Moda assessing damage at Texas export terminal: Update

Adds potential pricing impact

Moda Midstream is assessing damage at its crude export facility at Ingleside, Texas, after a vessel clipped a structure at the end of a pier earlier this week.

The incident, which occurred at about 2pm ET on 15 March, involved a vessel not related to Moda that had departed from another location in the Port of Corpus Christi. The vessel lost power as it passed near the Moda Ingleside Energy Center, according to a joint statement from Moda and the Port of Corpus Christi. Moda is assessing damages to its structures.

Standby tugs at the Moda facility responded immediately and secured the vessel at an adjacent terminal. There were no injuries, environmental impacts or traffic restrictions, the statement said.

Any extended outage of the Moda terminal would result in the delay of several March-loading cargoes, which would likely bleed into April loading programs and pressure values amid the additional supply.

Waterborne WTI was pegged at a $2.05/bl discount to Ice Brent today, down by more than 25¢/bl since last week to reflect the grade's lowest prompt-month discount to the international benchmark since 13 October.

US light sweet waterborne spot crude values have already been trending lower on the back of similar losses in the US Gulf coast physical pipeline market relative to the domestic benchmark as production and regional inventories rise faster than refinery operations after recent winter-related closures.

Moda completed a 10mn bl expansion at the crude export terminal last year helping to make Corpus Christi the top US port for exports of crude.

By Eunice Bridges and Amanda Hilow