Med Crude-Kazakh CPC Strengthens, Azeri Exports to Drop

Tuesday, April 08, 2014

Kazakh CPC Blend crude strengthened on Tuesday as the outlook soured for the resumption of rival Libyan oil exports and a loading programme showed lower Azeri loadings in May.

In the Platts window, oil major Total bid for CPC at dated Brent minus 50 cents, some 20 cents stronger than previous price estimates, but found no sellers, traders said.

In the Urals market, Eni offered a cargo in the Baltic at dated Brent minus 75 cents, but found no buyers as the levels were considered too strong.

Traders said CPC might be strengthening as the market for light barrels in Europe might be tightening.

Azeri Light oil exports will decline in May to 748,000 barrels per day from 818,000 bpd in April, traders said on Tuesday, citing a loading programme. The April program was one of the largest in several years.

There was also no clarity on the resumption of Libyan oil flows.

Libya's National Oil Corp (NOC) has yet to lift force majeure at the eastern ports of Zueitina and Hariga following a deal with federalist rebels to reopen them after a nine-month blockade, an oil ministry official said on Tuesday.

Al Awami said staff at Arabian Gulf Oil Co, which runs the Hariga terminal, had joined a general strike in Benghazi that began on Sunday. It was unclear whether this would affect the port's ability to resume exports.

Workers at Zueitina were carrying out maintenance and checking facilities before the resumption of exports, Al Awami said.

Only the western offshore oilfields Bouri and Al Jurf were producing and exporting as usual. Crude from the only open port in the east was being sent to the Zawiya refinery, to make up for the still-closed southwestern El Sharara oilfield, which normally feeds it.

Iraq's rush to pump more oil to Asia has coincided with complaints from some buyers about the quality of its crude, casting doubt on whether Baghdad can increase the volumes of its key Basra Light grade to the region by a third in 2014.

Meanwhile, Iraqi exports from the Mediterranean port of Ceyhan remained suspended for more than a month, shipping sources said.

(Reporting by Dmitry Zhdannikov; Editing by Erica Billingham)


Tanker Trends

Hellenic Petroleum Profits Rise on Higher Exports

Hellenic Petroleum, Greece's biggest oil refiner, posted a 20 percent rise in second-quarter core profit on Thursday, with higher exports offseting lower refining margins.

Alfa Laval Launches DuroShell LPG/E Cargo Condenser

With the new Alfa Laval DuroShell plate-and-shell heat exchanger, Alfa Laval aims to strengthen its offering in LPG/E cargo reliquefaction with a construction that

Navy Discovers Malaysian Tanker

Indonesia's navy has found a tanker carrying almost US$400,000 worth of diesel that was taken by its own crew last week due to a commercial dispute, says a report in AFP.

Finance

SOS from Hanjin Shipping

The creditors' extended help is crucial for survival of Hanjin Shipping Co as its negotiations with owners of chartered ships over a cut in leasing rates and to

NParks, Keppel in S$2.08 mln Partnership for Restoring Singapore Forest Wetlands

The National Parks Board (NParks) and Keppel Corporation today unveiled plans for a partnership to restore the freshwater forest wetland ecosystem historically

Skaugen Goes to Red Again

Norwegian Marine Transportation Service Company I.M. Skaugen SE reported interim losses but cautiously positive and expecting a gradual recovery of trading opportunities

News

Coast Guard Foundation Awarded 128 Scholarships

The Coast Guard Foundation, a non-profit organization committed to the education and welfare of all Coast Guard members and their families, announced today that

Keppel to Deliver First North Sea FPSO

Keppel Offshore & Marine (Keppel O&M)'s wholly-owned subsidiary Keppel Shipyard Ltd (Keppel Shipyard) is on track to deliver a Floating Production Storage and Offloading

NASA May Send Submarine to Titan

NASA has unveiled plans to send a submarine into the depths of the largest ocean of Saturn's biggest moon, Titan in a bid to explore the depths of its largest ocean.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Simulators
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: 0.1014 sec (10 req/sec)