A flurry of tentative bookings to export U.S. crude oil from the Gulf Coast suggests demand is edging up after the coronavirus slammed energy consumption worldwide.
) have all tentatively fixed vessels this past week to carry U.S. crude to global destinations over the coming month, according to Refinitiv Eikon data and shipping sources.
Occidental, Equinor and BP declined comment. Trafigura did not immediately respond to requests for comment. While U.S. crude’s discount to Brent LCOc1-CLc1 is still narrow, freight rates for supertankers from the U.S. Gulf to Singapore TD-LPP-SIN plunged more than 80% from early April to the lowest since August 2019 this month, Refinitiv Eikon data showed. Those rates are currently near $5.75 million after peaking around $20 million in late March, sources said. [CRU/C]
Taiwanese refiner CPC Corp purchased 6 million barrels of U.S. West Texas Intermediate Midland crude for delivery in August, traders said on Tuesday.
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