Crude Oil Deliveries to Non-China Asia Destinations Picks Up, Vortexa Says
The pickup in traffic through the Strait of Hormuz after the signing of a now-questionable interim peace agreement between the US and Iran has improved crude oil supplies to non-China Asian buyers who were among the hardest hit by the crisis, researcher Vortexa said late last week. This should in turn restore refinery runs in Northeast Asia, its commentary said, with regional runs having now rebounded to seasonal averages. Product exports are rising as a result with Northeast and Southeast Asian CPP exports, excluding LPG and biodiesel rising by about 600,000 barrels per day from record lows in mid-May. MR2 voyages from Northeast Asia to the US West Coast have doubled for the second month in a row in June, taking them back to pre-Iran war levels, Vortexa said. The USWC has faced more competition from jet fuel from Asia while the US continues to supply Europe with jet fuel at a record level. MR operators are increasingly opting to remain in the Pacific rather than ballast to the Atlantic, the report said, reversing the pattern observed in April and May. Tankers are now either ballasting straight back to Northeast Asia or taking on cargo on the USWC and then heading to Mexico.
The pickup in traffic through the Strait of Hormuz after the signing of a now-questionable interim peace agreement between the US and Iran has improved crude oil supplies to non-China Asian buyers who were among the hardest hit by the crisis, researcher Vortexa said late last week.
This should in turn restore refinery runs in Northeast Asia, its commentary said, with regional runs having now rebounded to seasonal averages.
Product exports are rising as a result with Northeast and Southeast Asian CPP exports, excluding LPG and biodiesel rising by about 600,000 barrels per day from record lows in mid-May.
MR2 voyages from Northeast Asia to the US West Coast have doubled for the second month in a row in June, taking them back to pre-Iran war levels, Vortexa said.
The USWC has faced more competition from jet fuel from Asia while the US continues to supply Europe with jet fuel at a record level.
MR operators are increasingly opting to remain in the Pacific rather than ballast to the Atlantic, the report said, reversing the pattern observed in April and May.
Tankers are now either ballasting straight back to Northeast Asia or taking on cargo on the USWC and then heading to Mexico.