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.
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. 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.
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.
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.