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The lack of shipments in February from the Louisiana Offshore Oil Port (LOOP) is a stark contrast from January.
(Bloomberg) Crude exports from Louisiana’s offshore supertanker port tumbled to zero as Asian buyers limited purchases to manage high inventories that threaten to overwhelm storage facilities.
The lack of shipments in February from the Louisiana Offshore Oil Port for the first time in nearly two years is a stark contrast from January when the facility sent out a record of nearly 15 million barrels of domestic crude to buyers in China, South Korea and India, data compiled by Bloomberg show.
Louisiana Offshore Oil Port Loadings Crash to Zero From Record – gCaptain gcaptain.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gcaptain.com Daily Mail and Mail on Sunday newspapers.
Chinese refiners cool on crude purchases as oil futures rally
China’s crude oil imports are set to slow in the second quarter after Brent prices hit a 13-month high, cooling demand and capping refiners’ margins as they prepare to shut for planned maintenance, industry sources and analysts said.
Expectations of a recovery in global fuel demand and tighter oil supplies from Saudi Arabia and the United States pushed front-month Brent futures to their highest since January 2020 this week, up around 30% from January.
Chinese independent refiners, who account for a fifth of the country’s import demand, have become reluctant to buy cargoes as they enter a low-demand season, while domestic margins have yet to catch up with strong gains in international prices, the sources said.
Crude exports from Louisiana’s offshore supertanker port tumbled to zero as Asian buyers limited purchases to manage high inventories that threaten to overwhelm storage facilities.