LOOP Sour crude became lighter and more sour in April, with an average API gravity of 29.8 degrees and typical sulfur content of 2.86%. The crude’s minimum-maximum API gravity range was 29.3-30.7 degrees, while sulfur content ranged from 2.37%-3.26%, according to data from the Louisiana Offshore Oil Port. API and sulfur are two of many characteristics refiners look at when deciding which crudes to run to maximize or minimize production of particular refined products. Other factors include acidity, metals content, the presence of asphaltenes and a distillation curve. LOOP Sour is comprised of the US Gulf of Mexico medium sour grades Mars and Poseidon and a crude blend called Segregation 17, into which the Middle Eastern grades Arab Medium, Basrah Light and Kuwait Export Crude can be delivered. About 10.203 million barrels of Basrah Light were imported to Morgan City, Louisiana, in April, with a total of nine cargoes making their way to LOOP, according to data from S&P Global Platts Analytics and the US Customs Bureau. This represents a month-on-month increase of 8.176 million barrels compared with March. Meanwhile, imports of Kuwait Export Crude at LOOP ceased in April, representing a month-on-month drop of 1 million barrels. Arab Medium… continue reading
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Source: CTRM Center