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

Tanker Trends

GAO: Ending Crude Export Ban Could Ease 'Price at the Pump'

As the energy profile of the U.S. continues to improve and evolve daily, fresh debate in favor of exporting oil and gas products -- which would have a significant impact on the U.

'New Tango' Brings More Post-Panamax Ships to Charleston

New service expands Port of Charleston's capacity to serve North-South trade The SC Ports Authority today received the first ship call of a new consolidated

Frontline appoints Macleod as new CEO

Crude oil tanker firm Frontline, part of shipping tycoon John Fredriksen's business empire, appointed Robert Hvide Macleod as chief executive to replace Jens Martin Jensen, the firm said on Monday.

Finance

Bollore Africa Logistics Sees Profit Plunge in H1

First half 2014 profit at shipping company Bollore Africa Logistics plunged to 5.89 billion CFA francs ($11.48 million) from 9.45 billion CFA francs in the same period last year,

Maduro Says Venezuela's 2015 Budget to Put Oil at $60

Venezuela's 2015 budget will be based on a target oil price of $60 dollars per barrel, President Nicolas Maduro said on Friday night, but he repeated expectations that prices will recover.

No Merger of Yara & CF Industrie

Yara International ASA and CF Industries have terminated their discussions regarding a potential merger of equals transaction. "This has been a constructive process,

News

Missouri River Basin is Booming

The U.S. Army Corps of Engineers Missouri River Basin Water Management Division is maintaining above normal releases at the four lower dams on the Missouri River.

Bollore Africa Logistics Sees Profit Plunge in H1

First half 2014 profit at shipping company Bollore Africa Logistics plunged to 5.89 billion CFA francs ($11.48 million) from 9.45 billion CFA francs in the same period last year,

Twin Disc Offers Virtual and Real EJS Experience

Visitors to the Fort Lauderdale International Boat Show, October 30–November 3, 2014, can experience what it’s like to control a diesel-powered, conventional driveline

Logistics

Missouri River Basin is Booming

The U.S. Army Corps of Engineers Missouri River Basin Water Management Division is maintaining above normal releases at the four lower dams on the Missouri River.

Bollore Africa Logistics Sees Profit Plunge in H1

First half 2014 profit at shipping company Bollore Africa Logistics plunged to 5.89 billion CFA francs ($11.48 million) from 9.45 billion CFA francs in the same period last year,

GAO: Ending Crude Export Ban Could Ease 'Price at the Pump'

As the energy profile of the U.S. continues to improve and evolve daily, fresh debate in favor of exporting oil and gas products -- which would have a significant impact on the U.

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Offshore Oil Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.1142 sec (9 req/sec)