Crude oil rises on concerns about plunge in exports from Venezuela By Seeking Alpha

Crude oil rises on concerns about plunge in exports from Venezuela By Seeking Alpha


Stock Markets9 minutes ago (Jun 07, 2018 10:33AM ET)

© Reuters. Crude oil rises on concerns about plunge in exports from Venezuela

  • prices push higher following reports that Venezuela is nearly a month behind delivering crude to customers from its main oil export terminals; WTI crude +1.4% at $65.63/bbl, also +1.4% at $76.42/bbl.
  • Venezuela’s state-run PDVSA warned in recent days that deliveries to major refiners could be interrupted if it fails to end a tanker bottleneck contributing to a sharp decline in oil exports.
  • According to Reuters, tankers waiting to load 24M-plus barrels of crude – nearly as much as PDVSA shipped in April – are sitting off Venezuela’s main oil port in a backlog so severe that the company has told some customers it may declare force majeure.
  • Customers waiting for cargoes with tankers already at sea reportedly include Chevron ( +2.1%), Valero Energy ( +0.5%) and China’s CNPC and its PetroChina ( +0.8%) trading unit.
  • ETFs: , , OIL, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , USOI, , , , , UBRT, ERYY, DBRT, , , ,
  • Now read: Pessimistic On Crude Oil Ahead Of Vienna

Original article

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