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 August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Asia-N.Europe Box Rates Jump 26 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped by 26 percent to $591 per 20-foot container (TEU) in the week ended on Friday,

CMA CGM-led Consortium Win Box Terminal Bid

The consortium formed by CMA CGM, Bolloré and CHEC won the bid process initiated by the Cameroonian government Following the bidding procedure initiated by the Cameroonian government,

BIMCO Outlines LIS Week Schedule

BIMCO’s breakfast brief, titled “The Future Of Maritime Security” is aimed at CEOs and Directors who will have an opportunity to hear more on the latest threats

Energy

Wärtsilä Wins 2 Regasification Contracts

South Korean shipyard Hyundai Heavy Industries (HHI) has placed two important contracts with Wärtsilä for seawater/propane based regasification modules. The systems

Hitachi Gas Supply System Order for MHI

Mitsubishi Heavy Industries, Ltd. (MHI) has received an order from Hitachi Zosen Corporation for a high-pressure gas supply system enabling use of natural gas as fuel in marine engines.

Eni Finds Giant Egyptian Offshore Gas Field

The Italian energy major Eni SpA discovered a “super giant” natural gas field offshore Egypt in what the Italian oil company said is the largest find in the Mediterranean Sea.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.2113 sec (5 req/sec)