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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

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    Canadian oil replaces Iraqi crude on the American West Coast

    Rocky
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    • Post n°1

    Canadian oil replaces Iraqi crude on the American West Coast Empty Canadian oil replaces Iraqi crude on the American West Coast

    Post by Rocky Tue 25 Jun 2024, 5:15 am

    Canadian oil replaces Iraqi crude on the American West Coast

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    Economy News - follow up
    [rtl]Refiners on the West Coast of the United States intend to replace their imports of Iraqi heavy oil with cheaper crude from Canada, at a time when the newly expanded “Trans Mountain” line rearranges trade flows across the Pacific Ocean.[/rtl]
    [rtl]California and Washington are scheduled to import about 150,000 barrels per day of Canadian crude via tankers in June, representing a seven-fold increase in average volumes, according to preliminary data from Vortexa. At the same time, their imports of Iraqi “Basra Heavy” crude are expected to decrease to 3,587 barrels per day, from 76,000 barrels last May.[/rtl]
    [rtl]The Trans Mountain expansion, which began in May, transports 590,000 barrels per day of crude from the Canadian oil sands to Vancouver for export. This is likely to be an advantage for refiners on the US West Coast, which would otherwise pay several dollars more per barrel to buy Iraqi crude.[/rtl]
    [rtl]Trade flows also suggest that the United States will for now remain a dominant buyer of Canadian oil, even as the pipeline gives producers access to coveted Asian markets.[/rtl]
    [rtl]European competition for Iraqi Basra crude in light of the shortage of supplies[/rtl]
    [rtl]While the Trans Mountain line is still not operating at full capacity, the company expects 22 tankers to ship crude oil from Vancouver this month. More than 81 thousand barrels per day are heading to China. Another 50,000 barrels per day are headed to India, the first movement of its kind off the Canadian Pacific coast.[/rtl]
    [rtl]As Canadian imports to the US West Coast rise, shipments of Brazilian medium-sulphur, Tupi, as well as Basra Heavy crude oil are declining.[/rtl]
    [rtl]Alberta heavy West Canadian Standard crude is trading about $13 cheaper than U.S. West Texas Intermediate crude, or about $67 a barrel, according to Bloomberg's general index pricing. Basra Heavy crude is trading about $5.55 cheaper than benchmark Brent crude, or more than $80 per barrel.[/rtl]
     


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