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

Contracts

ISS Announces CEO Transition

Captain Claus Hyldager yesterday decided to step down as the Chief Executive Officer of Inchcape Shipping Services (“ISS”).    The current Chief Financial Officer,

Pressure for Australia Sub Deal Grows

Australia to spend A$65 bln on ships and subs over 20 years; PM pledges A$40 bln for domestic shipbuilders. Australia will spend A$89 billion ($65 billion) on

LNG Ferry Construction for Tallink Begins

The start of production of Tallink's new generation LNG powered fast ferry for the Tallinn-Helsinki route was celebrated on the 4th of August 2015 at Meyer Turku shipyard.

Tanker Trends

Koole Expands Rotterdam Operations

Koole Terminals has begun operations at the storage facility for petrol and diesel in Pernis that it recently acquired from BP.   The companies have a long-standing relationship.

Coast Guard Monitors Oil Recovery Ops near Bayonne, NJ

Coast Guard crews are continuing to monitor oil recovery operations (ORO) in the water near the International-Matex Tank Terminal (IMTT) Bayonne, New Jersey, Monday.

India: Negative Outlook on Shipping Sector

India Ratings and Research (Ind-Ra) has maintained a negative-to-stable outlook for the shipping sector for the current financial year.   The agency expects

Energy

S.Africa Considering Ship-Based Power Generation

South Africa could deploy power barges using gas to generate electricity to help overcome chronic supply shortages, a senior government official said on Tuesday.

Asian Nations Call for Stop to South China Sea Land Work

Calls grow for China to halt land reclamation. Southeast Asian countries on Tuesday backed a U.S. call to halt land reclamation in the South China Sea, underlining

Koole Expands Rotterdam Operations

Koole Terminals has begun operations at the storage facility for petrol and diesel in Pernis that it recently acquired from BP.   The companies have a long-standing relationship.

Fuels & Lubes

S.Africa Considering Ship-Based Power Generation

South Africa could deploy power barges using gas to generate electricity to help overcome chronic supply shortages, a senior government official said on Tuesday.

Koole Expands Rotterdam Operations

Koole Terminals has begun operations at the storage facility for petrol and diesel in Pernis that it recently acquired from BP.   The companies have a long-standing relationship.

Tanker Retrofitted with Dual Fuel Engine

Caterpillar Marine informs it has begin a dual fuel engine retrofit conversion onboard the 472-foot Fure West tanker, owned by Furetank Rederi A/B. The MaK M 43

News

ISS Announces CEO Transition

Captain Claus Hyldager yesterday decided to step down as the Chief Executive Officer of Inchcape Shipping Services (“ISS”).    The current Chief Financial Officer,

CME Lifts Force Majeure for all Illinois River Grain Terminals

CME Group has lifted its declaration of force majeure at all Illinois River terminals that are regular for Chicago Board of Trade corn and soybean futures delivery,

FURUNO of Japan Increases Investment in ENL

ENL Group and FURUNO Electric Co. Ltd of Japan have announced that FURUNO has increased its investment into the New Zealand company to a total of 29.5%. The

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Shipbuilding / Vessel Construction Winch
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: 0.2460 sec (4 req/sec)