|Day's Range||52.26 - 52.74|
After the tanker sabotage attempts in May, shipping rates and premiums are bound to increase further after the latest attacks, potentially having a lasting effect on crude oil prices
To quickly recap the rule, it will restrict the amount of sulfur in marine fuel to 0.5 percent from the current cap of 3.5 percent. Winstone's presentation was one that a trucking company unfamiliar with all the moving parts of the refinery process would be hard-pressed to follow, as he talked about the complex price relationships among the dozens of petroleum process that come out of a refinery. Scrubbers are onboard installations that "scrub" sulfur out of emissions, enabling ships to keep burning the high sulfur fuel oil (HSFO) they're burning now and still stay in compliance with IMO 2020.
Bob Watson has been the CEO of Abraxas Petroleum Corporation (NASDAQ:AXAS) since 1977. First, this article will...
Over the long-run a direct U.S.-Iran conflict would likely lead to the shutdown of the Strait of Hormuz. This poses a higher risk of oil-supply disruption, which could lead to sharply higher prices. Therefore, we may continue to see attacks, but until there is a military response to the attacks, which would lead to actual supply disruptions, any gains are likely to be limited.
The comments come a day after the International Energy Agency forecast global supplies will expand far more than demand next year, putting further pressure on OPEC. Saudi Arabia and its allies, including Russia, are expected to extend output cuts into the second half of this year, despite growing tension within the group and gridlock over its next meeting date. “I hope that we will balance the market before next year, we are working on it,” Khalid Al-Falih told reporters on the sidelines of a G20 ministerial meeting on energy and the environment in Karuizawa, Japan, on Saturday.
Based on Friday’s close at 97.065, the direction of the September U.S. Dollar Index on Monday is likely to be determined by trader reaction to the short-term Fibonacci level at 97.020.
Saudi Energy Minister Khalid al-Falih said on Saturday that he hopes oil producers will be able to balance the oil market before next year. Falih said earlier this month that the Organization of the Petroleum Exporting Countries (OPEC) was close to agreeing to extend a pact on cutting oil supplies beyond June, although more talks were still needed with non-OPEC countries that were part of the production deal.
South Korea halted all imports of Iranian oil in May, customs data showed on Saturday, as waivers on U.S. sanctions against Iran ended at the start of last month. The world's fifth-largest crude oil importer was among countries granted six-month waivers by the United States in November last year, and resumed Iranian oil imports from January this year after a four-month hiatus. SK Innovation, the owner of South Korea's top refiner SK Energy and petrochemical maker SK Incheon Petrochem, said in late May that it has been replacing Iranian condensate with crude oil from other sources, including Qatar and Russia.
Hedge funds boosted their bets that West Texas Intermediate crude will fall by 46%, the most since August, according to U.S. Commodity Futures Trading Commission data for the week ended June 11. “Outside the United States it’s unmistakable world growth is slowing down,” said Bill O’Grady, chief market strategist at Confluence Investment Management LLC in St. Louis.
Oil markets appear to have more or less shaken off the oil tanker attacks, with most analysts returning to focus on fundamentals and the most recent rig count
Crude oil prices rose as the U.S. weighed tanker escorts after fresh attacks near the Strait of Hormuz, while the IEA joined OPEC in warning on oil demand.
A cooling global economy could mean slower oil demand growth in 2019 even while oil producers maintain plentiful supply, the International Energy Agency said.
As of 4:40 AM Eastern Time today, US crude oil active futures were at $51.83, ~4% below their closing level in the previous week. If US crude oil prices stay at those levels today, they'll mark their third week of decline in five weeks.
Vance Querio has been the CEO of Oryx Petroleum Corporation Limited (TSE:OXC) since 2016. First, this article will...
The tanker attacks in the Gulf have roiled the maritime industry, with key players urging restraint over fears over the safety of a key shipping lane. "We strongly call for nations to do what they can to de-escalate tensions and ensure the safe passage of merchant shipping in the Strait of Hormuz,” said Angus Frew, Secretary General & CEO of BIMCO, the world’s largest international shipping association. Two vessels were struck by explosions on Thursday after passing through the Strait some 25 nautical miles off Iran's southern coast, the second attack in a month in the strategic shipping lane -- through which nearly one-third of the world's oil is transported.
Insurance costs for ships sailing through the Middle East have increased by at least 10% after attacks on two tankers in the Gulf of Oman on Thursday, with the potential for costs to rise further as regional tensions escalate, ship insurers said. The attacks have already stoked concerns about reduced flows of crude oil on one of the world's key shipping routes, pushing up oil prices by as much as 4.5%. Some tanker companies have already suspended new bookings to the Middle East Gulf.
Escalating tension in the Middle East is driving up oil prices, a huge import cost for many economies, putting more strain on global growth already hurt by the trade war being waged by U.S. President Donald Trump and weakening consumer confidence. Crude oil prices spiked more than 4% after two oil tankers were attacked in the Gulf of Oman on Thursday, just a month after strikes on tankers in the United Arab Emirates and oil-pumping stations in Saudi Arabia. Trump, meanwhile, has been fighting a trade war against China and is beginning to turn his attention to other trading partners, a policy likely to raise the chances of a recession both at home and abroad.
In spite of the rising global oil prices and Canada's vast endowments of oil and gas resources, the oil sector of the country is likely to bear the brunt of inefficient regulations and pipeline crisis.
The agency removed the federal restriction on summer sales of E15 ethanol and came up with several structural changes to increase RIN market transparency.
Oil prices rose as much as 4% on Thursday following attacks on two tanker ships off the coast of Iran, which the U.S. has blamed on Tehran.
Global oil supplies will increase far more than demand next year with the start of a host of new projects, putting further pressure on the OPEC cartel, the International Energy Agency said. As a result, the world will need significantly less crude from the Organization of Petroleum Exporting Countries, the IEA, which advises most major economies, predicted in its monthly report on Friday. “A clear message from our first look at 2020 is that there is plenty of non-OPEC supply growth available to meet any likely level of demand, assuming no major geopolitical shock,” said the Paris-based IEA.
OPEC and non-OPEC producers should raise oil production starting from the second half of the year to balance the market and keep prices at an acceptable level, Alexander Dyukov, the head of Russia's Gazprom Neft, said on Friday. An oil price at $55-$65 per barrel is "acceptable" for Russian producers, he told reporters, adding that the company is ready to quickly restore its oil output, curbed by a global agreement.
India's palm oil imports jumped 65% in May from a year earlier as oversees purchases of refined palm more than doubled due to lower import duty and a drop in prices, a leading trade body said on Friday. Palm oil imports totalled 818,149 tonnes last month, including 371,060 tonnes of refined palm oil, the Solvent Extractors' Association (SEA) said in a statement https://bit.ly/2WJKQVY. India, the world's biggest importer of edible oils, had imported 157,832 tonnes of refined palm oil in the year-ago period.