Texas Flood: U.S. Oil Pours into Global Markets
United States taking share from OPEC nations in Asia, Europe, as China’s biggest U.S. crude buyer to double imports. In the two years since Washington lifted a 40-year ban on oil exports, tankers filled with U.S. crude have landed in more than 30 countries, ranging from massive economies like China and India to tiny Togo. The repeal has unleashed a flood of U.S. shale oil, undercutting global crude prices, eroding the clout of the Organization of Petroleum Exporting Countries (OPEC) and seizing market share from many of its member countries. In 2005, before the shale revolution, the United States had net imports of 12.5 million barrels per day (bpd) of crude and fuels - compared to just 4 million bpd today. U.S.
Update: LOOP Terminal Shutdown
LOOP's Offshore Marine Terminal suspended its crude oil offloading operations on August 13 while investigating an oil sheen discovered along the pipeline. According to the terminal, field crews continue to execute the repair plan as scheduled. Estimates indicate that marine offloading operations may resume between August 21-23. LOOP said it will continue to evaluate options to safely expedite offloading operations when repairs are complete. All other pipelines into and out of the Clovelly Hub remain operational. loopllc.com
Louisiana Port Wary of Next Hurricane
The only road in and out of Port Fourchon, Louisiana, the main U.S. staging point for deepwater oil and natural-gas production, sits just 2 to 3 feet (61 to 91 centimeters) above the marshland. Hurricanes Katrina and Rita largely spared the road, Louisiana Highway 1, because neither struck Fourchon directly. According to Bloomberg, officials are worried that the upcoming hurricane season, beginning June 1, might play out differently. A storm might wipe out the highway as Katrina wrecked parts of the Gulf Coast last year, hindering access to Gulf of Mexico production platforms and cutting off a port where 11 percent of U.S. oil imports come ashore. Raising and widening a 17-mile (27-kilometer) stretch of Highway 1 would prevent an extended shutdown.
INTERTANKO Offers Support, Vital Information During National Tragedy
The terrible tragedy that occurred on September 11 will live long in everyone's memory. The implications will be far reaching and at this stage it is not known what reprisals will result. With so many losing their lives the implications on vessels calling at U.S. ports seems rather trivial in comparison. Nevertheless merchant shipping was affected. The LOOP terminal was closed for a while and entry to certain ports was restricted or delayed. The Association will keep in close contact with the U.S. Coast Guard and advise our members of any additional security or other procedures implemented in the wake of the terrorist attacks. The world's insurance markets are most likely affected by the massive claims that will be made on insurance and re-insurance policies.
Terrorist Attack will have Lasting Implications
The terrible tragedy that occurred on 11 September will live long in everyone's memory. The implications will be far reaching and at this stage it is not known what reprisals will result. With so many losing their lives the implications on vessels calling at US ports seems rather trivial in comparison. Nevertheless merchant shipping was affected. The LOOP terminal was closed for a while and entry to certain ports was restricted or delayed. The Association will keep in close contact with the US Coast Guard and advise our members of any additional security or other procedures implemented in the wake of the terrorist attacks. The world's insurance markets are bound to be severely affected by the massive claims that will be made on insurance and re-insurance policies.
Rising Bunker Prices To Push Worldscale Rates Up
Increasing bunker prices will push Worldscale tanker rates up by around 1.5 percent next year but prices on some routes will fall due to lower port dues and exchange rate fluctuations, the Worldscale Association said. The average bunker fuel price used for rate calculations would rise to $86.50 in 2000, from $82.75 in 1999, but varying port charges and currency exchange rates would mean some Worldscale route assessments fell. Bunker prices have soared this year to around a current $130 a ton from about $55 in February, but the Worldscale assessment is based on an average of the period between October 1998 and the end of September 1999.
