Chemical News
-
US weekly Angolan crude oil imports at highest level since November: EIA
https://www.chemnet.com Sep 19,2014 Platts
Weekly US imports of Angolan crude have hit their highest level since November 2013, according to Platts analysis of EIA data released late Wednesday.
Some 319,000 b/d of Angolan crude traveled to the US for the week ending September 12, an increase of 128% over the previous week.
The last time a similar volume was recorded on the transatlantic route was at the start of November, when Angolan exports to the US touched 329,000 b/d.
Meanwhile, the US imported no Nigerian crude for the week ending September 12, marking the third week of the past four in which there were no Nigerian crude shipments to the US.
The recent uptick in interest for heavier Angolan grades by US refiners is due to their desirability for blending with light, sweet US shale oil.
The physical quality of Angolan crude -- heavy and sweet -- has resulted in slightly lower demand elasticity from the US, relative to producers of lighter grades like Nigeria.
With the tight shale oil boom in the US, the country's demand for Angolan heavy and sweet crudes has increased because of the comparative ease of blending that crude with shale oil, as well as demand for heavy refined products and feedstocks, which favors Angolan crudes.
US Angolan deliveries have averaged around 122,432 b/d to the US since the start of 2014, compared with just 70,108 b/d for Nigerian crude, according to recent EIA import data.
This will be the first year in which US Angolan crude imports surpass Angolan imports since the EIA started tracking such data in 1973, Platts analysis shows.
Print | 
add to Favorites | 
Close
International Chemical Exhibition
-
Advertisement
-
