Fully Laden LNG Tankers Sit Idle Off Indian Ports after Force Majeure
At least five fully-laden liquefied natural gas (LNG) tankers are idling offshore India, as yet unable to discharge their cargoes, after importers there declared force majeure earlier this week, according to an analyst and shipping sources.Gas demand is falling globally amid the fast-spreading coronavirus which has capped industrial output…
Corpus Christi Crude Exports Boom
U.S. crude exports from Corpus Christi, Texas, have surged to a record in recent weeks, often surpassing hubs such as Houston and Beaumont, Texas, thanks to faster-than-expected infrastructure additions.The infrastructure boom at Corpus Christi helped push crude exports there to a weekly record of 1.59 million barrels per day (bpd) in late December…
U.S. Crude Stocks Drop - EIA
U.S. crude stocks fell last week as refineries hiked output and net imports slid to the lowest on record, while gasoline and distillate inventories declined, the Energy Information Administration said on Wednesday.Crude inventories fell by 1.7 million barrels in the week ended Oct. 18, compared…
Light Sweet Crude Exports Jump at LOOP
The Louisiana Offshore Oil Port (LOOP) exported a record 283,333 barrels per day of light sweet crude last month, according to trade sources, as prices weakened against global Brent.LOOP, which exports mostly medium sour grades produced in the U.S. Gulf of Mexico, last month exported more than twice the amount of light sweet from the prior month.
First ANS Cargo in One Year on Way to China
One million barrels of Alaskan crude is due in China next week, the first such shipment in almost a year, according to data from Refinitiv Eikon and vessel-tracking firm Kpler.China's imports of U.S. crude have fallen amid the two countries' trade dispute to 41,600 barrels per day (bpd) in the six months ended February…
U.S. Crude Stockpiles Build for 10th Straight Week - EIA
U.S. crude oil stockpiles rose for a 10th week in a row last week even as refineries boosted output and exports increased, the Energy Information Administration said on Wednesday.Crude inventories rose 3.6 million barrels in the week to Nov. 23, compared with analysts' expectations for an increase of 769…
U.S. Imports of Nigerian Crude Fall to 3-year Low
U.S. crude oil imports from Nigeria in July plunged to the lowest level in three years and are continuing to slip as Asian and European buyers increase purchases, trade flow data from Thomson Reuters and market intelligence firms Genscape and Kpler show.A narrowing spread between benchmark Brent and Oman crude futures <DUB-EFS-1M>…
Supertanker Hauling Saudi Crude U-turns After Recent Attack
A supertanker carrying Saudi Arabian crude has turned around near the Bab El-Mandeb strait, days after the world's top exporter said it was suspending all oil shipments through the strait following an attack by Yemen's Iran-aligned Houthi movement on two other ships.The Khuzama, a Very Large Crude Carrier (VLCC) transporting about 2 million barrels of oil, has ma
U.S. Crude, Refined Product Stockpiles Drop Sharply - EIA
U.S. crude oil, gasoline and distillate stockpiles fell more than expected last week, as crude imports dropped sharply, the Energy Information Administration said on Wednesday.Crude inventories fell by 2.2 million barrels in the week to May 4, compared with analyst expectations for a decrease of 719…
Saudi Arabia Limits US Crude Shipments, Iraq Steps In
Saudi Arabia's efforts to reduce a worldwide crude supply glut by cutting shipments to the United States means others are now filling in, most notably Iraq, in a trend that is set to accelerate in coming months. Over the summer, normally one of the busiest periods for crude shipments, U.S. imports of crude from Iraq rose by 41 percent from a year ago…
Distillates to Boost US Refiners' Bottom Line
U.S. refiners such as PBF Energy and Valero Energy are heading into the winter season on their best footing in years, as months of surprisingly robust distillate demand has eaten away at stubbornly high inventories and boosted margins. Inventories of diesel, heating oil and jet fuel are approaching their lowest seasonal levels in three years…
US Oil Stocks Drop, Gasoline Inventories Increase
U.S. crude stockpiles fell last week as refineries boosted output to the highest percentage of capacity in 12 years, the Energy Information Administration said on Wednesday, but a surprise increase in gasoline stocks capped gains in oil prices. Crude inventories fell by 6.5 million barrels in the week to Aug.
U.S. Thirst for European Gasoline Stalls
Europe's steady exports of gasoline to the United States have slowed substantially this year as tanks filled in the world's largest consumer nation and once-meteoric demand growth slowed. The drop in gasoline shipments to the densely populated U.S. East Coast is forcing European exporters to…
U.S. Refiners Bet Big on Refined Export Markets
U.S. refiners have come out of maintenance season betting that big exports to Mexico and South America will help alleviate high product inventories and boost margins as the critical summer driving season nears. The first wave of earnings results from several large independent U.S. refiners showed that they are not chasing U.S.
Oil Breaks Losing Streak ahead of US Inventory Data
Oil prices edged up in volatile trading on Tuesday, rebounding from six days of losses, ahead of U.S. crude inventory data forecast to show a drawdown. U.S. crude futures settled up 33 cents to $49.56 a barrel, breaking a streak that saw the benchmark lose 7.4 percent. Brent crude settled up 50 cents at $52.10 a barrel. Analysts forecast U.S.
US Crude Stockpiles Fall Unexpectedly -EIA
U.S. crude stocks fell unexpectedly last week, the Energy Information Administration said on Wednesday, while gasoline and distillate inventories also declined in a report that analysts said should be supportive for prices. Crude inventories fell by 2.2 million barrels in the week to April 7, compared with analysts' expectations for an increase of 87,000 barrels.
U.S. refiners gobble up foreign crude
Global oil producers pumping out crude have found particularly willing buyers lately in the United States, where refiners have reaped short-term benefits from buying foreign crude. Some question whether refiners are being strategic in their buying, piling up a surplus in advance of a potential border tax on imported crude.
US Shifts LNG Exports to Asia as Arb Opens Ip
The biggest divergence between U.S. and Asian gas prices in a year has created an opportunity for tankers delivering liquefied natural gas, with most departures from a key Louisiana terminal in the last month-and-a-half heading toward East Asia, shipping data released on Wednesday show. The facility…
Oil Rebounds after Trump's Win
Trump election win could put Iran nuclear deal on shaky ground. Oil prices rose on Wednesday as U.S. financial markets bounced back from an early Brexit-like slide following Donald Trump's surprise victory in the U.S. presidential election. Crude had tumbled as much as 4 percent early in the session, in the immediate aftermath of the U.S.
China Gobbles up Angolan Oil in Rush to Year End
China's loadings of West African crude are set to hit their highest in more than two years in November as the nation's refineries race to stock up and offset falling domestic oil production, according to a Reuters survey of shipping fixtures and traders. China's November West African crude oil loadings…