Kpler OIL (Increasing Exports from Venezuela)

Originally Released on 14 December 2017

Canadian Seaborne Exports Spike

Over the past several days, Canadian seaborne oil export loadings have shown strength. Between 12/8 and 12/13, the 7-day moving average increased 455 kbd. A sizable 768 kbd oil shipment was loaded for Italy on 12/9, the first flow of its kind since late-October.

South Korean Imports Rebound

Following a steady rise and fall in daily import volumes into South Korea in late-November, over the past week import volumes have once again rebounded. Between 12/8 and 12/13, the 7-day moving average increased 646 kbd. Two large shipments from Saudi Arabia (3,117 kbd) and Kuwait (2,179 kbd) on 12/6 helped to drive import levels higher for the week.

U.S. Exports Struggle to Find Direction

U.S. seaborne oil exports have struggled to find direction over the past month. Week-ending 12/8 finished at 1,054 kbd in oil shipped abroad – a 29% decrease week-over-week. This is a continuation of the zig-zag pattern first established in mid-November.

PADD 3 Oil-on-Water Increases

December has been marked by a consistent increase in PADD 3 oil-on-water volumes. Between 12/3 and 12/14, oil-on-water has increased 8.43 million barrels. It appears that most of this volume is readily moving in and out of the region – floating storage has remained at or below 20% of total oil-on-water volume. Floating storage is assumed as crude on vessels that have moved at less than one knot for at least the past 10-days.

Venezuelan Exports Trend Higher

Following a prolonged period of export declines, Venezuela has managed to grow oil shipments leaving the nation-state since late-October. Between weeks-starting 10/30 and  12/4, crude leaving Venezuelan shores increased by 414 kbd – a 35% change.

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