In the LOOP: March LOOP crude deliveries drop on subdued demand

Deliveries of LOOP sour crude dropped in March, one month after flows reached their highest level in half a year, a Louisiana Offshore Oil Port report showed Monday. LOOP delivered more than 845,000 barrels of the sour crude from its storage in March. That is compared with the six-month record high of 1.135 million barrels of LOOP sour crude that was delivered in February. US Gulf Coast refining activity hit its lowest point in about a year during March. The Energy Information Administration data showed that in the week that ended March 22, the USGC refining complex ran at 87% of capacity, the lowest level since the week that ended February 16, 2018. Market sources said this was partly due to a fire at ExxonMobil’s Baytown refinery, one of the largest in the US, as well as other planned and unplanned repair work in the region. With regional refining appetite quelled, demand for LOOP sour may have been dampened. However, March’s deliveries of LOOP sour still remained relatively strong, when compared with the six-month average of about 730,000 barrels delivered. There has been strong demand for sour, heavier crude grades such as LOOP sour in recent months as there has… continue reading

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Source: CTRM Center

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