Pemex revises November pricing constants for its crude grades sold abroad

what happened

Mexican state oil company Pemex has revised the term pricing formulas for crude it sells to customers in the Americas, Europe and Asia. The change was reported by its trading arm, PMI Comercio Internacional, and published by TradingView.

According to the table, the constant for Maya on the US Gulf Coast moved from -11.45 in October to -14.15 in November, while Olmeca went from -0.45 to -1.75. On the US West Coast, the Zapoteco constant rose from +3.75 to +5.35. In Europe and the Middle East, Maya shifted from -11.85 to -12.85, and in India Istmo moved from -8.45 to -12.00.

why it matters

The constant in a term formula sets the premium or discount against a benchmark, so a lower figure makes the crude cheaper for buyers and a higher one makes it dearer. Most adjustments point downward, which suggests weaker premiums on Pemex's heavy grades. For markets this is a signal about regional demand for Mexican crude, though its effect on global benchmarks such as Brent or WTI is likely limited.

market impact

Pemex crude grades Maya, Zapoteco, Istmo, Olmeca: regional discounts and premiums change, mostly lower for buyers

tags

instruments