In the LOOP: US Gulf Coast crude exports to Venezuela resume

Two rare cargoes of US Gulf Coast crude could be making their way to Venezuela, according to S&P Global Platts fixtures reports. Last week, Vitol was heard to have booked two Panamax-sized vessels to move crude from the USGC to Venezuela. Panamax vessels can carry roughly 500,000-800,000 barrels of crude oil. One of those vessels, the SCF Pacifica, was loaded in Houston over the weekend. The other vessel reported, Skopelos, was also to be loaded November 25. However, that vessel was spotted off the coast of West Africa on Monday, according to Platts cFlow trade flow software. The US has exported about 1 million barrels of crude to Venezuela during the past six weeks, according to S&P Global Platts Analytics and cFlow. None was transported during the weeks ending November 9 and November 16. For the weeks ending October 26 and November 2, the US sent 522,000 barrels and 534,000 barrels to Venezuela. No other US crude exports to Venezuela have occurred since 2003, according to US census data. Crude being transported to Venezuela is likely WTI MEH, Light Louisiana Sweet or Domestic Light Sweet, a barrel blended to match the specifications of WTI Midland, according to market sources. The… continue reading

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Source: CTRM Center

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