MidEast Crude Rises

Friday, August 11, 2006
Oil traders and refiners yesterday were scrambling to move prompt crude oil and product supplies from Asia to the US West Coast, anticipating tighter markets with the closure of BP's Prudhoe Bay oilfield, according to a report on www.gulfnews.com. The shipments gave more lift to Middle East sour crude prices and regional jet fuel differentials, traders said. US refiner Tesoro Corp booked the 80,000-tonne crude oil tanker Cape Avila from Oman to the West Coast in early September, shipbrokers said. About one cargo a month of medium-sour Oman is normally shipped to the West Coast and traders had expected the loss of up to 400,000 barrels per day (bpd) of similar-quality Alaska North Slope would drive up US demand for the benchmark grade. However, traders were caught off guard by the flurry of demand for crude oil tankers from South Korea to the US, as oil majors and trading companies appeared to be tapping quickly into Seoul's joint-venture storage tanks. Supplies from North Asia could be loaded promptly and reach the US West Coast in about two weeks, while most Asian and Latin America cargoes are sold out through September. Tesoro, which relies on ANS crude for only 10 percent of its West Coast refining, also booked an Aframax tanker of between 80,000 and 125,000 deadweight tonnes from Indonesia to northwest Australia, with options marked for an ongoing voyage to either Hawaii, Los Angeles or Anacortes, Washington. BP began shutting down Prudhoe Bay on Sunday after discovering corroded pipelines. It will decide today whether or not to continue pumping from the western half of the field, maintaining supplies of about 185,000 bpd. (Source: www.gulfnews.com)
Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Baltic Mercur II makes maiden voyage to Antwerp

This week Atlantic Ro-Ro Carriers (ARRC) celebrates the maiden voyage of the Baltic Mercur II via the port of Antwerp as part of their regular transatlantic service to the US Gulf.

USCG Provides Safety Tips to Paddlesports Enthusiasts

As the boating season unofficially begins, the 9th Coast Guard District is reminding paddlesport enthusiasts to take precautions to ensure safe trips and increase

USS George Washington Completes Carrier Qualifications

Carrier Air Wing (CVW) 5 and the Nimitz-class aircraft carrier USS George Washington (CVN 73) completed its carrier qualifications (CQ), May 23. CQ allows

Energy

DNV GL’s Synergi to Manage Siem Offshore Newbuilding Projects

Siem Offshore has chosen DNV GL’s Synergi Project to manage nine newbuilding projects. Synergi Project software The software is used to optimize the collaboration

Wärtsilä's' Propulsion for Use with US Compliant ELA

Wärtsilä has developed propulsion systems that are capable of operating with Environmentally Acceptable Lubricants (EALs) and comply with the US Vessel General Permit 2013 (VGP-2013).

Solarworld Wants Duties on Chinese Solar Goods in U.S. Extended

German solar manufacturer SolarWorld will apply to the United States for an extension of duties on Chinese panel imports that are due to end this year, weekly Euro am Sonntag said.

 
 
Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1691 sec (6 req/sec)