K b/d m-o-m to 780K b/d. Exports from Ust Luga are expected to increase by 24K b/d to 473K b/d.
24/07/2015
China Flash Manufacturing PMI Falls
The Caixin (formerly HSBC) Flash China General Manufacturing Purchasing Managers’ Index fell sharply to a 15-month low of 48.2 in July, with all major survey indicators negative. This is down from 49.4 in June and would be the fifth successive month the index has spent below the 50 benchmark that separates expansion from contraction.
24/07/2015
Japanese Trade Data
Japanese iron ore imports fell by 2.6% year-on-year in June to 10.5 Mt, according to provisional Ministry of Finance data. There was a 0.8% rise in coal imports, to 15.9 Mt, while steel exports fell 5.5% year-on-year in June to a four-month low of 3.4 Mt.
24/07/2015
Azerbaijan resumes oil exports via Russia
Azeri state energy company SOCAR has resumed oil exports via Russia this month after they were halted at the beginning of June, Reuters reports citing the president of the firm Rovnag Abdullayev. Azerbaijan’s SOCAR shipped 678KT in 1H15, up from 508KT in 1H14. SOCAR announced in January that it had signed a one-year contract with Russian oil pipeline operator Transneft to transport 1.7MT through the Baku-Novorossiysk pipeline, up from 1.02MT in 2014.
23/07/2015
Russia’s crude runs fall y-o-y
Russia’s crude refinery throughputs were unchanged m-o-m and down 5.1% y-o-y to average 5.7M b/d, Reuters reports citing the country’s Energy Ministry. Gasoline output was up 2.9% m-o-m and 0.8% y-o-y at 910K b/d. Gasoil production edged up 0.1% m-o-m and fell 3.2% y-o-y to 1.5M b/d. Fuel oil output dropped 3.9% m-o-m and 13.1% y-o-y to 1.3M b/d.
23/07/2015
Canadian Iron Ore Exports
Canadian iron ore exports (excl. cargoes to the US) fell by 0.5 Mt year-on-year in May, to 3.2 Mt, according to data from the Tex Report. This was primarily due to falls in cargoes to Japan (-0.6 Mt to 0.2 Mt) and South Korea (-0.3 Mt to 0.2 Mt) which negated a rise in exports to Europe (+0.6 Mt to 2.0 Mt).
23/07/2015
US Weekly Grain Exports on the Rise
US exports of corn, wheat and soyabeans combined rose to their highest level since late April at 2.06 Mt in the week ending 16 July, according to US Department of Agriculture data. Shipments of wheat more than doubled last week to 0.58 Mt, while corn and soyabean shipments climbed to 1.16 Mt and 0.32 Mt, respectively.
23/07/2015
US crude runs hit another record high
US crude refinery inputs edged upwards by 45K b/d w-o-w to average a record 16.9M b/d in the week ending 17 July, according to the US Energy Information Administration. US crude imports rose by 587K b/d from the prior week to 7.9M b/d. US crude inventories were up 2.5M bbls w-o-w to 463.9M bbls. US gasoline stocks fell 1.7M bbls w-o-w to 216.3M bbls, the lowest since November 2014.
22/07/2015
India’s crude runs rise to highest since February 2013
India’s crude refinery throughputs increased by 101K b/d m-o-m and 324K b/d y-o-y to a 28-month high of 4.8M b/d, according to the country’s Petroleum Planning and Analysis Cell. Growth y-o-y was driven by higher Indian Oil Corporation inputs (with the Panipat refinery’s runs up 107K b/d) and an increase in the Oil and Natural Gas Corporation's throughputs (with their Mangalore refinery’s runs up 85K b/d y-o-y).
22/07/2015
EU Steel Output Rises as Global Production Falls
A 2.4% drop in global steel production to 135.6 Mt in June was recorded by the World Steel Association. Although EU crude steel output rose 1.7% year-on-year to 14.6 Mt on rising output in Germany (+5.8% to 3.8 Mt), this was countered by falls elsewhere. There were sharp drops in US (-8.5% to 6.7 Mt) and Russian (-7.5% to 5.6 Mt) steel output, while in Asia South Korean (-3.6% to 5.9 Mt) production also declined and previously strong growth in India (+0.8% to 7.4 Mt) slowed. As previously reported, steel production in both China (-0.8% to 68.9 Mt) and Japan (-6.2% to 8.6 Mt) also fell in June.
22/07/2015
China’s crude imports from Saudi Arabia hit multi-year high
China’s crude oil imports from Saudi Arabia in June climbed 577K b/d m-o-m and 343K b/d y-o-y to average a 29-month high of 1.3M b/d, according to China’s General Administration of Customs. China’s overall imports from the Middle East rebounded from May’s almost 2-year low to 3.9M b/d (the second highest volume on record after April’s 4.3M b/d). Imports from West Africa were little changed m-o-m and up 46K b/d y-o-y at 1.02M b/d. China’s imports from Latin America hit a multi-year high of 546K b/d, buoyed by higher shipments from Brazil. Overall imports from Latin America and the Caribbean were up 343K b/d m-o-m and 266K b/d y-o-y at 942K b/d.
21/07/2015
China’s oil product exports surge and naphtha imports climb
China’s oil product exports (excluding fuel oil) increased by 166K b/d m-o-m and 204K b/d y-o-y to average 595K b/d, data from the country’s General Administration of Customs shows. This is the highest volume since December 2009. Growth was in part driven by higher diesel exports, which were up 77K b/d m-o-m and 48K b/d y-o-y to a multi-year high of 165K b/d. China’s naphtha imports rose by 101K b/d m-o-m and 147K b/d y-o-y to a multi-year high of 192K b/d.
21/07/2015
Japanese Steel Production
Japan’s crude steel output fell 6.2% year-on-year in June to 8.6 Mt, according to data from the Japan Iron and Steel Federation. There was a smaller drop, of 4.7%, in output for the 1h15 to 52.6 Mt.
21/07/2015
Chinese Iron Ore Imports by Source
Chinese iron ore imports from Brazil fell to a four-month low of 13.2 Mt in June, although they were still up 0.9 Mt year-on-year, according to China Customs data. Imports from Australia rose by 3.7 Mt to 49.5 Mt over the same period, meaning that shipments from the two countries accounted for 84% of the 75.0 Mt of iron ore China imported in June. Shipments from South Africa rose year-on-year (+0.4 Mt to 3.7 Mt) while imports from West Africa fell to their lowest level since December 2012 (-1.3 Mt to 1.1 Mt).
21/07/2015
Houston Ship Channel traffic unaffected by barge collision
The Houston Ship Channel was partly closed on Monday followed a collision between two barges which resulted in a fire and naphtha being spilled into the channel, Reuters reports. However, a Coast Guard spokesman said that shipping traffic was not affected by the closure.  
20/07/2015
Saudi Arabia’s crude exports fall to five-month low
Saudi Arabia’s crude oil exports in May fell to a five-month low of 6.94M b/d, data from the Joint Organisations Data Initiative shows. This is down from 7.74M b/d in April. The country’s crude refinery inputs rose by almost 200K b/d m-o-m to average 2.4M b/d.
20/07/2015
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