Canadian Exports to Rotterdam
Earlier this week, we sent out an update detailing an increase in Mexican export flows to Rotterdam, which averaged 60 kbd between October 2017 and January 2018. Canadian oil appears to be mimicking the trade pattern. The Minerva Antarctica left the NTL Terminal on February 8th loaded with approximately 770,000 barrels of oil. AIS signaling indicates an ETA of February 17th at Rotterdam. This is the first ever such trade flow since at least 2013.
Canadian exports leaving the NTL Terminal towards Europe have grown increasingly robust over the past several weeks with shipments towards not only the United Kingdom (51.9 kbd in January), but towards Ireland and Portugal among others. January 2018 ended at 77 kbd shipped towards Europe, up 29 kbd m/m and 57 kbd y/y.