Latest World Oil Market Recap

MarineLink.com
Wednesday, October 23, 2013

Global refinery capacity increases vastly; typhoons deplete Japan oil stocks; and Qatari marketing sends signals on price direction, reports PIRA Energy Group's latest 'Weekly Oil Market Recap'.

Big Increase in 2014 (and 2015) Global Refinery Capacity
The biggest capacity increase over the two years comes from new construction projects in China and the Middle East. Despite the fact that the world currently has a surplus of refining capacity, new additions are on the way. In comparison to beginning-year 2013, world refining distillation capacity is set to increase by about 5%, or 2.6 MMB/D, by the end of this year; another 2.1 MMB/D will come online in 2014.

Storms Disrupt Operations
Storms and typhoons continue to track toward Japan with a fair bit of regularity, with Typhoon Danas impacting Okinawa, followed by Typhoon Wipha impacting the Tokyo area. Yet another typhoon (Francisco) is tracking toward Japan. Gasoline stocks drew modestly, while gasoil stocks drew to a new record low. The implied crude import figure was very low and this allowed crude stocks to draw. Refinery margins remain weak.

Qatari Marketing Flexibility Provides Key Signals for Price Direction
Qatar has benefitted financially from placing more LNG into Asia and has managed to do so at a premium to Atlantic Basin spot prices in Asia. To date, Qatar has been able to place incremental volumes into Japan, Korea, and China at, or close to its relatively strong oil-linked prices. How much more gas Qatar can (or will) divert to Asia from Europe this winter is a key question for AB spot players, who have the most to lose if there turns out to be more “wiggle room” on the supply side than anticipated.

Source PIRA Energy Group
http://www.pira.com/

 

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

Contracts

Japan's MHI Bags Indian Oil's LNG Storage Tank Contract

Indian Oil Corp (IOC) has awarded a contract to build two football stadium-sized liquefied natural gas (LNG) storage tanks at its upcoming Ennore LNG import terminal

Gazprom, Gasunie Sign Framework Agreement - LNG

At a Meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Han Fennema, CEO and Chairman of the Executive Board of Gasunie a Framework

De Nora Acquires Severn Trent's Water Purification Business

De Nora announces the completion of the acquisition of the Water Purification group of Severn Trent Services. The new business line, called De Nora Water Technologies,

Tanker Trends

First Gas Turbine-powered LNG Carrier Granted AIP

Hyundai Heavy Industries (HHI) announced it has jointly developed world’s first gas turbine-powered 174,000 m3 LNG carrier with GE Aviation and Marine and has secured

Japan's MHI Bags Indian Oil's LNG Storage Tank Contract

Indian Oil Corp (IOC) has awarded a contract to build two football stadium-sized liquefied natural gas (LNG) storage tanks at its upcoming Ennore LNG import terminal

FSL Trust Inks Tanker Contracts

FSL Trust Management Pte. Ltd., as trustee-manager of First Ship Lease Trust announced new time charter agreements for FSL Shanghai, FSL Hamburg and FSL Singapore.

Energy

Japan's MHI Bags Indian Oil's LNG Storage Tank Contract

Indian Oil Corp (IOC) has awarded a contract to build two football stadium-sized liquefied natural gas (LNG) storage tanks at its upcoming Ennore LNG import terminal

Gazprom, Gasunie Sign Framework Agreement - LNG

At a Meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Han Fennema, CEO and Chairman of the Executive Board of Gasunie a Framework

NAMEPA Welcomes Hadjipateras of Dorian

Clay Maitland, Founding Chairman of the North American Marine Environment Protection Association (NAMEPA) announced today, “NAMEPA welcomes our newest board member,

Fuels & Lubes

First Gas Turbine-powered LNG Carrier Granted AIP

Hyundai Heavy Industries (HHI) announced it has jointly developed world’s first gas turbine-powered 174,000 m3 LNG carrier with GE Aviation and Marine and has secured

Japan's MHI Bags Indian Oil's LNG Storage Tank Contract

Indian Oil Corp (IOC) has awarded a contract to build two football stadium-sized liquefied natural gas (LNG) storage tanks at its upcoming Ennore LNG import terminal

AkzoNobel’s Carbon Credits Methodology Wins Award

AkzoNobel’s landmark carbon credits methodology for the shipping industry has won the Best Offsetting Project award in the 2015 Voluntary Carbon Market Rankings.

News

Wärtsilä Propulsion for New Fishing Vessel

A new fishing vessel being built by Simek AS in Norway on behalf of the U.K. operator Antares (Whalsay) Fishing Company Ltd, will feature an integrated Wärtsilä

Danish Ports Approve HullWiper

Authorities at the Danish ports of Copenhagen, Kalundborg and Fredricia have granted permission for GAC EnvironHull’s pioneering, diver-free, underwater HullWiper

CMA CGM's OPDR Acquisition Approved by EU

The CMA CGM Group announced that the European Commission has approved its acquisition of OPDR. In order to finalize the acquisition, which was announced on November 25, 2014 by Jacques R.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Pipelines Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
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: 0.1913 sec (5 req/sec)