PADD 3 Oil-on-Water Congestion
Congestion continues in PADD 3 following the effects of Hurricane Harvey. Oil-on-water is only 3 million barrels lower than last Friday and floating storage as a percentage of total oil-on-water remains staunchly above 30%. Floating storage is designated as crude loaded on vessels traveling at less than 3 knots for at least the past seven days. There are currently 14 vessels tagged as floating storage near Port Arthur, the Port of Houston and the Galveston lightering zone.
Iranian Floating Storage
The VLCC Diamond II, which fully loaded at Assaluyeh on March 17th, discharged approximately 2 million barrels through a ship-to-ship transfer on September 5th, bringing Iranian floating storage volume levels to nil for only the second period of time this year. Iranian floating storage has fallen approximately 11.5 million barrels since early June. Iran rapidly increased seaborne exports through the first half of the year.
Venezuelan Loading Issues
Earlier in the week, there was more than 11 million barrels of capacity waiting to be loaded off the coast of Venezuela. After peaking on September 16th, total capacity waiting to be loaded has fallen by 4.3 million barrels. The Eagle Kangar, Ithaki and Phoenix Vanguard are currently docked and loading crude oil.