Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.


  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list
Oil

Aframax carrying first US crude export to Belarus to depart Texas on Sunday

Commodities | Coal | LNG | Natural Gas | Natural Gas (North American) | Oil | Crude Oil | Steel | Shipping | Coronavirus

Market Movers Americas, Aug 3-7: Brent-WTI spread at widest since May

Oil

Platts Market Data – Oil

Capital Markets | Commodities | Oil | Crude Oil | Refined Products | Fuel Oil | Gasoline | Jet Fuel | Naphtha | Marine Fuels | Equities | Financial Services | Banking | Non-banks | Private Markets

North American Crude Oil Summit, 3rd annual

Agriculture | Biofuels | Natural Gas | Oil

Brazilian hydrous ethanol June sales fall 22.8% on year

Aframax carrying first US crude export to Belarus to depart Texas on Sunday

Highlights

Shipment contains about 600,000 barrels of Bakken crude

Deal comes after US/Belarus trade talks in February

USGC Bakken rises to WTI CMA premium

Washington — The US will export its first crude oil cargo to Belarus this weekend after an agreement between the two governments in February to increase trade of American goods to the landlocked Eastern European country.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

The 80,000-mt Aframax of Bakken crude -- roughly 600,000 barrels -- started loading Thursday in Beaumont, Texas, and is set to depart Sunday, according to Belarus' Belta news agency, citing Belneftekhim press secretary Alexander Tishenko. The tanker is due to arrive in the Lithuanian port of Klaipeda in early June, he said. The crude will be refined at Belarus' Naftan refinery.

The State Department announced the shipment Friday, saying it was a competitive deal by US trader United Energy Trading, with the assistance of US firm Getka and Polish partner UNIMOT.

Dariusz Cichocki, CEO of Getka, said in an interview Friday that the Belarusian government has made clear its plans for energy diversification. He declined to say how the pricing and transit costs of the Bakken compared to the crude Belarus currently imports.

"With the integration of the global market and their diversification pursuits, they understand how it works and it's a fair-market price," Cichocki said.

"It worked out from a timeline perspective in everybody's best interests," he added. "Overall it was pretty fantastic to work with the team on both sides."

BAKKEN PRICING

Bakken crude trading along the US Gulf Coast has fallen quiet in recent weeks, sources have told S&P Global Platts. June barrels of the grade in Nederland were assessed Thursday at a $1.90/b premium to the NYMEX WTI Calendar Month Average, or a 2 cent/b discount to WTI at the Magellan Houston terminal.

US Gulf Coast crude differentials have risen sharply in recent days. Bakken USGC pipeline crude has averaged at a 93 cents/b premium to the WTI CMA so far in May, much stronger than April's average $5.77/b discount.

While the US has never sent crude to Belarus until now, it sent the country a small amount of refined oil products, 58,000 barrels, in 2004, US Energy Information Administration data showed.

The US exported crude to 31 countries in February, according to the most recent EIA data.

US Secretary of State Mike Pompeo said in a statement that the US "stands ready to meet the import requirements of countries that, like Belarus, want to benefit from enhanced energy security based on supply diversification and trade rooted in the US commercial values of free enterprise, the rule of law, and transparent deals free of corruption."

Access to US crude is part of Belarus' strategy to diversify supply sources and ensure sustainable operations for its refining sector in 2020 and beyond, Belarusian Foreign Minister Vladimir Makei said in a statement.

"We consider cooperation with the United States in the oil sector as an essential element of the state's energy security," he said. "It is an important part of trade and investment cooperation developed between the two parties, which has significant potential, and is also a factor securing the economic sovereignty of our country."