The Mexican Mix soars and beats the WTI
The national barrel touched 100.01 dollars this Friday. It is the first time it has surpassed that mark since July 2022, months after Russia invaded Ukraine. And for the second day in a row, our export mix beat US crude, West Texas Intermediate (WTI), which closed at $99.64.
The reason? Look toward the Persian Gulf. The conflict between Israel and Iran intensified with bombings of nuclear and steel facilities. The Iranian response included attacks throughout the area.
In parallel, the president of the United States, Donald Trump, extended the deadline given to Iran to reopen the Strait of Hormuz.
There is the key. 20% of the crude oil and derivatives consumed by the world passes through that strait. As long as the threat of closure or attacks on energy infrastructure remains in force, prices will remain sensitive. The Brent barrel, a reference in Europe, has already shot up to 105.32 dollars.
A historic rebound for Pemex
The numbers from the Bank of Mexico do not lie. National hydrocarbons have accumulated a rebound of 86.5% so far this year. That’s $46.39 more for every barrel we export.
Memory is short, but graphics are not. The last time we saw these levels was just after the outbreak of the conflict in Ukraine. Geopolitics, once again, dictates the global energy bill. And today, for once, Mexican crude oil is trading above its main direct competitor.
