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Friday, November 16, 2018

Tanker News




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


Increase in tanker operating - Moore Stephens'

Tighter housekeeping by shipowners has stabilised the shipping industy's operating cost. This was reflected in an assessment by accountant and shipping consultant Moore Stephens of total annual operating costs in 2013 with the change of a fall of just 0.3% in 2012, somewhat smaller than the 1.8% average fall in the previous year as crew costs continue to rise. The findings are set out in OpCost...... Login to view this article


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


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


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