2024.10.21
- SLOW
- 2024년 10월 21일
- 5분 분량
Canadian crude reaches Alaska for first time in a decade amid Trans Mountain Pipeline expansion
A tanker carrying 466,000 barrels of Canadian crude was shipped from Vancouver to Nikisi, Alaska, for the first time in at least 10 years, marking a significant development in export patterns. The shipment, destined for Marathon’s Kenai refinery, highlights the impact of the expanded Trans Mountain pipeline, which has increased Canada's oil export capacity to nearly 900,000 barrels per day. The pipeline has opened up new markets for Canadian crude, including Asia and the US West Coast. Shipments to Alaska are rare, with only five international deliveries to Nikisi in the past four years.
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[SLOW] https://slowspace.io/ _ Jask Oil Terminal
Iran's Jask oil terminal partially fills as alternative route to Strait of Hormuz
Iran’s Jask oil terminal, built to bypass the strategically vital Strait of Hormuz, has partially filled with crude for the first time since its official opening in July 2021. Satellite imagery shows the terminal, located outside the Persian Gulf, filling one of its storage tanks by mid-October. Though the terminal offers a way to avoid the Strait, it remains largely inactive, with just one recent significant loading in September. Jask's current capacity is far below its potential, and it is unlikely to replace Kharg Island, which remains Iran’s primary oil export hub, handling 90% of the country’s crude exports.
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[SLOW] https://slowspace.io/ Sudan / South Sudan Pipeline _ Port Sudan
Sudan to resume South Sudan oil exports after key pipeline repair
Sudan announced its readiness to resume exporting oil from landlocked South Sudan after repairing a crucial pipeline that had been out of service for eight months. The pipeline, which previously transported over 150,000 barrels of crude daily to Sudan's Red Sea coastline, was blocked in February due to crude gelling caused by a diesel shortage. Sudan's military-led government stated that all obstacles have been resolved but did not provide a specific restart date. Ongoing civil war, insecurity, and flooding had delayed the repairs since the conflict began in April 2023.
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[SLOW] https://slowspace.io/ _ Total Antwerp Refinery
TotalEnergies plans major maintenance at Antwerp refinery in 2025
TotalEnergies SE is planning a major maintenance shutdown at its largest European refinery in Antwerp during the second half of 2025. The turnaround, set to last from September to December, will include work on a crude-processing unit, furnaces, and a key gasoline-making unit, which had its maintenance delayed from this year. The Antwerp refinery, located in Europe's oil-trading hub, processes around 340,000 barrels of crude per day. A new reactor will be installed on the larger of the two gasoline units during the shutdown.
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[SLOW] https://slowspace.io/ Trade Flow China oil products seaborne exports by cargo group
China's diesel exports drop to 15-month low in September amid weak margins and export quotas
China's diesel exports fell sharply in September to 350,000 metric tons, a 70.9% year-on-year drop and the lowest level since June 2023, according to customs data. The decline was due to limited export quotas, weak export margins, and refiners prioritizing jet fuel over diesel. Diesel exports also fell significantly from 880,000 tons in August. While gasoline exports dropped 33% from last year to 730,000 tons, jet fuel exports rose 11.8% to 1.62 million tons, driven by stronger profit margins. Total refined fuel exports fell 4.5% year-on-year, while liquefied natural gas (LNG) imports increased 21.7% in September.
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India targets $87 billion investment in petrochemicals over the next decade
India plans to attract $87 billion in investments over the next decade to meet the rising demand for petrochemicals, according to Oil Minister Hardeep Singh Puri. As more citizens enter the middle class, the demand for petrochemical-based products is expected to surge. Currently, India consumes 25-30 million metric tons of petrochemical products annually, with the sector valued at $220 billion, projected to grow to $300 billion by 2025. Indian oil companies, including Nayara Energy and Haldia Petrochemicals, have announced plans to boost production. The country aims to increase petrochemical production from 29.62 million tons to 46 million tons by 2030.
[SLOW] https://slowspace.io/ _ India
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Russia expands LNG shadow fleet through Dubai-based company
A newly established Dubai-based company, Matias Ship Management, has taken over the management of three liquefied natural gas tankers—Velikiy Novgorod, Pskov, and La Perouse—part of Russia's efforts to evade Western sanctions. These tankers, previously managed by Gazprom and Sovcomflot, are now operating under a more opaque ownership structure, typical of shadow fleet vessels used to obscure their true governance. Matias Ship Management operates from a shared office space in the Meydan Hotel, which is also home to another company suspected of aiding Russia in accumulating shadow fleet vessels. Despite the challenges posed by sanctions, the vessels have been actively serving the Portovaya LNG export plant, which remains unaffected by Western restrictions. However, recent sanctions by the UK have targeted Velikiy Novgorod and La Perouse.
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[SLOW] Oil Market _ ESPO
Rising ESPO blend oil premiums in China
Spot premiums for Russia's ESPO Blend crude oil have surged to over $1 per barrel, driven by concerns about potential supply disruptions from Iran and increased demand from Chinese refiners. The premium has risen from $0.20-0.50 per barrel earlier in the month, marking the first significant spike in about a year. Chinese independent refiners, known as "teapots," prefer ESPO Blend, particularly amid rising prices for Abu Dhabi's Murban oil. Demand has also been fueled by new refiner Shandong Yulong Petrochemical, which recently began operations. However, the price rebound might be short-lived due to weak fuel demand and low refining margins in China.
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[SLOW] LR2 Market Monitor _ LR2 TCE comparison
LR2 tanker rates surge 36% as Middle East product fixtures show recovery signs
Spot rates for LR2 product tankers on the Middle East to Asia route surged by 36.4% in just four days, reaching over $26,700 per day, with a significant one-day gain of 11.4% on last Friday. This marks the highest earnings level for the route since October 1. The increase follows a slump where rates dropped as low as $31,700 per day in September. Baltic Exchange analysts noted signs of recovery after rates had stagnated at WS 115 for some time. Meanwhile, smaller LR1 tankers also saw improved rates, with earnings rising from $13,500 to $17,600 per day by week’s end. Average earnings for LR2s were estimated at $27,800 per day, significantly lower than current charter market rates, where some fixtures have reached $40,000 per day.
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