Imported barrels of crude into the UK from the US Gulf Coast rebounded from a five-week low Friday, with shippers swapping out Suezmaxes for Aframaxes on delivered cargoes. Delivered crude cargoes from the USGC to the UK for the week ended October 26 increased around 1 million barrels week on week, according to data from S&P Global Platts Analytics. An additional 269,000-barrel cargo was exported from the USGC to the Netherlands for that same time period, representing a week-on-week decline in USGC crude cargoes to Rotterdam of 1.35 million barrels. Ongoing fall maintenance and soaring freight rates have contributed to lower crude demand in the region. Cargoes delivered into the UK for the week ended October 26 included two 536,000-barrel cargoes and one 501,000-barrel cargo, all of which arrived in Liverpool. Essar Oil operates the 205,500-b/d Stanlow refinery near Liverpool. Freight rates for Aframax vessels have been steady to higher since October 5, with the USGC-UK Continent route moving up w130 points or over 144% over those 15 consecutive trading days. On Friday, freight for the USGC-UKC route fell for the first time since October 5 to w205, down w15 points day on day. Shipping sources have attributed the bullish… continue reading
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Source: CTRM Center