AGL 39.85 Decreased By ▼ -0.15 (-0.38%)
AIRLINK 129.19 Increased By ▲ 0.13 (0.1%)
BOP 6.82 Increased By ▲ 0.07 (1.04%)
CNERGY 4.73 Increased By ▲ 0.24 (5.35%)
DCL 8.65 Increased By ▲ 0.10 (1.17%)
DFML 41.15 Increased By ▲ 0.33 (0.81%)
DGKC 83.00 Increased By ▲ 2.04 (2.52%)
FCCL 33.19 Increased By ▲ 0.42 (1.28%)
FFBL 74.02 Decreased By ▼ -0.41 (-0.55%)
FFL 11.83 Increased By ▲ 0.09 (0.77%)
HUBC 109.55 Decreased By ▼ -0.03 (-0.03%)
HUMNL 14.30 Increased By ▲ 0.55 (4%)
KEL 5.27 Decreased By ▼ -0.04 (-0.75%)
KOSM 7.68 Decreased By ▼ -0.04 (-0.52%)
MLCF 39.30 Increased By ▲ 0.70 (1.81%)
NBP 64.22 Increased By ▲ 0.71 (1.12%)
OGDC 193.20 Decreased By ▼ -1.49 (-0.77%)
PAEL 25.70 Decreased By ▼ -0.01 (-0.04%)
PIBTL 7.33 Decreased By ▼ -0.06 (-0.81%)
PPL 153.70 Decreased By ▼ -1.75 (-1.13%)
PRL 25.52 Decreased By ▼ -0.27 (-1.05%)
PTC 17.41 Decreased By ▼ -0.09 (-0.51%)
SEARL 78.40 Decreased By ▼ -0.25 (-0.32%)
TELE 7.72 Decreased By ▼ -0.14 (-1.78%)
TOMCL 33.56 Decreased By ▼ -0.17 (-0.5%)
TPLP 8.40 No Change ▼ 0.00 (0%)
TREET 16.49 Increased By ▲ 0.22 (1.35%)
TRG 56.70 Decreased By ▼ -1.52 (-2.61%)
UNITY 27.50 Increased By ▲ 0.01 (0.04%)
WTL 1.38 Decreased By ▼ -0.01 (-0.72%)
BR100 10,564 Increased By 118.9 (1.14%)
BR30 31,197 Increased By 7.2 (0.02%)
KSE100 98,416 Increased By 617.9 (0.63%)
KSE30 30,735 Increased By 253.9 (0.83%)

US imports of crude oil from Saudi Arabia in August and September are poised to reach the highest two-month level since early 2017, as refiners take advantage of relatively cheaper prices, Thomson Reuters trade flow data show. Discounts for Saudi Arabia and other OPEC producers have encouraged flows, with OPEC's daily basket on Thursday more than $2 per barrel cheaper than Brent. US demand for crude also is rising on strong refining margins and high utilization rates.
"Middle East producers are becoming much more aggressive, wanting to bring their barrels back into the market," Marathon Petroleum Chief Executive Gary Heminger said at a Barclays energy conference this week. The influx of Saudi crude has been driven in part by the Trump administration's efforts to bring back oil-export sanctions on Iran, shifting global flows.
Iraqi crude exports to the United States fell to 195,000 bpd last month, the lowest level this year, as it sent more oil to India. India cut its purchases of Iranian crude by more than half, to 339,000 bpd in August, data from market intelligence firm Kpler show.
Marathon Petroleum, the second-largest US refiner by processing capacity, is hearing from suppliers of Middle East crude "we want to come back and sell more crude into your marketplace," Heminger said. Marathon declined to elaborate further.
Saudi September crude deliveries to the United States will reach 940,700 bpd on top of the 1.03 million bpd that arrived last month, according to Thomson Reuters trade flows data. That makes US imports of Saudi crude in August and September the highest since February and March 2017. US imports of Saudi crude had fallen as low as 521,000 bpd last November amid OPEC efforts to cut global inventories, the data show.

Copyright Reuters, 2018

Comments

Comments are closed.