LOOP Sour crude became heavier and sweeter in May, with an average API gravity of 29.7 degrees and typical sulfur content of 2.8%.
The crude’s minimum-maximum API gravity range was 29.5-30 degrees, while sulfur content ranged from 2.3%-2.9%, according to data from the Louisiana Offshore Oil Port.
API and sulfur are two of many characteristics refiners look at when deciding which crudes to run to maximize or minimize production of particular refined products. Other factors include acidity, metals content, the presence of asphaltenes and a distillation curve.
LOOP Sour is comprised of the US Gulf of Mexico medium sour grades Mars and Poseidon and a crude blend called Segregation 17, into which the Middle Eastern grades Arab Medium, Basrah Light and Kuwait Export Crude can be delivered.
About 3.45 million barrels of Basrah Light were imported to Morgan City, Louisiana in May. This represents a month-on-month decrease of 6.75 million barrels compared with April. Other crudes delivered into LOOP during May include heavy, sweet Escalante crude from Argentina, Canadian Access Western Blend and Basrah Heavy.
The ‘In the LOOP’ Americas crude oil wrap runs each Monday in Crude Oil Marketwire, North American Crude and Products Scan and on the Platts Global Alert. You can read the FAQ: USGC LOOP Sour crude here and find the full special report LOOP Sour Crude: A benchmark for the future here. Also be sure to download our LOOP app by searching for ‘Platts LOOP’ in your app store.