Vancouver vs US Gulf sulfur basis

Basis is the spread between two sulfur hubs or forms. For North American dry bulk, the Vancouver FOB versus US Gulf FOB comparison tells exporters and importers which Atlantic/Pacific origin is tighter after freight. Platform index codes SR-VAN-FOB-G and SR-GULF-FOB-G label that comparison inside Sulfur Wire datasets; the underlying assessments are PRA products that require licenses for redistribution. Why the spread moves: Pacific demand into China and Oceania, Atlantic demand into Brazil and Africa, vessel availability, and origin-specific shocks. When Hormuz risk lifted Middle East availability in 2026, both Vancouver and Gulf FOB strength increased, but not always in lockstep. Gulf producers with solid-export capability could divert to unusual destinations; Canadian exporters leaned on the Pacific lane and inventory remelt. Producers without Gulf forming stayed tied to Tampa molten economics instead. Freight netbacks convert hub FOB into synthetic destination CFR. Example arithmetic (illustrative): Vancouver FOB mid plus Vancouver-China Supramax freight approximates a China CFR; Gulf FOB plus Gulf-Brazil freight approximates a Brazil CFR. Comparing those synthetics to observed import markets shows which origin clears. Sulfur Wire’s netbacks pages automate that style of public freight math from public freight indications. Form basis matters as much as geography. Tampa molten quarterly contracts in USD per long ton delivered are not directly subtractable from Vancouver USD/t FOB granular without converting units and adding inland US logistics. During mid-2026, Argus reported Tampa Q3 settlements at record $705/lt delivered while Gulf spot dry bulk export indications were far higher still, a reminder that liquid domestic and solid export books can decouple. For Canadian marketers, a strong Vancouver-Gulf premium (Vancouver above Gulf after freight adjustment) supports Pacific stems and remelt. A Gulf premium may pull US buyers away from Canadian molten rail or redirect some Pacific cargoes. Port of Vancouver’s 2025 surge in US-bound sulfur is a physical clue that Pacific product competed into US demand under specific year’s conditions. Read basis with inventory, loadings, and destination tables. Overlay AER inventory, Vancouver monthly loadings, and StatCan destinations. Currency and unit conventions add friction: Tampa long tons versus metric tonnes on Pacific fixtures, and CAD inland costs versus USD FOB prints. Keep conversions explicit in any spreadsheet model. When Middle East OSPs and Pacific FOBs both gap higher, basis can look “stable” in percentage terms while absolute freight netbacks still decide which Canadian trains roll.

Vancouver vs US Gulf sulfur basis

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