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Higher Product News

03 Sep 2014

Oil Inventories Higher, Crude Demand Lower: PIRA

NYC-based PIRA Energy Group reports that oil inventories are higher and crude demand is lower. In the U.S., stock surplus to last year is roughly flat. In Japan, crude stocks draw amid peak run rates. Oil inventories are higher, crude demand is lower and PIRA is beginning to question the expected 2H 2014 and 2015 lift off in economic activity. Also, add in unrelenting upward revisions to U.S. oil supply growth with non-OPEC supply additions continuing to substantially outpace demand growth and you have a combination of factors pointing to lower prices. This past week’s inventory increase kept the year-on-year overall stock surplus to around 4 million barrels.

17 Apr 2014

North Sea Crude-Forties eases, VLCC options narrow

Forties trades at parity with dated Brent; Competing Libyan barrels returning to market. Refining margins under pressure as capacity ramps up. North Sea Forties crude differentials eased on Thursday as the market remained sluggish ahead of the long Easter weekend and the window of opportunity for VLCC voyages to Asia narrowed. Some traders said that the VLCC Phoenix Vanguard, which is currently off Fawley, UK, would still go to Hound Point to load Forties for South Korea around April 23. This would make it the last VLCC to load before Jetty 1 closes for two months of maintenance work. With little chance of arbitraging barrels to Asia in May and June, traders expect the supply of competing crudes such as Urals to drive North Sea crude values in coming weeks.

25 Jul 2002

Willi Becker Ingenieurbüro Changes Name to Becker Marine Systems

On January 8, 2002, Willi Becker Ingenieurbüro changed its name to Becker Marine Systems. The company decided to alter its name to reflect its shift towards an increasingly global position as a system provider for rudders and steering gear which development had been going for some years. While the name of the company has been changed, the very substance of the company will remain the same. That is true in particular with regard to the sophisticated technology and the experience which the qualified team of engineers and technicians have acquired throughout the years. The new name will involve the addition of new operating areas to those already in existence. managing director Dirk Lehmann will concentrate the company’s efforts in particular on the expansion of the new areas of operation.