Friday, July 19, 2019

Gunvor News

India's Ennore Terminal Gets Qatari LNG

Image: ???Qatargas

Qatargas, the world’s largest LNG producer, supplied a commissioning cargo for India’s Ennore LNG receiving terminal, near the southern Indian city of Chennai.The commissioning LNG cargo was delivered onboard the vessel ‘Golar Snow’ on 25th February 2019 by the Swiss commodity trader, Gunvor, to the state-owned Indian Oil Corporation Limited (IOCL), which owns and operates the five million tonnes per annum (MTPA) terminal.

Oil Majors Join Blockchain Platform

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Oil majors Chevron and Total, along with major Indian refiner Reliance Industries, have joined the blockchain-based platform Vakt, London-based Vakt said on Tuesday.Vakt, already in use by other major trading firms since the end of last year, is the first of many blockchain pilot schemes for commodities trading to go live.The firm was created in 2017 by a consortium that includes oil majors BP and Royal Dutch Shell…

FSRU Suppliers Shift from Emerging Markets, Cut Back New Orders

Photo courtesy of Hoegh LNG

Political instability and low credit ratings in emerging economies are putting some shipowners off ordering new floating storage and regasification units (FSRUs), as they shift focus to more mature gas markets.Liquefied natural gas (LNG) demand from emerging markets in Asia, Africa and South America was expected to be boosted by FSRU technologies that are less expensive…

Oil Refiners Face Rollercoaster Ride as Fuel Margins Seesaw

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Oil product margins have been tossed around on a wild rollercoaster ride in October, as factors like impending Iran sanctions, the China-U.S. trade war and upcoming shipping regulations yank fuel profits up, down and back again.Some profit margins, known as crack spreads in the industry, including for Asian fuel oil and gasoil have boomed, while others, such as Asian and European gasoline cracks…

World's Top Traders Divided on Oil Outlook as Iran Sanctions Loom

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The world's biggest trading houses said on Wednesday they saw oil prices not falling below $65 per barrel and possibly breaking above $100 next year as U.S. sanctions on Iran reduce crude exports from the Islamic republic.The range of views illustrates deep uncertainty among top industry players over the outlook, given the reimposition of sanctions on Iran and forecasts of slowing economies and energy demand in 2019…

Glencore Mulls Integrated LNG Project in Philippines

Mining and trading giant Glencore is mulling an integrated liquefied natural gas (LNG) import project in the Philippines, a source familiar with the matter said.The project would be for a Floating Storage Regasification Unit (FSRU) to import gas directly to a power plant in the country.A commercial agreement has been signed and if pursued, would be financed by several entities, including a Chinese engineering group.Like its competitors, Glencore has been lookin

Bangladesh Shelves LNG Projects as Others Ramp Up

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Bangladesh has put aside two smaller liquefied natural gas (LNG) projects with trading houses Gunvor and Vitol to focus on two larger LNG import terminals, one of which is already in use while the second will start up in March.Bangladesh has turned to LNG to offset falling domestic gas output to feed industrial demand and electricity generation in a nation of 160 million…

North Sea Crude: Total, Gunvor Seek mid-September Cargoes

File Image: CREDIT DNV

North Sea crude differentials rose broadly on Wednesday after a flurry of bids in the daily trading window pushed the front of the swaps curve into backwardation for the first time in a month.Total and Gunvor were actively seeking cargoes loading in mid-September, though neither reportedly took any cargoes on offer from floating storage.There are more than 5 million barrels of Forties and Ekofisk held on tankers in the North Sea region…

Gunvor Opening London Trading Office, Closes Bahamas

file Image: CREDIT Adobestock © Kasto

Global energy trader Gunvor Group is opening its first London office while also closing its trading desk in the Bahamas to increase efficiency in North America, sources familiar with the matter said.Gunvor had recently recruited a natural gas trading team for London, the sources told Reuters, adding that the Switzerland-based firm briefly had one trader in London a few years…

Bad Weather Stalls Bangladesh FSRU Hook Up

Excelerate CFO Nick Bedford and representatives from IFC, the Bangladeshi government, Petrobangla, and project lenders at the signing ceremony in Dhaka in the summer of 2017. IFC, a member of the World Bank Group, and Excelerate Energy Bangladesh Limited (Excelerate) are co-developing the Moheshkhali Floating LNG project – Bangladesh’s first liquefied natural gas (LNG) import terminal. (Image: Excelerate)

A vessel that arrived in Bangladesh in April to offload its maiden cargo of liquefied natural gas and moor permanently as an import terminal should begin operations "within a week" after bad weather hampered its start-up, an official said on Thursday.The floating storage and regasification unit (FSRU) will allow Bangladesh to import LNG for the first time as its domestic…

For the Global LNG Industry, is the FSRU Honeymoon Over?

(Photo: Höegh LNG)

A giant vessel docked at the port of Moheshkhali in Bangladesh two months ago, propelling the populous but poor nation into the fast-expanding club of liquefied natural gas (LNG) buyers.The Excellence is the latest floating storage and regasification unit (FSRU), a type of carrier that has proliferated since 2015 as many countries switch to a cleaner and increasingly cheaper…

US Oil Boom Delivers Costly Surprise for Traders

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The world's biggest oil traders are counting hefty losses after a surprise doubling in the price discount of U.S. light crude to benchmark Brent in just a month, as surging U.S production upends the market.Trading desks of oil major BP and merchants Vitol , Gunvor and Trafigura have recorded losses in the tens of millions of dollars each as a result of the "whipsaw" move when the spread reached more than $11.50 a barrel in June…

UN Seeks Traders' Help Enforcing North Korea Sanctions

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A U.N. monitoring group wants to enlist the help of the world's biggest oil trading companies to enforce sanctions that cap the amount of crude and related products North Korea can import, the coordinator said.The U.N. Security Council ramped up sanctions last year after North Korea said it had conducted missile tests that put the U.S. mainland in range of its nuclear weapons.Under the restrictions…

Bangladesh Drops Trafigura in LNG Talks as Gunvor Advances

File Image: A rendering of a typical FSRU design (CREDIT: Sener)

Bangladesh has terminated talks with Swiss-based commodity trader Trafigura to install a small floating liquefied natural gas (LNG ) import terminal due to delays in agreeing terms, while rival trader Gunvor advances with a separate project. Once considered an energy backwater, Bangladesh's LNG demand is set to hit 17.5 million tonnes annually by 2025 after importing its first cargo last month…

Gunvor's Rotterdam Oil Storage is for Sale

File Image (CREDIT: AdobeStock / (c) mikesjc)

Trading house Gunvor is looking to sell a stake in more of its Rotterdam oil storage, two sources told Reuters, after offloading a chunk last year to a subsidiary of state oil giant Saudi Aramco. Gunvor acquired a significant amount of storage in Rotterdam, Europe's deepest port and a hub for its oil trading, when it purchased the 88,000-barrels-per-day Rotterdam refinery from Kuwait Petroleum International in 2016.

Europe Gasoline/Naphtha-Cracks Hit two-year Low

File Image (CREDIT: AdobeStock / (c) Kasto)

Gasoline refining margins in northwest Europe dropped to a two-year low on Monday even as substantial volumes traded on European barge markets. The highest volume of gasoline barges in nearly seven years traded on Monday, brokers told Reuters, with 48,000 tonnes changing hands. Volumes were elevated due in part to the specification change from winter to summer grade gasoline.

Distillate Demand Boost from Shipping Sulphur Rules to be Brief

File Image: A typical Middle East Refinery (CREDIT: MELCAL)

A sharp increase in demand for distillates following new shipping fuel rules will fade quickly, the International Energy Agency said on Monday. New rules implemented by the International Maritime Organization (IMO) will significantly cut the amount of sulphur that the world's ships can burn in their engines from 2020, leading to a close to 1 million barrel per day (bpd) rise in gasoil consumption at the expense of high-sulphur fuel oil.

North Sea Crude- Brent Slips to Lowest Since October

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North Sea Brent crude differentials weakened on Thursday to the lowest since October 2017 as Gunvor remained a seller of benchmark grades, while Forties found support from a higher bid. Brent: Gunvor sold to Vitol a cargo loading on March 2-4 at dated Brent minus 75 cents, the lowest since Oct. 17 according to Reuters data. Forties: Hartree bid for a March 11-17 cargo at dated Brent plus 15 cents, up from a a deal on Wednesday at dated Brent minus 65 cents.

North Sea Crude-Forties Slips to Lowest Since mid-2017

File Image: CREDIT Fendercare

North Sea Forties crude differentials weakened on Wednesday to the lowest since mid-2017. Gunvor sold a cargo from floating storage. Such sales are often seen as a sign of a plentifully supplied market. Forties: Glencore bought from Gunvor a cargo loading on a ship-to-ship transfer basis from the Blue Pride on Feb. 28-March 2 at dated Brent minus 65 cents. Gunvor also offered a Feb.

Texas Flood: U.S. Oil Pours into Global Markets

File Image (CREDIT: AdobeStock / (c) Jose Gill)

United States taking share from OPEC nations in Asia, Europe, as China’s biggest U.S. crude buyer to double imports. In the two years since Washington lifted a 40-year ban on oil exports, tankers filled with U.S. crude have landed in more than 30 countries, ranging from massive economies like China and India to tiny Togo. The repeal has unleashed a flood of U.S. shale oil…