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Sunday, March 29, 2015

Tanker News




Cheaper oil facilitates the building of strategic reserves - IEA

IEA reports that since oil prices began their rapid retreat last June, the import bills of oil ‐ importing economies have declined. This has assisted governments in many of these countries in either adding to their strategic reserves or putting in place firm budgetary provisions to increase oil holdings.   The largest volume added over 2014 globally was located in China where the crude strategi...... Login to view this article


China's apparent oil demand rose 2.6% over the first two months - ECF

China's apparent oil demand rose 2.6% over the first two months of this year to 83.92 million mt or an average 10.43 million b/d, Platts estimates showed Monday, March 16, based on recently released government data.   This is the highest rate of growth over the period since the 5.7% recorded in 2012. Last year, there was a 0.6% year-on-year contraction in China's apparent oil demand over Januar...... Login to view this article


Global supply rose by 1.3 mbd year-on-year in February - IEA

·                 IEA reports in its monthly Oil Market Report today that, having bottomed-out in 2Q14 , global oil demand growth has since steadily risen, with year-on-year gains estimated at around 0.9 mbd for 4Q14 and 1.0 mbd for 1Q15. The forecast of demand growth for 2015 as a whole has been raised by 0.075 mbd to 1.0 mbd, bringing global demand to an average 93.5 mbd. ·                ...... Login to view this article


The market conditions unfavourable for storing oil on VLCCs - Statoil

Rune Bjørnson director thinks that the market situation is not in favour of storing oil on tanker. The typical costs per day for storing oil in underground caves is $ 0.25-0.30 per barrel per day, $0.50-0.80 per barrel per day in tanks on shore, and some 1.20 per barrel for storing on a VLCC. ... Login to view this article


U.S. petroleum product exports reach record high in 2014

EIA’s December Petroleum Supply Monthly data show that exports of non-crude petroleum products from the United States averaged 3.8 million barrels per day (mbd) in 2014, an increase of 0.347 mbd from 2013, and a new record high. Increased exports of motor gasoline and hydrocarbon gas liquids (HGL), including propane and butane, were the main contributors to the trend, while exports of distillat...... Login to view this article


The major US shale oil producers EOG Resources strongly reduces activity

According to the Bloomberg, EOG Resources makes a considerable cost cut and keep the prediction on the 2014 level. This year, EOG Resources plans to slow down its primary growth engine significantly in response to the changed crude oil price environment, as an attempt to maximize its returns in the long term. The company expects its 2015 full-year crude oil production to be flat, as it defers t...... Login to view this article


Global oil supplies fell by 0.235 mbd in January - IEA

According to the IEA Oil Market Report dated global supplies fell by 0.235 mbd in January to 94.1 mbd on lower OPEC and non-OPEC production. Reductions in capital expenditures have cut projected 2015 non-OPEC supply growth to 800 kb/d. US 2015 production is seen 200 kb/d lower than in last month’s Report, at an average 12.4 mbd, with most of the cuts in 2H15.   OPEC crude oil output fell by 0.2...... Login to view this article


Points from IEA’s November Oil Market Report

According to IEA’s November Oil Market Report   ·                 Global oil supply inched up by 0.035 mbd in October to 94.2 mbd. Compared with one year ago, total supply was 2.7 mbd higher as higher OPEC production added to non-OPEC supply growth of 1.8 mbd. Non-OPEC production growth is forecast to ease to 1.3 mbd for 2015 from this year’s 1.8 mbd high. ·                 OPEC output eased by...... Login to view this article


US Crude exports and re-exports continue to rise; some volumes sent to Europe and Asia - EIA

The United States exported 401,000 barrels per day (bbl/d) of crude oil in July 2014 (the latest data available from the U.S. Census Bureau), the highest level of exports in 57 years (Figure 1) and the second highest monthly export volume since 1920, when EIA’s published data starts. Recent crude oil exports are also noteworthy for both their origins and destinations. Typically, crude exports a...... Login to view this article


IEA revises oil demand down for the 2nd month in a row

·                 The forecast of global oil demand for 2014 has been revised 0.2 mbd lower since last month’s Report, to 92.4 mbd, on reduced expectations of economic growth and the weak recent trend. Annual demand growth is now projected at 0.7 mbd in 2014, rising tentatively to 1.1 mbd in 2015, as the macroeconomic backdrop improves. ·                 Global supply rose by almost 0.910 mbd i...... Login to view this article