Terminal reports sharp rebound in LOOP Sour cavern exports for June

The Louisiana Offshore Oil Port delivered more than 1.1 million barrels of the blended crude LOOP Sour ex-cavern in June, more than double the amount it delivered in May, the oil terminal said Monday. LOOP Sour is comprised of the US Gulf of Mexico 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. Last month, about 37,000 b/d of LOOP Sour were exported from the cavern. That compares with both a 2018 and the 12-month average of 49,000 b/d. It also represents a sharp rebound from May, when about 500,000 barrels of LOOP Sour were delivered from the cavern. That was the lowest monthly total since one year earlier, when no LOOP Sour was exported from the cavern. The record-high was April, when more than 3.2 million barrels, or 107,000 b/d, were delivered ex-cavern. In related news, LOOP and Matrix Markets will host Tuesday their monthly storage futures auction for LOOP Sour capacity allocation contracts, Matrix Markets said last week. The companies will auction 11,900 CACs worth the equivalent of 11.9 million barrels of storage. The front-month of August will see… continue reading

Continue reading Terminal reports sharp rebound in LOOP Sour cavern exports for June. This article appeared first on CTRM Center.

Source: CTRM Center

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