AMERICAS OIL: YPF Says New Sea Terminal to Boost Oil-Export Profitability
Mar-13 15:40
YPF Says New Sea Terminal to Boost Oil-Export Profitability: Bloomberg
- YPF Chief Executive Horacio Marin said at an event in Houston that Argentina oil producers should see higher profit margins with the start of a new crude pipeline and terminal in 2026-2027.
- Shale exporters are expected to sell crude at a premium of $2-$3/bbl over current levels after the startup of the Vaca Muerta South pipeline (VMOS) and a crude exporting terminal in Pozos Colorados; terminal to be able to handle ships as large as Very Large Crude Carriers (VLCCs) that can carry ~2mbbl.
- VMOS will transport crude oil from the Vaca Muerta shale formation to the Argentine coast.
- Argentina currently exports light sweet shale oil via the Puerto Rosales terminal, which can handle ships as large as Aframaxes that load ~550kbbl.
- Construction of the VMOS pipeline has started with initial capacity to transport ~500k b/d crude and it can be easily expanded to 700k b/d, Marin said during an event held by IAPG.
- VMOS may start crude transportation as soon as H2 2026 with 180k b/d, seen reaching 500k b/d in 2H 2027.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
EGBS: Little Reprieve From Syndication Pricing, BTP/Bund Widens 2bps
Feb-11 15:36
The pricing of today’s 15-year BTP and dual-tranche EU-bond syndications provided little reprieve for major EGB futures. BTPs have followed Bunds lower through the day (-83 ticks at 119.90), having tested support at the 20-day EMA (119.87).
- The 10-year BTP/Bund spread has widened 2bps to ~111bps, even as European equities extend higher. Today’s syndication saw books in excess of E133bln for the E13bln sold. A reminder that 3/7-year supply is also due on Thursday.
- OATs lightly underperform semi-core peers following today’s 30-year syndication mandate. We thought the syndication would come in w/c 24 Feb, but had flagged risks of a transaction this week. We pencil in a E8-10bln transaction size.
- Note that the 10-year OAT/Bund spread screens at 78bps (1bp wider today) owing to a BBG OAT benchmark change.
GILT AUCTION PREVIEW: On offer next week
Feb-11 15:30
The DMO has announced it will be looking forward to sell GBP1.75bln of the 4.00% Oct-63 Gilt (ISIN: GB00BMF9LF76) at its auction next Tuesday, February 18.
EUR: FX Exchange traded Option
Feb-11 15:30
FX Exchange traded longer dated Option, traded in multiple clips.
- EURUSD (5th Dec) 1.0600c, bought for 0.2450 in ~3.3k.
Open Interest in that strike is at 14.18k.
Trending Top
May-09 05:50
