Tanker news




US commercial crude stocks approaching all time high

US commercial crude stocks approaching all time high and has risen 12.5% or 44 million barrels since the 2 nd week of January.   Commercial stocks were mid April 1.7% higher than at the same time last year and 9.7% higher than last five year avera ge.     ... Login to view this article


US MR spot fixtures - Poten & Partners

The number of total reported MR spot fixtures for the trades of interest are shown in the chart below. US exports are increasingly headed to areas like East Coast South America, the Caribbean or to optional discharge locations. Conversely, the trend in the number of cargoes moving to the UK Continent is 13% fewer than last year.   Reported Spot MR Fixtures     2009 2010 2011 2012 2013 2014 Year...... Login to view this article


U.S. tight oil production - EIA

U.S. production of tight oil has increased dramatically in the past few years, from less than 1 million barrels per day (mbd) in 2010 to more than 3 mbd in the second half of 2013 [1]. The Annual Energy Outlook 2014 (AEO2014) Reference case reflects continued growth in tight oil production. However, growth potential and sustainability of domestic crude oil production hinge around uncertainties ...... Login to view this article


Highlights from IEA April report

·       The forecast of global demand growth has been marginally trimmed to 1.3 mb/d for 2014, reflecting downward adjustments to the projection of Russian demand. The absolute demand estimate remains roughly unchanged, as upward revisions to baseline non-OECD Asian demand counterbalance lower Russian growth.   ·       Global supplies plunged by 1.2 mb/d to 91.75 mb/d in March, led by steeply...... Login to view this article


Strong increase on non-OPEC supply – IEA oil market report

·             IEA reports that g lobal supplies rose by 0.6 mbd in February to 92.81 mbd, led by a 0.5 mbd jump in OPEC crude output. Total non-OPEC supplies grew by 1.3 mbd in 2013 and are expected to increase by a further 1.7 mbd in 2014, the highest rate of growth since at least the early 1990s, driven primarily by the US and Canada. Russia, China and Brazil will contribute. ·               ...... Login to view this article


Tanker owners warns of costs of complying with green legislation Lloyd’s List

At a conference in London arranged by International Parcel Tankers Association and Navigate Essberger, Europe’s largest chemical tanker operator, has put the total cost of compliance at an additional €650,000 ($853,699) per ship per year.   These included carbon emissions reductions at €160,000 per ship per year, sulphur reduction from use of gasoil for bunker fuel at €340,000, ballast-water...... Login to view this article


US crude oil production in 2013 reached highest level since 1989 - EIA

Total US crude oil production averaged 7.5 million bbl/d (mbd9in 2013, 0.967 mbd higher than 2012 and the highest level of U.S. production since 1989. In December 2013, US crude oil production reached 7.9 mbd, according to EIA's recently released December 2013 Petroleum Supply monthly , an increase of 0. 785 mbd  (11%) compared with December 2012. ... Login to view this article


Venezuela’s oil revenues are to a great bind to debt and subsidies

A great deal of Venezuela’s oil is mortgaged.   Production peaked according to data from BP in 1969 at 3.6 million barrels per day (mbd) reached a trough in 1985 of 1.7 mbd.   Next peak was in 1998 of 3.5 mbd and has over the last couple of years been some 2.7 mbd.   An article in Financial Times say that 0.310 pays off loans to China, about 0.4 mbd is sold to allies such as Cuba for sub market...... Login to view this article


Rosneft to export extra 180,000 bpd of oil to China this year - Reuters

MOSCOW, Feb 6 (Reuters) - Russia's biggest oil producer Rosneft will export an additional 9 million tonnes (180,000 barrels per day) of oil to China this year and is continuing talks to increase eastbound crude supplies further, the company said on Thursday.   President Vladimir Putin has made cooperation with energy-hungry Asia a priority for Russian companies as their business with fragile...... Login to view this article


Low OECD oil stocks – IeA February Oil Market Report

·            Oil markets rallied in mid-January as bitterly cold weather in the US pushed up demand for heating fuels, but on average benchmark prices weakened month-on-month (m-o-m). Upcoming seasonal refinery maintenance later put downward pressure on markets before prices rebounded in early February, with ICE Brent futures last trading at $109.25/bbl and NYMEX WTI at $101.25/bbl.   ·        ...... Login to view this article