A temporary halt in production and exports of Mexican crude due to Hurricane Dean this week appeared to have virtually no impact in the Latin American crude market, sources said Thursday.
"It was no surprise," said one buyer of Latin American crudes in the US Gulf Coast region.
Marketers of competing Latin American heavy sour grades such as Ecuadorean Oriente and Napo and Colombian Castilla Blend had closely watched for any impact of Hurricane Dean to Mexican production prior to its arrival.
On Monday, Mexican state oil company Pemex said it shut in 2.65 million b/d of offshore crude oil production in the Sound of Campeche. As of Wednesday, Pemex said it expected to restart offshore production in the Gulf of Mexico Friday, and, by Thursday afternoon, had not yet updated its restart schedule.
Pemex also said this week that its crude inventories amount to 10.5 million barrels and that it would be able to begin loading tankers as soon as weather permitted. Early Thursday, Dos Bocas, Mexico's main oil port was reopened to shipping, a Ministry of Communications and Transportation spokeswoman said, but Cayo Arcas, Mexico's number two oil port remained closed (story 1556 GMT).
Some market participants did not anticipate a huge impact given Pemex's storage holdings. "People didn't expect too much impact," said another market source.
Hurricane concerns gave pause to one USGC refinery, but by Thursday Shell began increasing throughput rates at the 340,000 b/d refinery it operates in Deer Park, Texas, after lowering rates in anticipation of possible interruptions in crude supplies, the company said Thursday.
Shell and Pemex own Deer Park in a 50-50 joint venture and Pemex supplies the refinery with some of its crude.
Also, there has been less demand for Maya crude due to some US Gulf Coast refinery units being idled, sources noted. An August 17 fire at Chevron's Pascagoula, Mississippi, refinery, shut down a crude unit with capacity that sources have pegged at 160,000 b/d. Chevron consumes large volumes of Maya at the Pascagoula refinery and buys through a term contract with Pemex, according to market sources.
"It was no surprise," said one buyer of Latin American crudes in the US Gulf Coast region.
Marketers of competing Latin American heavy sour grades such as Ecuadorean Oriente and Napo and Colombian Castilla Blend had closely watched for any impact of Hurricane Dean to Mexican production prior to its arrival.
On Monday, Mexican state oil company Pemex said it shut in 2.65 million b/d of offshore crude oil production in the Sound of Campeche. As of Wednesday, Pemex said it expected to restart offshore production in the Gulf of Mexico Friday, and, by Thursday afternoon, had not yet updated its restart schedule.
Pemex also said this week that its crude inventories amount to 10.5 million barrels and that it would be able to begin loading tankers as soon as weather permitted. Early Thursday, Dos Bocas, Mexico's main oil port was reopened to shipping, a Ministry of Communications and Transportation spokeswoman said, but Cayo Arcas, Mexico's number two oil port remained closed (story 1556 GMT).
Some market participants did not anticipate a huge impact given Pemex's storage holdings. "People didn't expect too much impact," said another market source.
Hurricane concerns gave pause to one USGC refinery, but by Thursday Shell began increasing throughput rates at the 340,000 b/d refinery it operates in Deer Park, Texas, after lowering rates in anticipation of possible interruptions in crude supplies, the company said Thursday.
Shell and Pemex own Deer Park in a 50-50 joint venture and Pemex supplies the refinery with some of its crude.
Also, there has been less demand for Maya crude due to some US Gulf Coast refinery units being idled, sources noted. An August 17 fire at Chevron's Pascagoula, Mississippi, refinery, shut down a crude unit with capacity that sources have pegged at 160,000 b/d. Chevron consumes large volumes of Maya at the Pascagoula refinery and buys through a term contract with Pemex, according to market sources.
