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































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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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