To send to Germany and China
Dumb move
A second shipment of crude from a U.S. Gulf of Mexico offshore field has sailed for Germany, according to vessel tracking data and trade sources on Tuesday, as European refiners test potential replacements for Russian oil.
Europe is aiming to cut 90% of its Russian oil imports by the end of this year. Refiners are expected to look to Norway, the Middle East, the United States and West Africa for alternative supplies, according to analysts.
The hunt for substitutes has led in two recent instances to Mars, a U.S. sour grade similar to Russia's Urals.
The Ise Princess tanker loaded Mars Sour crude off the Louisiana coast and is on its way to the Baltic Sea port of Rostock, Germany, according to Refinitiv Eikon ship tracking and sources.
Chinese appetite for US crude remains robust in August despite pick-up in Russian loadings
16 August 2022 7:31 GMT UPDATED 16 August 2022 12:40 GMT
By Paul Peachey in London
Dirty tanker rates leapt on the US Gulf to China route in July as state-run giant Sinopec switched from Russian to US crude, according to energy data analyst Vortexa.
All of the cargoes were earmarked for restocking Sinopec refineries outside Shandong province in expectation of an increase in demand for products in China.
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China’s crude loadings from the US hit an 18-month high in July with an estimated 330,000 barrels per day (bpd) compared with just 60,000 bpd in the previous two months.
The US loadings contrasted with a sharp dip in Sinopec’s Russian Far East cargoes with just three in July compared with 14 in May and June, according to Vortexa.
The second ship of Mars crude in a month is carrying about 570,000 barrels and due in Rostock Aug. 30, shipping data showed.