Seaway scouts round for benchmark

摘要

Crude from the newly reversed Seaway pipeline to the US Gulf coast is trading against several benchmarks as the market adjusts to the new supplies. Deals have been done at differentials to Ice Brent futures and Gulf coast light sweet LLS. Seaway crude has also been offered against US marker WTI. Seaway is bringing up to 150,000 b/d of domestic light sweet crude to refining clusters at Port Arthur and Houston on the Texas coast from the midcontinent hub at Cushing in Oklahoma. The crude has traded at discounts to Ice Brent of $2-4/bl since operators Enbridge and Enterprise reversed the pipeline in May (AGM, 20 April, p4). Seaway has also traded at around parity to Gulf coast medium sour Mars crude.