Tuesday , November 12 2019
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Tag Archives: shipping

Commodity Tracker: 6 charts to watch this week

A new production record for Permian basin gas, and rising transport costs for crude oil into Asia, are top of S&P Global Platts editors’ picks this week. Plus: EU renewables output, Egypt’s return to abundant natural gas supply, a US power price spike, and the squeeze on European steel mill margins. 1. Gas pipeline start-up helps Permian output to new highs   What’s happening? Gas production in the Permian Basin of West Texas edged up to a record high in late September,...

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Fujairah eyes growth in bunkering, oil storage and refining

Ahead of the S&P Global Platts Asia Pacific Petroleum Conference (APPEC 2019), Insight presents a series of articles exploring aspects of the global trade in crude oil and refined products. In the final instalment, Dania EL Saadi reports on developments at the UAE’s port of Fujairah, a key bunker hub with ambitions to rival Rotterdam and Singapore. The Middle East bunkering hub of Fujairah may have been rattled by the recent tanker attacks in the Gulf of Oman, but officials are adamant...

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As IMO 2020 deadline nears, shipping sector makes final push to adapt

Ahead of the S&P Global Platts Asia Pacific Petroleum Conference (APPEC 2019), Insight presents a series of articles exploring aspects of the global trade in crude oil and refined productsI. Here, Surabhi Sahu focuses on the shipping sector’s final push to prepare for the International Maritime Organization’s 2020 deadline imposing lower sulfur limits for fuel. Benjamin Franklin once said: “You may delay, but time will not.” This is certainly true for the international...

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IMO 2020: An opportunity for China’s bunker fuel sector?

China’s ports handle nearly a third of global container traffic and it has the largest merchant fleet in the world in terms of the number of ships owned. But given the size of its fleet and the number of ships that pass through its ports, China plays a surprisingly small role in bonded bunkering – the provision of fuel sold tax-free to ships travelling between countries across international waters. It is not China but Singapore that dominates Asian bunkering. Just under 50 million...

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Shipping industry needs to look beyond IMO 2020 to lower-carbon fuels

As the International Maritime Organization enters a phase of curbing shipping industry emissions more robustly, the search is on for cleaner alternatives to high sulfur fuel oil to power marine freight worldwide. The drop in the IMO’s global sulfur limit for shipping from next year is just the beginning, and is expected to drive the majority of shipowners into using new 0.5% sulfur fuel blends when it comes into force. Most have a plan in place to get past the immediate problem of reducing...

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Oil pipelines not Royal Navy warships will solve Hormuz Iran threat

Deploying more of the Royal Navy to protect oil tankers from Iranian attack as they sail through the Strait of Hormuz is a short-term fix to a historic problem of providing energy security in the Persian Gulf. Instead of Britain adding to the crowded fleet of warships converging on the region, new export routes such as pipelines and canals should be opened up to provide long-term peaceful alternatives that would finally reduce the world’s dependence on the narrow 21-mile-wide channel...

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Energy and commodities highlights: US gas prices, OPEC meeting, Chinese LNG investment

Moving into high summer, US energy markets were taking stock of trends in power generation amid low gas prices. The US Henry Hub gas benchmark recently traded at historic lows, and with forward prices suggesting little upside, the fuel is likely to see increased demand from power plants this summer. According to S&P Global Platts Analytics, even average seasonal temperatures in July and August could lift demand for power burn as much as 2-3 Bcf/d over last summer, assuming gas prices...

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Energy and commodities highlights: Oil market tensions, European gas flows, Mozambique’s LNG plans

For the second time in as many weeks, oil markets were jolted by events in the Middle East, with prices jumping on reports that Iran had shot down a US drone over the Strait of Hormuz on June 20. Crude prices continued to rise on June 21, on fears that the US and Iran could be headed towards a military confrontation. The latest incidents could affect flows of oil and products from the Persian Gulf, with traders and shipowners saying they were assessing risk premiums and freight rates....

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Oil traders have bigger worries than a new Hormuz tanker war

Oil tankers ablaze in the Gulf of Oman and the US pointing the finger at Iran should be enough to send the price of the world’s most vital commodity skyrocketing. Instead, oil prices have barely budged. Traders are not buying into the theory that Tehran wants a war, but they are worried about demand. Dated Brent assessed by S&P Global Platts – the world’s most important oil benchmark – spiked by over 4% following the attacks on June 13 and traded briefly just above $62/b. On the face of...

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Energy and commodity highlights: Tanker attacks, biofuels and oil, spiraling naphtha prices

Global oil markets were jolted late in the week by reports of attacks on two oil tankers near the Strait of Hormuz on June 13. Brent crude futures climbed almost 4% immediately after the attacks. ICE Brent eventually settled $1.34 higher at $61.31/b, and was trading higher the morning of June 14. The US was quick to blame the attack on Iran, saying it was orchestrated by the country’s Islamic Revolutionary Guard Corps, in response to US economic sanctions on Iran. Click for full-size...

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