Sweet Crude Oil News

“Freedom” – the absence of subjection to foreign domination or despotic governmentIt has been decades since international relations in the world order dictated true competition for sea control, sea lines of communication, access to world markets, and diplomatic partnerships. However, it is becoming increasingly alarming that nations such as Iran, China and Russia seek to accumulate/consolidate power and re-define international maritime norms, potentially at the peril of diplomatic…

CME Group on Thursday said it would add two more delivery points for its WTI Houston crude futures contract, pending regulatory review, as it seeks to provide customers with additional options to hedge physical price risk.* Beginning with the March 2020 contract, customers can take delivery of U.S.

State-owned Indian Oil Corp (IOC) said it has commenced delivery of Low Sulfur Furnace Oil (LSFO) for ships that is compliant with International Maritime Organisation's (IMO) mandate.The largest commercial oil company in India said in a press release that it commenced deliveries of LSFO with 0.5 per cent sulfur as marine fuel at ports in the country.The first such supply was made on 26th October 2019 to the LPG tanker Berlian Ekuator at Kandla port.ICO has made available LSFO 0.5% S grade marine fuel for immediate deliveries at Kandla and Kochi ports. Bunker fuel deliveries at other Indian ports Mumbai, Mangalore, Tuticorin, Chennai…

Matrix plans sweet crude storage futures at LOOP. Matrix Global Holdings is planning to start up an oil storage futures contract for low-sulphur crude oil that will enable companies to build up supplies for export cargoes, as Asia looks for more crude imports from the United States. The contract will give holders access to low-sulphur, or sweet, crude oil storage space at the Clovelly, Louisiana, terminal operated the Louisiana Offshore Oil Port (LOOP). The contract is expected to start up in about six months, Richard Redoglia, Matrix's chief executive officer told Reuters. Matrix currently hosts a monthly auction for crude storage at the LOOP and it offers a high-sulphur, or sour, crude oil storage futures contract through the CME Group with delivery at the Offshore Port.

Enterprise sees four-fold jump in U.S. crude exports by 2022. Crude oil exports from the United States will increase to meet 5 percent of global demand by 2022, as refiners seek more low-sulphur crude to meet stricter rules for cleaner fuels, an executive from Enterprise Partners LP said on Monday. U.S. oil exports may rise to about 4 million barrels per day (bpd) by 2022, a four-fold jump from this year, said Brent Secrest, a senior vice president at Enterprise Products. During that same period, global oil demand, excluding the U.S., may rise to as much as 73 million bpd, up from 65 million bpd currently, he said. Demand for light, low-sulphur…

Oil futures were on track for their biggest annual gains since 2009 despite intraday losses, aided by OPEC's agreement to cut production from early next year. Still, demand for West African crude in spot trading was limited by holidays across Europe and uncertain demand in Asia. Gains in U.S. crude stocks showed by the U.S. Energy Information Administration this week also raised doubts over western demand for African oil in the near term. * No fresh trading was reported despite some cargoes loading Jan. 15-20 being available for purchase. * Loading delays on ExxonMobil's crude exports, which included Qua Iboe and Erha, impinged on demand as buyers worried about demurrage costs. * The bulk of the delays were because of strikes this month over layoffs by oil companies, traders said.

In a sign the massive Alberta wildfire is taking a toll on oil transport, Canadian crude exports to the United States dropped 12 percent last week, while another blend of Canadian sweet crude oil rallied as concerns grow about supply. Overall, trading in Canadian crude was quiet, as the second half of the month is generally inactive. Hot and dry weather and strong winds were expected to push the wildfire burning near Fort McMurray, Alberta eastward on Wednesday, continuing to threaten facilities and work camps in Canada's prized oil sands. With the fire projected to grow further, producers are starting to scramble for needed oil supply.

Brent crude fell for a third day on Wednesday, slipping further below $97 a barrel as inflated supplies and weak economic data from Europe outweighed rising geopolitical tensions in the Middle East. * U.S. The European economic data and a rise in oil exports from Iraq and Nigeria overshadowed a boost from China with Tuesday's release of a better-than-expected flash Purchasing Managers' Index (PMI) for September. U.S. air strikes on militants in Syria also failed to lift prices. Brent for November delivery slipped 1 cent to $96.84 a barrel by 0704 GMT, although U.S. crude rose 29 cents to $91.85 a barrel. "Oil prices did not really gather the support coming from China's manufacturing data from yesterday as softer European manufacturing data followed…

According to International Energy Agency (IEA) Executive Director Nobuo Tanaka, the 28 IEA member countries have agreed to release 60 million barrels of oil in the coming month in response to the ongoing disruption of oil supplies from Libya. This supply disruption has been underway for some time and its effect has become more pronounced as it has continued. The normal seasonal increase in refiner demand expected for this summer will exacerbate the shortfall further. Greater tightness in the oil market threatens to undermine the fragile global economic recovery. In deciding to take this collective action, IEA member countries agreed to make 2 million barrels of oil per day available from their emergency stocks over an initial period of 30 days.

At the legislative hearing on the use of dispersants in the BP oil spill, Lisa P. Jackson, Administrator of the U.S. Chairman Mikulski, Ranking Member Shelby and Members of the Subcommittee, thank you for the opportunity to testify on the role of the U.S. Environmental Protection Agency (EPA) in the Deepwater Horizon BP oil spill response. My testimony today will provide you with an overview of EPA’s role and activities in the affected Gulf Coast region following the April 20, 2010 Deepwater Horizon mobile offshore drilling unit explosion and resulting oil spill as well as a summary of our primary environmental activities, including dispersant use, waste management, and beach cleanup.

The Mississippi River was shut to all vessels Tuesday night after the Westchester, a 13,000-barrel crude oil spill near the mouth of the river some 60 miles south of New Orleans, the U.S. Coast Guard said. A Bahamian-flagged crude oil tanker ran aground near the mouth of the river close to Venice, La., around 6 p.m. CST Tuesday, Nov. 28, and spilled about 13,000 barrels of Nigerian sweet crude oil, said Petty Officer Joe Patton. The river had been shut between mile markers 9 and 38 (a nearly 30-mile stretch), Patton said. The Coast Guard and other federal agencies are assessing the extent of the spill. Containment booms and about 30 vessels are involved in the clean-up, Patton said. Refineries were reportedly unaffected, as the cargo was destined for a pipeline terminal.

The Coast Guard is continuing its investigation into an accident earlier today where a 793-foot tanker struck a pier on the west bank of the Mississippi River in Westwego, La. There were no reports of injuries ashore or on the Maltese-flagged tanker Tsunami. A Coast Guard helicopter overflight observed minor sheening in the area, possibly a result of damage to the S.T. Services pier. Drug and alcohol tests have been administered and the results are pending. The Tsunami, which was carrying an estimated 20 million gallons of sweet crude oil, reportedly has a 3-foot gash above the waterline along the hull's port side. There have been no reports of pollution from the vessel.

The Unified Command has reopened the Intracoastal Waterway near Bayou Perot, La., after a portion of ICW was closed due to a damaged oil wellhead that started spilling sweet crude oil into the bayou early Sunday. The ICW was closed early Sunday between mile markers 19 and 21 when oil from the damaged wellhead entered a portion of the ICW. Cleanup crews have contained and removed the oil from the ICW, and the unified command has reopened the waterway to all vessel traffic. More than 25,000 feet of oil containment boom has been deployed around the wellhead in Bayou Perot and along the neighboring shoreline. Most of the oil from the wellhead has been contained within Bayou Perot and Little Lake, and oil has been removed from the ICW and Lake Salvador.