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25.09.2014

McQuilling Services does not see a long-term increase in crude oil demand leading to higher prices justifying storage

In a note headeded, not all contangos are created equal McQuilling says that after the collapse of the global financial system in 2008, crude oil forward curves moved into steep contango.  Fortunes were made in storage asset plays in 2009-2010, which is likely the reason that so much attention is being devoted to the topic today; however, the contango is inherently different today than it was...... Login to view this article

25.09.2014

DNB bullish on the tanker market - DNB

According to DNB’s Crude Sector report for September The current 1.1m bpd run rate growth in US crude production coupled with high refinery utilisation leads us to believe that the US will begin to export crude sooner rather than later as the alternative is to curb production growth. US crude exports are likely to result in more tonne-mile demand. Given our view of higher demand and zero fleet...... Login to view this article

22.09.2014

Global oil demand growth for 2014 and 2015 curbed - IEA

IEA oil Market reports for September says that global oil demand growth for 2014 and 2015 has been curbed to 0.9 mbd and 1.2 mbd, respectively, to reach 93.8 mbd in 2015. A pronounced slowdown in demand growth in 2Q14 and a weaker outlook for Europe and China underpin the downward revisions.   Global supply was down 0.4 mbd in August, to 92.9 mbd, on lower non-OPEC production. Compared with a...... Login to view this article

22.08.2014

About to enter high season with VLCC rates at USD40,000/day - DnB

DnB refers to Reuters, saying oil traders have started fixing crude tankers to bring North Sea, West African and Arab crudes to South Africa for storage to repeat the super profits enjoyed in 2008-2009. The location leaves traders with the option of selling crude both East and West. South Africa’s Saldanha Bay has a large oil storage terminal with capacity of 45 million barrels, equivalent to 4...... Login to view this article

21.08.2014

Iran plans to build oil pipeline beyond the strategic Strait of Hormuz - IranFocus

IranFocus reports that a senior official says Iran is planning to build a new oil terminal beyond the strategic Strait of Hormuz. Akbar Torkan, a senior trade official, is quoted by the semi-official ISNA news agency as saying Tuesday that the new terminal will be at Bandar Jask port on the Oman Sea. Iran's sole major crude export terminal is at Khark Island in the Persian Gulf. Torkan didn't...... Login to view this article

18.08.2014

Unprecedented newbuilding slippages help the tanker markets - Lloyd’s List

Lloyd’s List reports that EXCEPTIONALLY high slippage will soften the impact of vessel deliveries from the global tanker orderbook , according to consultancy Drewry. Slippage refers to the situation when newbuildings in the orderbook are not delivered from the shipyards onto the water on time. A high level of slippage is seen as a good thing for the tanker market — it means that deliveries of...... Login to view this article

18.08.2014

Shipowners are still cautioned not to over-do the ordering in the grander sense - Poten

Poten reports that the current orderbook for tankers, 30,000 deadweight and larger, is 66.1 million deadweight tons ( m dwt) through 2017. What is the most interesting about these statistics, however, is not the incremental capacity that has been ordered this year, but that the reported new orders do not account for the differential between the January 2014 orderbook and that of today. At the...... Login to view this article

17.08.2014

Crippling problems of shale oil and gas - FT

Mr. Martin Gooch UK, writes in FT August 12, 2014 about the crippling problems with shale oil production, ie, its catastrophic depletion rates and horrendous costs.   First he said, a good shale oil well, fully fracked, may produce in the region of 500 to 1,000 oil barrels a day, when it first starts producing. This is abysmal compared with a conventional oil well that typically produces in the...... Login to view this article

14.08.2014

Contango has opened up and could boost the VLCC market - DnB

DnB market report says that storage could lead to an even tighter supply side. With 624 VLCCs in the fleet and with 69 VLCCs available in the Arabian Gulf next 4-weeks, floating storage will have an impact on the already tight supply side. We forecast crude fleet growth of 1.3% in 2014, -0.4% in 2015 and 3.6% in 2016 (predominantly due to our expectations of increased ordering for H2 2016).  ...... Login to view this article

13.08.2014

US oil production in July the highest since April 1987 - EIA

EIA’s   Short-Term Energy Outlook says that the market's perception of reduced risk to Iraqi oil exports and news regarding increasing Libyan oil exports contributed to a drop in the Brent crude oil spot price to an average of $107 per barrel (bbl) in July, $5/bbl lower than the June average.  EIA projects Brent crude oil prices to average $107/bbl over the second half of 2014 and $105/bbl in...... Login to view this article