Monday, March 3, 2025
Oil rises 3% as some tankers avoid Red Sea after strikes- oil and gas 360

Oil rises 3% as some tankers avoid Red Sea after strikes

Investing LONDON – Oil prices climbed about 3% on Friday, as some oil tankers diverted course from the Red Sea following overnight air and sea strikes by the United States and Britain on Houthi targets in Yemen after attacks on shipping by the Iran-backed group. Witnesses in Yemen confirmed explosions throughout the country. Brent crude futures were up $2.21, or 2.9%, at

Tankers that carried Iranian oil are switching to Russian crude- oil and gas 360

Tankers that carried Iranian oil are switching to Russian crude

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

Oil demand drag takes toll on tankers, U.S. refiners- oil and gas 360

Oil demand drag takes toll on tankers, U.S. refiners

Reuters LONDON/NEW YORK  – U.S. refiners are scaling back on hiring ships for longer periods to save on costs in another sign of uncertainty over when global oil demand will return to pre-COVID levels, shipping and trade sources say. The global rollout of coronavirus vaccines and the expectation that government-offered stimulus packages will boost the world economy has raised expectations

Exclusive: Oil tankers turn away from Venezuela as more sanctions loom- oil and gas 360

Exclusive: Oil tankers turn away from Venezuela as more sanctions loom

Reuters Two tankers that were sailing toward Venezuela to load crude have turned around since the weekend and three other vessels have left Venezuelan waters as the United States considers blacklisting dozens of ships for transporting the country’s oil, according to shipping data and industry sources. Washington is considering imposing sanctions on tankers involved in exporting Venezuela’s oil as the

The Incoming Glut -Excessive Levels of Heavy Crude Supply in a Saturated Market - oilandgas360

The Incoming Glut: Excessive Levels of Heavy Crude Supply in a Saturated Market

RarePetro Oil & Gas 360 Publishers Note:  Kevin Olson has assembled great data points about the influx of fifty million barrels of foreign crude oil to the United States, and may offset most of the production cuts. Pushing out any kind of recovery on our producers. This brings up the question: Should Donald Trump, or Congress, get involved in eliminating

The Incoming Glut -Excessive Levels of Heavy Crude Supply in a Saturated Market - oilandgas360

The Incoming Glut: Excessive Levels of Heavy Crude Supply in a Saturated Market

RarePetro Oil & Gas 360 Publishers Note:  Kevin Olson has assembled great data points about the influx of fifty million barrels of foreign crude oil to the United States, and may offset most of the production cuts. Pushing out any kind of recovery on our producers. This brings up the question: Should Donald Trump, or Congress, get involved in eliminating

Key Indicators On The Oil Price Path ‘After’ Covid-19- oil and gas 360

Key Indicators On The Oil Price Path ‘After’ Covid-19

Forbes Undoubtedly, the dominant factor in the oil market for the next twelve to twenty-four months will be the progress of the pandemic, which will reduce economic activity and thus oil demand to an uncertain degree and with unpredictable timing. My take is that once inventories are no longer filling, prices will recover somewhat, with Brent reaching $35-40 and WTI

Saudi crude buyers cancel at least seven supertankers after freight hike: sources- oil and gas 360

Saudi crude buyers cancel at least seven supertankers after freight hike: sources

Reuters LONDON – U.S. buyers of Saudi Arabian crude oil cancelled at least seven April-loading tankers after a jump in freight costs, two industry sources said, likely to result in lower-than-expected shipments from the world’s top exporter. The move shows how some buyers are not rushing to take extra oil despite a slide in prices this month to below $16

Saudi Arabia may re-route tankers if U.S. imposes crude import ban: sources- oil and gas 360

Saudi Arabia may re-route tankers if U.S. imposes crude import ban: sources

Reuters LONDON/NEW YORK/MOSCOW – Saudi Arabia is looking into re-routing millions of barrels of oil onboard tankers sailing to the United States if President Donald Trump decides to block imports of crude from the Kingdom, shipping and trade sources say. Some 40 million barrels of Saudi oil are on their way to the United States and due to arrive in

Crude oil held in sea storage hits new record at 160 million bbls: sources- oil and gas 360

Crude oil held in sea storage hits new record at 160 million bbls: sources

Reuters LONDON – Traders are storing an estimated record 160 million barrels of oil on ships – double the level from two weeks ago as they seek to tackle a glut of stocks created by a slide in global demand from the coronavirus, shipping sources say. Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia have agreed

U.S. firm invests $100 million into VLCC-ready oil export terminal- oil and gas 360

U.S. firm invests $100 million into VLCC-ready oil export terminal

Houston Chronicle Connecticut private firm Prostar Capital plans to invest $100 million into a recently acquired terminal in the Caribbean that will be able to receive some of the largest oil tankers in the world. Prostar bought the facility on the Dutch island of St. Eustatius from San Antonio pipeline and storage terminal operator NuStar Energy in a $250 million