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Latest News
Schedules Suggest July Drop in Russian Seaborne Crude Exports
Transneft, the Russian national pipeline operator, has scheduled seaborne crude exports of 2.84 mb/d in July, a 100 kb/d drop from scheduled shipments for this month, Energy Intel reports. Ultimately, however, exports should be higher as the loading programme for Gdansk has been delayed. Primorsk is set to export 1.42 mb/d next month, down 97 kb/d from June's schedule. Exports from Novorossiysk, planned at 995 kb/d, are set to rise by 188 kb/d over the same period, whilst Tuapse is scheduled to ship 107 kb/d, down 9 kb/d. Kozmino's exports are due to remain relatively stable, down 11 kb/d to 319 kb/d.
01/07/2010
US Weekly Data: Crude Inventories Drop, Products Build
According to the latest data from the EIA, US stocks of crude oil reached 363.1 million barrels by the end of last week, an increase of 2.0 million barrels from the week before. Imports of crude oil fell by 631 kb/d to reach an average of 9.49 mb/d. Inputs of crude oil at the country's refineries averaged 15.09 mb/d, a 98 kb/d decrease from a week earlier, as refinery utilisation fell by 1.0% to 88.4% of total capacity. Mogas imports averaged 1.03 mb/d, down 187 kb/d, whilst inventories grew by 500 thousand barrels. Distillate imports saw a slight increase last week, rising 12 kb/d to an average of 183 kb/d. Distillate stocks, however, saw a significant build, increasing by 2.50 million barrels to a total of 159.4 million barrels at the end of the week.
30/06/2010
Japanese Refinery Runs At Lowest Level In Over Three Years
Japanese refineries were operating at 61.5% of total capacity during the week ending 19 June, the lowest level since recording of operating rates began, Argus reports. The week in question saw throughputs average 2.9 mb/d, an 8% decrease from a month earlier, as sluggish domestic demand and maintenance took their toll.
29/06/2010
Kirkuk Exports To Rise In July
Exports of Iraqi Kirkuk crude from the Turkish port of Ceyhan are set to exceed 400 kb/d in July, up from 350 kb/d in June. This month saw a ten day interruption to shipments of Kirkuk after a pipeline carrying the grade developed a leak.
29/06/2010
Saudi Arabia Regains Status As China's Main Crude Supplier In May
Saudi Arabia provided China with an average of 886 kb/d of crude oil during May, a 233 kb/d increase from the same month last year and enough to ensure that the country overtook Angola as China's main provider, Energy Intel reports. Angola supplied China with an average of 751 kb/d in May, a 268 kb/d increase year on year. Brazil was the other country to see a particularly large increase in the volume of crude it shipped to China, providing 221 kb/d during May, having not exported to the country a year earlier. Iran saw its exports to China slashed, supplying 189 kb/d during May, a 541 kb/d decrease year on year. Total Chinese crude imports during May averaged 4.22 mb/d, a 177 kb/d (4%) increase from the year before, but down from the record 5.17 mb/d supplied in April.
28/06/2010
South Korean Crude Imports Surge During May
South Korea imported an average of 2.45 mb/d of crude oil during May, a 453 kb/d increase (22.6%) from the same month last year, Energy Intel reports. The rise comes largely as a result of increased refinery runs, and thus buying, from GS Caltex. The Middle East provided 2.05 mb/d of the Republic's crude last month, up 20.2% from a year earlier, whilst imports from Asia-Pacific averaged 230 kb/d, up 12.3% year on year. Elsewhere, Russia saw its crude exports to the country reach 179 kb/d, a 138 kb/d (336.6%) increase from the same month last year, on the back of the start-up of the ESPO pipeline. No crude was imported to South Korea from Africa or Latin America during May.
25/06/2010
South Korean coal imports fall to an 11-month low
Coal imports into South Korea fell to an 11-month low of 8.5 Mt in May after hitting a record monthly volume of 10.3 Mt in April, according to trade data. Imports in the first five months of the year were 46.8 Mt, up by 7.7 Mt on the same period last year. Over this period, shipments from Indonesia surged by 6.6 Mt from the year-ago level to 17.2 Mt, whereas imports from Australia fell from 19.3 Mt last year to 15.7 Mt.
24/06/2010
Mexican Crude Imports Reach Highest Level In Over Two Years During May
Mexican exports of crude oil during May averaged 1.59 mb/d, their highest level since March 2008, Dow Jones reports. May's volumes represent a 289 kb/d increase from the month before, and a 418 kb/d increase year on year. Explaining the surge, Pemex, Mexico's state oil company, stated that refinery maintenance locally and in the US during the early part of the year had led to a build in crude stockpiles, which are now being used to satiate seasonally increased demand.
24/06/2010
US Weekly Data: Crude Stocks Build As Imports Jump
According to the latest data from the US Energy Information Administration (EIA), the country's stocks of crude oil increased by 2.0 million barrels last week, reaching 365.1 million barrels. Imports of crude oil averaged 10.11 mb/d last week, an increase of 413 kb/d from the week before. Inputs of crude at US refineries rose by 77 kb/d to an average of 15.19 mb/d over the same period. Units were operated at 89.4% of total capacity last week, up 1.5% from a week earlier. Mogas inventories declined by 800 thousand barrels to reach 217.6 million barrels, whilst imports increased very slightly to 844 kb/d. Stocks of distillate saw a build of 300 thousand barrels, totalling 156.9 million barrels by the end of the week, despite imports dropping by 99 kb/d to an average of 171 kb/d.
23/06/2010
China's iron ore imports by source
Chinese iron ore imports from Australia remained relatively high levels in May, up by 2.4 Mt (+12%) month-on-month to 22.4 Mt, according to official customs figures. By comparison, imports from Brazil slipped to 8.3 Mt, the lowest level since February 2009. At 10.5 Mt May shipments from India are down 2.4 Mt on April, but up by 1.8 Mt on the same month last year.
22/06/2010
China's coal imports by source
Chinese coal imports from Indonesia fell by 44% to a 9-month low of 2.76 Mt. Despite this monthly fall, imports from Indonesia in January-May this year are running at an annualised rate of 64.3 Mt, far ahead of the 30.5 Mt shipped in the whole of 2009, whereas shipments from Australia rose by 20% from the previous month to 2.4 Mt, according to official trade data. Imports from Colombia and the USA to China both saw record months with 0.45 Mt and 0.54 Mt shipped, respectively.
22/06/2010
More West African Crude To Head East In July
Asia-Pacific refineries are scheduled to receive over 1.68 mb/d of West African crude in July, an increase of 130 kb/d from this month's scheduled deliveries, Argus reports. The rise comes on the back of strong Chinese and Indian demand, with Chinese buying exceeding 1.0 mb/d, up 180 kb/d month on month, and Indian refiners taking 520 kb/d, a 40 kb/d increase over the same period.
22/06/2010
North Sea Crude Production Down in May
North Sea crude production averaged 3.50 mb/d in May, an 84 kb/d decline from April's output, Argus reports. Production in the Norwegian sector averaged 1.93 mb/d in May, the lowest level for six months and 33 kb/d less than volumes produced during the preceding month. Output from UK fields averaged 1.31 mb/d last month, a 51 kb/d decline month on month, as production of Forties Blend fell 43 kb/d to 557 kb/d.
21/06/2010
CPC Blend Exports to Rise in July
Shipments of CPC Blend from Novorossiysk are scheduled to average 689 kb/d in July, a 4.5% increase from scheduled exports this month, Argus reports. The rise comes after planned exports in June reached their lowest level since September 2008 as a result of disruption to production at the Tengiz fields, the crude from which forms the main component of CPC Blend.
18/06/2010
Average Global Refinery Utilisation Rates in 2009 Lowest For Fifteen Years
At an average of 81% of total capacity, global refinery utilisation rates fell to their lowest level in 15 years last year, according to BP's latest Statistical Review of World Energy. Inputs at the world's primary distillation units averaged 73.51 mb/d, a 1.47 mb/d decline year on year, which, coupled with the addition of 1.96 mb/d of capacity worldwide, ensured that global spare capacity in 2009 reached 17.15 mb/d, the highest level since 1985. China added 823 kb/d of capacity in 2009, whilst India's capacity increased by 582 kb/d, meaning that for the first time non-OECD installed refining capacity overtook that of OECD countries.
17/06/2010
One of German steelmaker cut production in 3q10
Europe's second largest steelmarker ThyseenKrupp Stahl (TKS) has announced it will reduce 10% of finished steel (hot strip) production in the 3q10 to allow maintenance in Bochum and Duisburg, Bloomberg reported. In 2009, TKS produced 11 Mt of crude steel.
17/06/2010
US Weekly Data: Mogas Stocks Down, Crude Builds
The latest weekly data from the US EIA reveals that the country's stocks of crude oil grew by 1.69 million barrels to reach 363.11 million barrels by the end of last week. Crude imports averaged 9.70 mb/d, a 164 kb/d rise from the week before. Mogas inventories totalled 218.34 million barrels, down 636 thousand barrels, whilst imports saw a slight rise of 50 kb/d to reach an average of 838 kb/d. Distillate stocks increased by a sizeable 1.80 million barrels to a total of 156.62 million barrels, as imports saw a 30 kb/d increase to an average of 270 kb/d. Crude inputs at US refineries averaged 15.11 mb/d, down 73 kb/d from a week earlier, as units were operated at 87.9% of total capacity, down from 89.1% the week before.
16/06/2010
Drop in world HRB price
According to the latest SteelBenchmarker issued by World Steel Dynamics, the world export price for hot rolled band steel fell by $59/t (-9%) from end-May to $625/t, the lowest level since end- February 2010. HRB prices in the USA (-4% or $32/t to $728/t), China (-3% or $18/t to $517/t) and EU (-2% or $17/t to $711/t) all declined. Together with rising in quarterly iron ore and coking coal prices, this implies a significant squeeze in steelmaker margins.
16/06/2010
Russian Crude Production Down in May
Russian crude output averaged 9.99 mb/d in May, down from 10.01 mb/d the month before, but up 2.2% year on year, reports Argus. Seaborne exports fell accordingly last month, down 4.9% to an average of 2.91 mb/d. However, exports via the Transneft pipeline system to destinations outside of the former Soviet Union saw a 90 kb/d increase from April, averaging 3.97 mb/d in May.
15/06/2010
May shipments from Port Hedland rise
Iron ore shipments from Port Hedland in West Australia rose by 3% to 15.02 Mt in May, according to port authority figures. China remained the largest destination with shipments of 9.98 Mt in May, down by 8% month-on-month. In contrast, exports to Japan and South Korea in the same month were up by 51% and 22% respectively, at 2.4 Mt and 1.70 Mt.
15/06/2010
US coal exports close to 13-year high
US coal exports in April (excluding shipments to Canada) stood above 6 Mt for the first time since September 1997, trade data shows. Steam coal exports in April rose to a 6-month high of 1.3 Mt, while coking coal exports in April dropped by just 0.1 Mt from the previous high of 4.8 Mt in March to 4.7 Mt, compared with 1.3 Mt in the same month last year.
14/06/2010
BTC Blend Exports Set to Fall in July
Exports of BTC Blend from the Turkish port of Ceyhan are set to average 839 kb/d in July, a 3.2% decline from the 827 kb/d scheduled for export this month, Argus reports. June's exports will, however, be added to by the arrival at Ceyhan of 40 kb/d of Azeri Light, the main component of BTC Blend, diverted from the Georgian port of Supsa as it undergoes maintenance work.
14/06/2010
FSU Exports To The US Rise
FSU crude exports to the US were up 9.5% yoy in Jan-Mar at 242 kb/d due to rising Russian Pacific-loading crude shipments to the USWC and higher Urals purchases by US firm Valero, destined for the USG, reports Argus. Cargoes from the new ESPO Blend have been shipped to Hawaii and the US mainland, and US demand for Sakhalin and Sokol grades has also grown. Russian shipments to the US were up 16.3% on the year in 1q10 at 199.7 kb/d, while Azeri volumes were down 31.2% at
33.7 kb/d.
33.7 kb/d.
11/06/2010
China's iron ore imports fall, steel exports hit a 20-month high
May imports of iron ore into China fell for the second consecutive month, down by 3.43 Mt (-6%) month-on-month and 1.56 Mt (-3%) year-on-year to 51.9 Mt, according to preliminary data from China Customs. This lifted the January-May import total to 262.24 Mt, compared with 241.93 Mt in the same period last year. Currently, imports in the first five months of this year are only 1.2 Mt above of 2009 pace (628 Mtpa) on an annual basis.
China's steel exports in May surged to a new 2010 high of 4.94 Mt, with a massive yearly increase, compared with 1.19 Mt in the same month last year. This represents the highest monthly volume since September 2008.
China's steel exports in May surged to a new 2010 high of 4.94 Mt, with a massive yearly increase, compared with 1.19 Mt in the same month last year. This represents the highest monthly volume since September 2008.
10/06/2010
US Weekly Data: Mogas Stocks Unchanged Despite Start of Driving Season & Drop In Imports
According to the latest data from the Energy Intelligence Administration (EIA), US stocks of mogas fell by just 8 kbbl last week to a total of 219.0 Mbbl, despite the start of the driving season and a 166 kb/d fall in imports, which averaged 788 kb/d. Distillate stocks saw a 1.84 Mbbl build, totalling 154.8 Mbbl by the end of the week, whilst imports averaged 236 kb/d, a slight increase of 25 kb/d. Meanwhile, crude stocks declined by 1.83 Mbbl over the same period to 361.42 Mbbl, as inputs at refineries averaged 15.19 mb/d, an 82 kb/d increase from a week earlier, and imports increased by 82 kb/d to an average of 9.54 mb/d. Refinery utilisation increased by 1.6% last week to reach 89.1% of total capacity.
09/06/2010
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