Market Report Shows Oil Prices Bullish

MarineLink.com
Thursday, September 05, 2013

Burgeoning momentum to own oil seems poised to push oil prices higher for now. On the week, U.S commercial stocks built led by crude, while Japanese crude stocks drew strongly, according to a market report by NYC-based PIRA Energy Group. Extracts from the report follow:

Bullish Oil Prices
It is hard not to be bullish oil prices with the global economy gradually improving, tight physical oil markets and MENA turmoil, which is already substantially reducing global oil supplies and has the potential to reduce supplies further. Current positioning and likely September deflationary type headlines, due in part to a challenging calendar, but also the startup of Iranian nuclear negotiations, pose downside risks to oil prices. Yet, the burgeoning momentum to own oil seems poised to push oil prices higher for now with SPR chatter somewhat limiting the upside.

Withdrawal of Half of Libya’s Oil From the Market
Crude oil trade flows have been significantly altered in 3Q13 by the withdrawal of nearly half of Libya’s 1.4 MMB/D of oil from the market and the subsequent increase in production from Saudi Arabia to record levels to compensate for these losses and to accommodate growing global demand over the second half of the year. Tanker markets are adjusting with more West African crude staying in the Atlantic Basin, which is shifting tonnage demand to smaller vessels. More sour crude production has also benefited ship operators by lowering bunker prices, which have risen less than crude.

LPG Market Appears Tight
The slow pace of propane stock building has pushed prices higher and will keep prices supported as crop drying and winter heating demand are approaching. Gasoline blending season is starting, increasing the pull on butanes. Prompt European LPG markets are relatively tight given low arrivals in August and North Sea maintenance. More imports will be attracted from the USGC and West Africa.

More information on these weekly reports is at: http://www.pira.com/services/retainer-services

Source PIRA:
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Maersk Profit Plunges

Danish shipping and offshore energy conglomerate Maersk Group reported its profit at US$ 224 million for the first quarter of 2016, a drop of 86 percent compared to $ 1.

Maersk Line Names Hahnemann Chief HR Officer

On August 1, 2016, Ulf Hahnemann, current Vice President for Strategic Programs at Mars Inc. will join Maersk Line as Chief Human Resources Officer (CHRO) and be

American Waterways Operators Elects Chairman

The members of the American Waterways Operators, the national trade association representing the tugboat, towboat and barge industry, elected a new slate of leaders

Marine Propulsion

GE Gas Turbines for Japan's New Warship

GE's Marine Solutions announced it will provide IHI, Tokyo, Japan, with two LM2500 aeroderivative marine gas turbines for the Japan Maritime Self Defense Force's (JMSDF) new 8,

WSS Offers ‘One Stop Shop’ Approach to Bunkering

Ship operators who rely on a myriad of companies for their global bunkering needs are wasting time, money and energy, with no guarantee of standardized quality of products and services,

BAE Systems Bags USN Award for Submarine Propulsors

BAE Systems has received a $72 million contract from the U.S. Navy to produce and deliver propulsor systems for Block IV Virginia-class (SSN 774) submarines. The

Tanker Trends

Libya Eastern Oil Company Blocks Tanker Loading Crude for Tripoli Rival

An oil company set up by Libya's eastern government is preventing a tanker from loading a cargo for its Tripoli rival, the National Oil Corporation (NOC), officials said on Tuesday.

Pirates Switch to Kidnapping Crew as Oil Fetches Less

Pirate gangs in West Africa are switching to kidnapping sailors and demanding ransom rather than stealing oil cargoes as low oil prices have made crude harder to sell and less profitable,

A Look Back At The Tanker Market

The fall in the oil price after the summer of 2014, coupled with the decision by OPEC to keep oil production at elevated levels has combined to support an improved tanker market,

Finance

Maersk Profit Plunges

Danish shipping and offshore energy conglomerate Maersk Group reported its profit at US$ 224 million for the first quarter of 2016, a drop of 86 percent compared to $ 1.

CMA CGM Announces Emergency Operational Surcharge for Zanzibar

CMA CGM has announced to its customers that there is increasing deterioration of the port congestion up to 15 days in Zanzibar, Tanzania, which is beyond their control.

Adani Ports profit Up

Adani Ports and Special Economic Zone Limited (APSEZ), India’s largest port developer and part of Adani Group, has announced the financial results for the fourth quarter and year ended March 31,

Fuels & Lubes

WSS Offers ‘One Stop Shop’ Approach to Bunkering

Ship operators who rely on a myriad of companies for their global bunkering needs are wasting time, money and energy, with no guarantee of standardized quality of products and services,

Crowley Acquires Ace Fuels Assets in Anchorage

Anchorage-based Crowley Fuels yesterday completed an asset acquisition of the aviation fuels business of Ace Fuels, LLC, a fixed base operator (FBO) headquartered

Oil Rally is Not Just About Hedge Funds: Kemp

Oil prices are becoming dangerously overheated as speculators anticipate a rebalancing of supply and demand that has barely started, according to many oil analysts.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Pipelines Pod Propulsion Port Authority Ship Electronics 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: 0.1073 sec (9 req/sec)