Oil Price LNG freight rates for Atlantic Basin spot LNG cargoes slid to below $50,000 per day on Thursday, the lowest level in over seven months, as natural gas prices in Europe drop with peak winter demand behind us. The Spark30S Atlantic LNG freight rates, assessed by Spark Commodities, slid to below $50,000 per day today and were down
Nasdaq LONDON – An oil tanker runs aground off eastern China, leaking fuel into the water. Another is caught in a collision near Cuba. A third is seized in Spain for drifting out of control. These vessels were part of a “shadow” fleet of tankers carrying oil last year from countries hit by Western sanctions, according to a Reuters analysis
Nasdaq MOSCOW – Western oil tankers ramped up their shipments of Russian crude in January as prices for Moscow’s flagship Urals grade held below an international price cap, according to market sources and Eikon data. The Group of Seven nations (G7), Australia and the 27 European Union countries placed a price limit on Russian crude oil of $60 per barrel on Dec.
Oil Price Europe’s rush to replace Russian gas and an expected years-long bull market for LNG supply and prices have also created a race for LNG carrier orders this year. With 2022 nearly at its end, the global order book so far this year has numbered 170 LNG carriers, a surge of 95% compared to full-year 2021, per data
Oil Price Tankers carrying largely Kazakh crude oil from Russian ports to international markets are stuck in Turkish waters in the Bosphorus and the Dardanelles because Turkey is insisting on them presenting proof of insurance. The tanker jam began earlier this week, on the day the G7 and EU price cap on Russian oil exports came into effect.
Oil Price U.S. exports of crude oil and petroleum products hit an all-time high of 11.8 million barrels per day (bpd) last week, The Maritime Executive reports. In the week to November 25, a total of 11.776 million bpd of U.S. crude and petroleum were exported, the latest data from the U.S. Energy Information Administration showed. The jump in American crude and
CNBC The Treasury Department issued new guidance Tuesday about policies on the maritime transport of Russian oil ahead of a planned price cap in early December. The guidance, which complements the U.K.’s newly-released policies, outlines how U.S. service providers can continue carrying Russian seaborne oil that was loaded before Dec. 5, while complying with a strategic price cap on that oil
World Oil (Bloomberg) – It’s been eight months since Russia invaded Ukraine, sending global commodity prices soaring and forcing energy-ravenous countries into a mad competitive dash to secure new fuel sources ahead of winter. While the US filled some of the supply gap by exporting huge quantities of liquefied natural gas from its seven plants, global markets are going
Oil Price Oil cargo could soon be stranded at sea if G7 leadership fails to get insurers details regarding the upcoming—but undefined—price cap mechanism on Russian crude oil, senior industry executives told Reuters this week. The price cap plan—although it can hardly be called a plan at this point—is set to take effect as of December 5, after Canada,
Natural Gas World LONDON/MADRID – Dozens of ships carrying liquefied natural gas (LNG) are circling off the coasts of Spain and other European countries unable to secure slots to unload because plants that convert the seaborne fuel back to gas are full. Europe is facing an energy supply squeeze as Russia has progressively cut gas flows after the West imposed
World Oil (Bloomberg) — Oil tankers that previously carried Iranian oil are switching to haul Russian crude, according to shipping analytics company Vortexa. Eleven of the tracked ships that previously carried Iranian crude have loaded Russian oil and products since April, accounting for 16 loadings in that period, according to a note dated July 21. Most of the vessels are smaller
World Oil (Bloomberg) — Guyana, home to the world’s largest oil discovery of the past decade, is in discussions with Abu Dhabi to build a deepwater port to serve the rapid economic development along South America’s Caribbean coast. “We must have a major deepwater port to handle a Panamax” ship, President Irfaan Ali said today during an investment seminar in London. “We
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