Med Crude-CPC Blend Under Pressure, Saudi OSPs Awaited

MarineLink.com
Tuesday, March 04, 2014

Russian Urals prices were steady on Tuesday as the market awaited Saudi Aramco's official selling prices for April, while Kazakh CPC Blend remained under pressure on ample supplies.

There was no activity in the Platts window.

Kazakh CPC Blend remained weak with buying interest coming at discounts to dated Brent while sellers offered over dated Brent plus 10 cents cif Augusta, above Monday's low deal, traders said.

"There's a big overhang on CPC, a lot was added to the programme and everyone was covered already," one trader said.

On Monday, the Kazakh CPC Blend differential fell after an updated loading programme was issued showing that March exports would be boosted to 3.26 million metric tons, up from the initial program of 3.02 million metric tons.

Refining margins have improved of late but the outlook is bearish, the same trader said, as benchmark dated Brent is anticipated to firm with the return of Asian refineries from maintenance as they will buy benchmark grades.

Pumping through the unreliable Kirkuk-Ceyhan pipeline has been stopped since March 2, a regional shipping source said on Tuesday.

Libya's NOC issued March official selling prices. Es Sharara OSP was set at dated Brent plus 65 cents a barrel in March, down 10 cents a barrel from last month. The Mellitah OSP was set at dated Brent plus 40 cents a barrel, down from dated Brent plus 45 cents a barrel in February.

Prices on the offshore grades were lowered.

Libyan exports are reduced to the offshore and Mellitah terminals.

Libya's defence minister promised protesters at the El Sharara oilfield to look into their demands but it was too early to say when production could resume, oil officials said on Tuesday.

The OPEC producer closed the 340,000 barrels a day-field last month after tribesmen staged a protest at the remote southern location and tribal clashes broke out.

(Reporting by Julia Payne; editing by David Evans)

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

Tanker Trends

Proforma DAs on the go!

DA-Desk has launched a new service under its PortSpend ManagementTM solution, the Proforma Disbursement Account (PDA) Approval Mobile App. The mobile app is

CMES Rides High on Hope

China Merchants Energy Shipping (CMES), a major Chinese international oil tanker operator, projects that its profit would be more than doubled in the first half of 2015 from a year ago.

Shipping Gloomiest Since 2009

The shipping industry is the most pessimistic in six years about its prospects as a fleet surplus persists, according to a survey by law firm Norton Rose Fulbright, says a report in Reuters.

Finance

CMES Rides High on Hope

China Merchants Energy Shipping (CMES), a major Chinese international oil tanker operator, projects that its profit would be more than doubled in the first half of 2015 from a year ago.

Possibly the Worst Quarter on Zero DSV Utilisation

According to a research note released today from UOB Kay Hian, Singapore offshore vessel operator Pacific Radiance achieved an ominous vessel utilization of 0%

Fund Targets Mols-Linien

The Danish equity fund Polaris makes a tender offer on all shares of the ferry operator Mols-Linien, which sails on routes Odden-Ebeltoft and Odden-Aarhus.    Polaris

News

USCG Rescues 4 From Burning Boat Off Grand Haven

The Coast Guard and a good Samaritan rescued 4 people after their 20-foot boat caught fire on the Grand River, Sunday. A boat crew from Coast Guard Station

Satcom Debuts New Iridium OpenPort Promo

Satcom Global launched a new Iridium promotion which will offer service plans that double the data and/or voice allowance on a range of popular OpenPort service packages,

Statoil Awards Integrated Drilling Contract

Statoil is awarding Baker Hughes Norway the onshore contract for integrated drilling services for Johan Sverdrup. The estimated contract value is NOK 1.5 billion

Logistics

ISS Signs Master Services Agreement with Technip

Inchcape Shipping Services (ISS) and Techniphave signed a contract to provide marine agency services and logistics for the Rashid C project in the Middle East.

Antwerp Port Sets up “One Belt One Road” Taskforce

“One Belt, One Road” is a Chinese development strategy launched at the end of 2013 that focuses on connectivity and cooperation among countries primarily in Eurasia.

CMES Rides High on Hope

China Merchants Energy Shipping (CMES), a major Chinese international oil tanker operator, projects that its profit would be more than doubled in the first half of 2015 from a year ago.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Pipelines Ship Electronics Ship Simulators 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: 0.2764 sec (4 req/sec)