Aramco will allocate about 51 million barrels to Chinese refiners in August, (1.65 million barrels per day), 4 million barrels higher than July's allotted volume.

Total just bought 3 WTI Midland cargoes for end of July at dated +1.3 on average. We are getting there. WTI exports should ramp up from here.

Maybe is time for the boats to get some love

RT @B9Despot: US #DOE stocks for week ending 7/4/2025 #oott #EIA.Crude : +7.1 MM bbls.Gasoline : -2.7.Distillate : -0.8.Cushing : +0.5 . Cr….

Freight is cheap

Why did Aramco rose their OSP to $2.20, above expectations?.Because they can

Barrels already here anyway, but they signaled a full unwind for Sep, those will be real barrels. What kind of barrels? Probably on the lighter slate, to keep some degree of control over the med sours. Don't count on Russia though, they can't ramp up even if they wanted.

well. this would be a surprise indeed. I won't blame them, Dubai premium above 3 bucks is tempting.

Things are heating up in the North Sea. Unipec bid Forties @ dated +1.30. On Tuesday Shell sold their forties cargo @ dtd +0.15. Midland offered dtd+2.1.Phys is getting tight, flat price should follow soon

surprise my ass, we saw mid last week barrels started to flow to the export markets as US refiners are fully fixed with crude buying. Same thing in Europe.Only place to go is East.<arb open?>

they are blowing up! . REPORTS OPERATIONS REQUIRE FLARING AT BEAUMONT, TEXAS COMPLEX.THE BEAUMONT COMPLEX HOUSES A 612,000 BARREL-PER-DAY OIL REFINERY.

Guess who's back?*. *ᵀʰᵉˢᵉ ᵇᵃʳʳᵉˡˢ ʷᵉʳᵉ ᵇᵒᵘᵍʰᵗ ᶦⁿ ᵗʰᵉ ˡᵒʷ ⁶⁰ˢ

North Sea: Shell still offering that Forties cargo, now at Dated +0.15 (started 2 weeks ago at +1.60). no takers.Prompt Brent structure in contango.

Last week, we had a crash course in the Dark Arts of Freight Pricing. Here is how the price discovery mechanism works in the tanker market🧵

Thank you for your attention to this matter.

now the traffic is flowing, but till yesterday there were some radio/gps interference, so most owners decided to go when traffic is visible.

Why do we panic when we see U-turns on a ship like this? Because U-turns cost money, this maneuver costed the owners at least $50k in extra fuel. That money won't be recovered, and shipowners don't take loosing money lightly.

The tanker had to be there before Jun 26th to commence loading, so it speeds up and made it in time, loading from two terminals.

Things got hairy with the GPS jamming and the tanker was ordered to turn around and wait for daylight to go through again. The real risk was collision, not the Hormuz strait closure.