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September Crude Tanker Arrivals into India at 4-Year Low

Oil

Total crude deliveries into India stood at a 4-year low of 3.82M b/d (-877K b/d m-o-m, -349K b/d y-o-y) in September, Reuters reports citing tanker arrivals data. Imports from the Middle East dropped 798K b/d m-o-m and 391K b/d y-o-y to 2.23M b/d, which was the lowest since October 2015. Shipments from the Caribbean and Latin America fell by 87K b/d m-o-m to 412K b/d (-108K b/d y-o-y), as a 200K b/d monthly drop in supplies from Venezuela offset gains from Colombia and Mexico. Arrivals from West Africa were up 71K b/d m-o-m and 143K b/d y-o-y at 674K b/d, while volumes from the US rose 13K b/d from August’s 5-month low to 96K b/d, but remained marginally lower y-o-y.

By early afternoon in London, ICE Brent was trading at $60.08/bbl, up $1.12/bbl from the end of Monday’s trading.