Mexico's Failing Light Crude Opens Door For Light Tight from US

[Rodent + 1,424]

Mexican light crude is being kept at home, limited how much is available for export. Guess who's gonna fill the gap left int he marketplace? Yup.. US. A lot of this went to Asia. Russia may fill in as well.

Mexico hasn't shipped a single barrel of it's lightest sweet crude grade in nearly 3 months. 

[Stephen + 67]

I noticed that Asian refiners are looking into shifting their focus back to the Middle East for bulk of their medium sour crude oil requirements

[LAOIL + 33]

33 minutes ago, Rodent said:

Mexican light crude is being kept at home, limited how much is available for export. Guess who's gonna fill the gap left int he marketplace? Yup.. US. A lot of this went to Asia. Russia may fill in as well.

Mexico hasn't shipped a single barrel of it's lightest sweet crude grade in nearly 3 months. 

This is really interesting ... do you have numbers?

[Rodent + 1,424]

 

On 12/22/2017 at 11:09 AM, LAOIL said:

This is really interesting ... do you have numbers?

Mexico's Olmeca is it's sweetest, lightest grade. It didn't ship any in May, June, or September. In 2016, Mexico exported 108,000 bpd of Olmeca. In 2017, as of November, it had dropped to 25,000 bpd. 

For Isthmus--another Mexican sweet crude grade, exports fell 16% in November. Now, 91% of Mexico's crude oil exports are of the heavy variety. 

Mexico declared force majeure on Isthmus cargos last month, but Mexico is being hush-hush about its problems, but its oilfields are maturing, and its own storage capacity is tight.