Spain crude imports off lows in June, US volumes surge
Spain crude imports edged higher on the month in June as integrated energy firm Repsol prepared to bring units back online after maintenance and outages. Crude shipments from the US surged to 11-month highs.
Imports remained subdued on maintenance including unplanned work at the larger of the two crude distillation units (CDUs) at Repsol's 120,000 b/d Coruna refinery. The facility did not come back online until July, while planned maintenance on conversion units including a hydrocracker at the firm's 220,000 Cartagena refinery lasted until the 19 June.
Abu-Dhabi controlled Cepsa also carried out eight days of planned maintenance on the hydrocracker at its 220,000 b/d Huelva refinery mid-month, according to traders. This could also have contributed to the dip in crude receipts at the refinery in June.
Imports rose by 52,000 b/d, or 5pc, to 1.18mn b/d on the month in June, partly recovering from falls of 17pc in May from April. But they were 12pc lower than a year earlier, according to state-owned petroleum reserves agency Cores.
Receipts were also 14pc below pre-Covid 19 levels for the same month of 2019, compared with 17pc below them in May and were around 310,000 b/d below Spanish nameplate crude distillation capacity.
The US replaced Nigeria as Spain's top crude supplier in June, with receipts from the country climbing by 28pc to 205,000 b/d, their second highest level since exports from the country resumed in 2016. WTI blend featured on at least half of Spanish refineries slates, according to Argus Tracking.
Shipments from Nigeria dropped by 16pc from May to 161,000 b/d, while among other competing light sweet crude suppliers, imports of Algerian Saharan Blend fell by a third to 21,000 b/d, and shipments from Norway fell to zero, while the UK sent 15,000 b/d.
Mexico dominated sour crude imports, with 152,000 b/d, up by 9pc from May. They consisted largely of heavy Maya, with some smaller volumes of medium sour Isthmus blend delivered at Cepsa's Huelva terminal.
Shipments from Venezuela returned after a month's hiatus, with some 37,000 b/d delivered to Repsol's refineries as part of the firm's crude-for-debt deal with Petroleos de Venezuela. They continued in July with a further 33,000 b/d deliveries, according to the company's chief executive Josu Jon Imaz.
Among other sour crude suppliers, Canada sent 65,000 b/d, up by 4,000 b/d on the month, and likely a mixture of heavy sour WCS used at Repsol's refineries and light sour Hibernian blend used at BP's 110,000 b/d Castellon refinery.
Imports from Brazil climbed by 85pc to 115,000 b/d in June. They were mostly medium sweet subsalt grades, but included some volumes of heavy sour Peregrino blend delivered to Repsol's Cartagena refinery. BP is another regular consumer of Peregrino in Spain.
Spain's crude imports likely recovered sharply in July after the conclusion of refinery turnarounds, but a fire at Repsol's Bilbao refinery at the end of last month closed the larger of the two CDUs at the unit and could impact imports in August.
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Libyan crude production slips below 600,000 b/d
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Australia's Qantas records higher fuel costs in 2023-24
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India lifts curbs on use of sugarcane juice for ethanol
India lifts curbs on use of sugarcane juice for ethanol
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UK eyes new environmental guidance for oil, gas: Update
UK eyes new environmental guidance for oil, gas: Update
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