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Spain's Tarragona takes record amount of WTI in October

  • Märkte: Crude oil, Oil products
  • 09.11.23

Crude deliveries to the Spanish Mediterranean port of Tarragona rose in October, including another record amount of US WTI.

Argus tracking shows more than 195,000 b/d delivered to Tarragona, up from 160,000 b/d in September. Imports averaged 180,000 b/d in the first 10 months of this year, compared with 145,000 b/d overall in 2022 when throughput declined in the fourth quarter due to planned maintenance.

The port serves integrated Repsol's 180,000 b/d refinery. Since the works the Tarragona refinery has emerged as the most consistent in the Mediterranean region, operating at nameplate capacity for an extended period.

It has become one of many refineries in the region running plentiful WTI. This year it has taken 21 cargoes, up from eight in 2022 and just five in total between December 2017-December 2021. The inclusion of WTI in North Sea Dated from June appears to have supported these arrivals.

Tarragona's October imports comprised 70,000 b/d of WTI, an all-time high, up from the previous record of 60,000 b/d in September. It also received 60,000 b/d of Libyan crude split 2:1 between Esharara and Mellitah, and a little under 35,000 b/d each of Angolan Dalia and Brazilian Tupi.

The biggest casualty of WTI's rise has been Caspian CPC Blend. Tarragona received 10,000 b/d in 2022, but just two cargoes so far this year (see chart).

Around 25,000 b/d of heavy crude discharged last month for the 1.2mn t/yr Asesa bitumen plant — a joint venture between Repsol and refiner Cepsa. One was a partial delivery of Venezuelan Boscan, and one a regular shipment of Patos Marinza from Albania. But three cargoes, amounting to 16,000 b/d, came from Taranto in Italy. Tarragona has never previously received three cargoes from Italy in a single month. The rise in smaller crude consignments leaving Taranto appears closely linked to the performance of integrated Eni's 88,400 b/d refinery at the port.

Excluding the Asesa deliveries, Argus assessed Tarragona's October crude slate at a weighted average 36.1°API and 0.4pc sulphur content, compared with 38.3°API and 0.3pc sulphur in September. Tarragona's slate averaged 36.9°API and 0.3pc sulphur in the first 10 months of the year, close to the 36.4°API and 0.35pc sulphur overall in 2022.

Crude receipts are continuing at pace in November, with 600,000 bl of Algerian Saharan Blend and 1mn bl of Angolan Clov unloaded. A further 2mn bl of Nigerian crude, split between Olombendo and Qua Iboe are on route, plus 700,000 bl of WTI.

Tarragona crude arrivals mn bl

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