Drewry: Tight Supply to Keep Oil Prices Up in Q4

Tanker owners are gearing up for the seasonal surge in global demand for oil in the fourth quarter of 2018, which coincides with the entrance into force of US sanctions on Iran. Iranian companies that are facing the new wave of sanctions following the 180-day wind-down period ending on November 4, 2018 are the National Iranian
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The U.S. will find it difficult to cut Iran’s oil exports completely as the oil market is already tight and rival producers cannot make up the shortfall, a top Iranian official said on Friday. Washington is seeking to cut Iranian oil exports to zero by November as it reimposes sanctions, and is encouraging other producers
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A lack of fuel oil cargo supplies in South Korea has seen bunker premiums soar to new heights this week. The spread between South Korean delivered 380 CST bunker fuel and Mean of Platts Singapore 380 CST high sulfur fuel oil assessments was $53/mt to $55/mt this week. The last time the spread was this
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The premium for Fujairah-delivered 380 CST bunker fuel hit a 27-month high amid tight barge supply for prompt deliveries, following brisk activity in recent weeks. The premium for Fujairah-delivered 380 CST bunker fuel to the Mean of Platts Arab Gulf 180 CST high sulfur fuel oil assessments rose by $1.73/mt day on day to $22.27/mt
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Recent quality issues detected in some Singapore high sulfur fuel oil cargoes have impacted the North Asia bunker market, pushing up premiums, market sources said Friday. Singapore fuel testing company Maritec last Thursday said it had detected excessive sludge in a Singapore bunker fuel cargo that was likely of US or Estonian shale oil origin.
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China’s construction steel rebar prices jumped 1.7 percent on Friday to their highest since 2013, buoyed by strong demand and expectations of lower production after pollution curbs in the country’s top production centres. The most-active rebar on the Shanghai Futures Exchange gained 1.7 percent to 4,072 yuan a tonne by 0202 GMT, after earlier climbing
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The financing model underpinning the US shale oil industry is fundamentally different from that of large companies producing predominantly in conventional oil. Small and medium-size independent producers, which dominate the US shale industry, generally have much higher leverage with high levels of debt and hedging. Since its inception, the industry has been characterised by negative
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