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 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Iraq's Kurds Have Right to Sell Oil While Squeezed by Baghdad

Iraq's Kurdish region has the right to keep selling oil as long as the Baghdad government keeps cutting its budget, the head of the Kurdish parliament's energy committee said on Tuesday,

Petroecuador Tenders to Buy 3.84m bbls of Naphtha

State-run oil company Petroecuador has launched tenders to buy a total volume of 3.84 million barrels of naphtha for delivery in the coming month at Esmeraldas,

Floating Production: $1.2b Speculative FLNG Ordered

The floating production business continues to be very strong, particularly in the LNG gas processing sector.  Last month saw a speculatively ordered floating liquefaction plant – a $1.

Finance

Iraq's Kurds Have Right to Sell Oil While Squeezed by Baghdad

Iraq's Kurdish region has the right to keep selling oil as long as the Baghdad government keeps cutting its budget, the head of the Kurdish parliament's energy committee said on Tuesday,

Petroecuador Tenders to Buy 3.84m bbls of Naphtha

State-run oil company Petroecuador has launched tenders to buy a total volume of 3.84 million barrels of naphtha for delivery in the coming month at Esmeraldas,

Company Fined for Oil Spill Near Anacortes

Ecology issues $112,500 penalty for sunken vessel.   American Gold Seafoods faces a $112,500 penalty for an oil spill caused by the accidental sinking of its vessel,

News

General Dynamics gets $25 mi GPS Contract from Lockheed Martin

General Dynamics Advanced Information Systems, a business unit of General Dynamics, was awarded a $25.4 million full-production contract from Lockheed Martin to support the U.

2 Post Panamax Cranes for Port Freeport Arrive

Port Freeport announced the arrival of their two Post Panamax Cranes. “The Gantry cranes departed from Shanghai, China on May 7th and arrived at Port Freeport on July 19th,

Huge Waves Measured for First Time in Arctic Ocean

As the climate warms and sea ice retreats, the North is changing. An ice-covered expanse now has a season of increasingly open water which is predicted to extend

Logistics

Iraq's Kurds Have Right to Sell Oil While Squeezed by Baghdad

Iraq's Kurdish region has the right to keep selling oil as long as the Baghdad government keeps cutting its budget, the head of the Kurdish parliament's energy committee said on Tuesday,

Diana Containerships Q2 & 1H 2014 Financial Results

Greece-based Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, has reported net income of $0.6 million for the second quarter of 2014,

Mercator Lines Profit Hit by Low Bulk Freight Rate

Mercator Lines (Singapore) reported a revenue of US$ 16.5 million for Q1 2015, an increase of 19% as compared to correspoding period in the previous previous year, however a net loss of US$ 7.

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Pipelines Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1013 sec (10 req/sec)