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Report: US crude to cross Panama Canal for 1st time after export ban repeal

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Report: US crude to cross Panama Canal for 1st time after export ban repeal

U.S. crudeoil is set to cross the Panama Canal for the first time since the 40-year crudeexport ban was lifted,as trading house Trafigura Group Pte. prepares to deliver 380,000 barrels to arefinery in western Nicaragua, Bloomberg News reported March 29.

The cargoof West Texas Intermediate oil will be carried through the 50-mile canal by thePanamax tanker DS Promoter to the 20,000 barrel-per-day Manref refinery, thereport said.

Therefinery, acquired in 2011 from ExxonMobil Corp., is owned by Puma Energy International, 49% of which isowned by Trafigura.

Trafigurahas shipped U.S. crude to Europe and Israel in 2016, making the Nicaraguashipment at least its third for the year, according to ship-tracking data fromBloomberg News.