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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    weakness of US demand for Basra crude devour the Iraqi oil premium

    Rocky
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    • Post n°1

    weakness of US demand for Basra crude devour the Iraqi oil premium Empty weakness of US demand for Basra crude devour the Iraqi oil premium

    Post by Rocky Sat Nov 04, 2017 7:16 am

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    weakness of US demand for Basra crude devour the Iraqi oil premium[/size]
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     3 hours ago



    Iraq's Basra crude was sold in November at the biggest discount for official prices in more than a year as shipments accumulated after hurricanes hit the Gulf Coast of the United States collided with Mexican crude, trade sources said on Friday.

    The drop in US demand for Iraq's oil may hinder efforts by OPEC's second-largest producer to boost exports from the southern port of Basra to offset the decline in the north.

    Basrah shipments have accumulated after four hurricanes disrupted the arrival of shipments to the Gulf of Mexico in the United States between August and October.

    More than 22 million barrels of Basra crude were due to arrive in the United States in October and November, the highest monthly volume since data tracking began in 2015, trade data showed on Thomson Reuters.

    But a trader in Singapore said some shipments remain unsold while Mexican crude meets some of the US demand.

    Data showed that US imports of Mexican crude hit a four-month high of 21.3 million barrels in October after a storm and storm caused Mexico's largest refinery to shut down most of the month.

    "Hurricanes have caused the accumulation of surplus Basra ore while more Mexican oil has been sold to the United States," a trader said.

    Traders say US refineries have also shifted to cheaper domestic crude, after the rebound between the price of West Texas Intermediate crude on the current market and Dubai's crude has risen to between $ 3 and $ 5 a barrel since September for $ 1 to $ 2 in August.

    Basra's crude oil rebate rose to 30 to 70 cents a barrel in November, below official selling prices. In the previous month, the price ranged between a 30 cent premium and a 10 cent discount, depending on the destination of the shipment.

    Merchants who asked not to be named because they were not authorized to speak to the media said Basra's heavy crude load in November fell to 10 cents to 50 cents above official prices, compared to a premium of 80 cents a dollar the previous month.

    Ship data show that traders slowed down the movement of ships and stored some shipments off the Gulf of Mexico to adapt to Basra's surplus crude in the United States.

    A giant tanker carrying 2 million barrels of Basra crude has been anchored in the US Gulf of Mexico since October 8.

    Sources say the big discount for Basra crude is attracting demand from Asian refiners.

    Basra crude was sold for December to Asia at a discount of about 50 cents at a time when Iraq is likely to increase official selling prices in line with Saudi Arabia.

    In another blow to Iraq, Baghdad was unable to attract any offers to buy Basra crude for immediate shipment to Europe in a bid on Tuesday.


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