Oil Price Back in March, S&P Global reported that a record 24 cargoes carrying nearly 1.6 million metric tons of U.S. LNG had reached Asia via the Cape of Good Hope in the first three months of 2024, with exporters choosing the much longer route and shunning the Panama and Suez canals due to various challenges. S&P reported that only 14 cargoes
Yahoo Finance HOUSTON – As U.S. shale oil boomed last decade, an oil pipeline company pitched an ambitious multi-billion-dollar export port off the Texas coast to ship domestic crude to buyers in Europe and Asia. In April, Enterprise Products Partners’ SPOT became the first project to receive a license from the U.S. maritime regulator for a deepwater port that could
Oil Price Baltimore Port’s coal exports are likely to be blocked for weeks after the collapse of the Francis Scott Key Bridge on Tuesday, according to a Pennsylvania coal trading firm. The bridge collapsed early on Tuesday after a cargo ship lost power and slammed into the construction, which crumbled within seconds and will disrupt navigation near the Baltimore port, which is
Oil Price Security threats to commercial shipping in the Red Sea are not abating, they are escalating instead, and disruptions to maritime trade are expected to last up to a year, according to some of the biggest shipping companies in the world. Many container and tanker operators have been avoiding the Red Sea/Suez Canal route and diverting vessels via the
Nasdaq SINGAPORE/NEW DELHI/LONDON – To avoid the Red Sea, the supertanker Grand Bonanza set out early this month on a roughly 40-day journey carrying 1.8 million barrels of Abu Dhabi crude for TotalEnergies from the United Arab Emirates all the way around Africa to France. The trip will take at least two weeks longer than the normal route via the
Oil Price The Iran-aligned Houthis fired late on Thursday two anti-ship ballistic missiles at a U.S.-owned chemical tanker in the Red Sea, the U.S. Central Command said in what it described as the third Houthi attack on a commercial vessel in three days. On Thursday evening local time, the Houthis launched two anti-ship ballistic missiles at the chemical tanker M/V Chem Ranger.
Oil Price Tankers carrying nearly 9 million barrels of oil from Saudi Arabia and Iraq will delay their deliveries as they have diverted away from the Red Sea/Suez Canal route in recent days, and are now headed on the longer route via Africa, Bloomberg vessel-tracking data showed on Friday. The tankers loaded crude oil and petroleum products at Saudi Arabia’s ports of
Oil Price Brent crude oil broke past the $80 resistance level on Wednesday, as tensions in the Middle East continued to rise and as Houthi attacks on Red Sea shipping showed no signs of easing, prompting concerns of price-impacting disruptions to the energy trade. At 10:38 a.m. ET on Wednesday, Brent was trading at $80.20, up 1.22% on the day,
US News MANAMA/DUBAI – The United States on Tuesday launched a multinational operation to safeguard commerce in the Red Sea as attacks by Iran-backed Yemeni militants forced major shipping companies to reroute, fueling concern over sustained disruptions to global trade. The Houthi militant group, which controls vast amounts of territory in Yemen after years of war, has since last month
Oil Price A cluster of mostly Saudi supertankers loaded with oil that has been idling off Egypt’s Red Sea coast for weeks has shown signs of starting to clear as two of the 11 tankers are no longer anchored near the Ain Sukhna oil terminal, according to tanker tracking data compiled by Bloomberg. As of last Friday, 10 very large
Oil Price Heavy trading in Dubai oil has lifted its premium to WTI crude to its highest since late March, a development that could make U.S. crude even more competitive in Asia. More traders have turned to Dubai after Persian Gulf producers such as Saudi Arabia hiked prices and shipping rates also climbed. Bloomberg has reported that Dubai swaps were trading
Oil Price The chief executive of the port of Corpus Christi in Texas, Sean Strawbridge, resigned this week with the announcement providing no reasons for the move, Reuters reported. Strawbridge took the helm of the port of Corpus Christi in 2018 after serving as its chief operating officer. According to Reuters, during Strawbridge’s term, the port’s operating revenues expanded
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