LOOP Sour ex-cavern deliveries in September were just shy of 1 million barrels, and it appears companies are more interested in refining the crude blend rather than storing it given the backwardated market, according to LOOP data published Monday. The Louisiana crude terminal allocates one of its eight underground caverns to the crude blend LOOP Sour. Ex-cavern deliveries in September were more than 990,000 barrels, or 33,000 b/d, LOOP said. That is down slightly from 38,000 b/d in August and is 10,000 b/d less than the 2018 to-date average. LOOP Sour was slightly lighter in September and its most sweet in more than two years. LOOP Sour had an average API of 29.7 in September, while its sulfur content fell to 2.11%, the lowest level since deliveries averaged 2.01% in March 2016. 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. LOOP Sour has averaged 29.50-30.50 API and 2.11%-2.90% over the past 12 months. That makes it most similar to Mars in API gravity and Arab Medium from a sulfur standpoint.… continue reading
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Source: CTRM Center