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Oil's New Normal Is Higher Prices
MarketsIndustry news

Oil's New Normal Is Higher Prices

Oil prices pulled back on Tuesday, reversing recent gains as investors weighed signs of export recovery by Middle Eastern producers against uncertainty surrounding the fate of the Iran war. Brent crude for November delivery fell 1.5% to trade at $103.72 per barrel at 1.10 pm ET, while WTI crude for October delivery declined 2.2% to change hands at $90.62/bbl. Crude exports from the region climbed to 15.5 million barrels per day in September, good for more than 80% of prewar levels and the highest level since the conflict began seven months ago.…

Helena Marsh

How long can the million-dollar VLCC market last?
Shipping & LogisticsIndustry news

How long can the million-dollar VLCC market last?

The VLCC market has reached levels that would have sounded absurd only months ago. Middle East-China earnings have pushed beyond $1m a day, Atlantic routes have surged into the hundreds of thousands and secondhand values have exploded to the point where rust-stained 15-year-old VLCCs are changing hands for more than newbuilds. The argument now dividing …

Helena Marsh

Iran Dismisses Trump Claim of Kharg Attack as Hostilities Return
Oil & Fuel OilIndustry news

Iran Dismisses Trump Claim of Kharg Attack as Hostilities Return

Iran on Monday dismissed as “laughable” a Truth Social AI-generated post by U.S. President Donald Trump that the key Iranian oil export hub of Kharg Island is “being blown to smithereens”, as tensions in the Middle East boiled up again with U.S. attacks and Iranian claims of retaliatory strikes. President Trump late on Sunday posted an AI-generated video on his Truth Social platform, with the caption “Kharg Island being blown to smithereens!!! President DJT”. In response to the post, Iran on Monday said, via…

Helena Marsh

TAIWANONLYLEVERAGETRADE FLOW INSIGHT
Oil & Fuel OilIndustry news

Is Taiwan The Only Leverage The U.S. Has In Getting China To Toe The Line In Ira

There is always a winner in any major global oil crisis. In 1973/74, it was Saudi Arabia and its OPEC brothers who shifted the balance of power in the market away from the previous arrangement dominated by the West’s ‘Seven Sisters’ to the oil producers of the Middle East. After the 2014-2016 Oil Price War, it was the U.S. whose earlier nascent shale oil sector resisted the threat to its very existence from Saudi Arabia and OPEC, reorganising into a meaner, leaner, lower-cost oil production machine. The U.S. was the winner again…

Helena Marsh

War and weather continue to limit intra-Asia capacity and keep rates high
Shipping & LogisticsIndustry news

War and weather continue to limit intra-Asia capacity and keep rates high

The intra-Asia container freight market strengthened for a third consecutive week as unrest in the Middle East and typhoon-related disruption across China tightened capacity and pushed rates higher on most major trades. Drewry’s Intra-Asia Container Index (IACI), a benchmark widely monitored by procurement teams, rose 6% week on week on 20 August, to $1,091 per 40ft, and the consultant expects prices to continue increasing in the coming weeks, supported by persistent ... The post War and weather continue to limit intra-Asia capacity and keep rates high appeared first on The Loadstar .

Editorial Desk

QUIETHORMUZCRUDETRADE FLOW INSIGHT
Oil & Fuel OilIndustry news

‘Quiet’ Hormuz crude flow, lack of products have split oil market: TotalEnergies CEO

Crude oil is “very quietly” moving through the Strait of Hormuz at a premium of about $10/b, but products are not, leading to a “very strange” market dynamic with bearish crude and bullish fuel, TotalEnergies CEO Patrick Pouyanne said Aug. 24, while restating the company’s commitment to the Middle East. Speaking at the ONS oil ...

Helena Marsh

Hormuz Crisis Boosts Appeal of $42-Billion Tanzania LNG
EnergyIndustry news

Hormuz Crisis Boosts Appeal of $42-Billion Tanzania LNG

Equinor sees a multi-billion LNG export project in Tanzania becoming more attractive for development amid the Middle East conflict that has crippled liquefied natural gas supply through the Strait of Hormuz, a senior executive at the Norwegian energy major said on Tuesday. However, Equinor and its co-operator of the project, Shell, have been locked in difficult negotiations with the government and authorities in Tanzania for years and the provisional Tanzania LNG project has not advanced much this decade. “You don't want to wait too long…

Editorial Desk

U.S. Refiners Face New Crude Squeeze as Canada Cuts Oil Sands Output
Oil & Fuel OilIndustry news

U.S. Refiners Face New Crude Squeeze as Canada Cuts Oil Sands Output

U.S. refineries have been running at full speed for months to make up for lost fuel supply from the Middle East. Fuel exports from the United States have been breaking records. This may be about to change, and not because of the war. It is oil sands maintenance season in Canada. In September, Canadian crude oil production may drop by 300,000 barrels daily due to maintenance activities in the oil sands, Rystad Energy said this week, as quoted by Bloomberg. Usually, whenever such a seasonal disruption occurs, it gets offset with crude from storage.…

Editorial Desk

LNG Bunker Snapshot: Singapore LNG bunker price surges amid Middle East supply concerns
Oil & Fuel OilIndustry news

LNG Bunker Snapshot: Singapore LNG bunker price surges amid Middle East supply concerns

Rotterdam Rotterdam’s LNG bunker price has jumped by $70/mt, mirroring gains in the front-month Dutch TTF natural gas contract. Over the past week, TTF has climbed by around 6% to $22.41/MMBtu ($1,165/mt). The latest rally in TTF prices has been driven by the escalating US-Iran tensions and growing concerns over energy shipments through the Strait ...

Editorial Desk

LNG Shipping: Pacific LNG Trade on the Rise
Shipping & LogisticsIndustry news

LNG Shipping: Pacific LNG Trade on the Rise

The LNG shipping market is witnessing the emergence of Mexico’s LNG export corridor, underlying the growing influence of the Pacific LNG trade. In its latest weekly report, shipbroker Intermodal said that “amid broader uncertainty in the LNG market, the outlook is being shaped by disruptions to Middle Eastern flows, an uncertain Qatari recovery, and Europe’s ...

Editorial Desk

McDermott clinches over $1 billion EPCI job for ADNOC’s $6.2B giant gas project
EnergyIndustry news

McDermott clinches over $1 billion EPCI job for ADNOC’s $6.2B giant gas project

U.S. offshore engineering and construction player McDermott has won an engineering, procurement, construction and installation (EPCI) assignment for a gas development project off the coast of the United Arab Emirates (UAE), enabling it to deliver one of the Middle East’s heaviest offshore topsides. The post McDermott clinches over $1 billion EPCI job for ADNOC’s $6.2B giant gas project appeared first on Offshore Energy .

Editorial Desk