Med Urals Market Awaits Short May Loading Schedule

Posted by Eric Haun
Tuesday, April 15, 2014

Activity in the Russian Urals crude market froze on Tuesday as traders said they were awaiting the first loading dates for May for signs of how much supplies from the world's top oil producer could fall next month.

Traders said they anticipated lower exports from Russia in May as several major domestic refineries were set to end their maintenance works.

The Urals swaps market showed expectations for prices to strengthen in May to around dated Brent minus $1 per barrel, some 30-40 cents stronger than current price estimates.

Traders also spoke about a physical deal being done in the Baltic on Tuesday for a cargo of Urals at dated Brent minus $1.30 a barrel, a notch stronger than prices on Monday, but that could not be verified.

"I don't think the May Urals program will be very short but certainly it will be shorter than April," one trader said.

Russia's No.2 oil producer Lukoil has agreed to sell its 50 percent share in a company that owns oil and gas projects in Kazakhstan to China's Sinopec for around $1.2 billion.

In light grades, a tanker was due to load 1 million barrels of crude on Tuesday from Libya's reopened Hariga port, its first export shipment since a deal to end months of closures at its main oil terminals, the National Oil Corp. (NOC) said.

Hariga remains the only terminal which has seen force majeure on its operations lifted.

The situation at the smaller Zuetina facility south of Benghazi is less clear: although it was slated to reopen as part of the deal secured between Tripoli and separatists, there has still been no confirmation of any restart more than a week after the initial agreement.

"All in all, Hariga represents only a minor proportion of Libya's total export capacity, and it is worth keeping in mind that even if loadings there do go ahead, crude exports will remain significantly below January levels," JBC Energy consultancy said in a note.

"Meanwhile, the country's two largest ports, Es Sider and Ras Lanuf, remain under separatist control. Given the status of the country's other ports, we see total export capacity reaching some 300,000 bpd this week," JBC added.

(Reporting by Dmitry Zhdannikov; Editing by David Evans)

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

Ports

Israeli Dockworkers End Ports Strike

Israeli dockworkers ended a two-day strike on Thursday that had shut down the country's two main seaports in protest at the creation of new foreign-run ports.   Some 2,

Fluxys LNG Launches Zeebrugge Capacity Consultation

Belgian gas infrastructure operator Fluxys said on Thursday it was launching a market consultation to assess demand for additional capacity at the Zeebrugge liquefied natural gas terminal in Belgium.

Bids Placed for Novy Port Icebreaker Contract

Seven companies submit bids for contract for Yamal Novy Port terminal icebreaker   The tendering process for the Yamal Novy Port terminal icebreaker design and build contract has kicked off,

Energy

Fluxys LNG Launches Zeebrugge Capacity Consultation

Belgian gas infrastructure operator Fluxys said on Thursday it was launching a market consultation to assess demand for additional capacity at the Zeebrugge liquefied natural gas terminal in Belgium.

US Orders Owner to Clean Up Ruptured Pipeline

Federal order ensures continued action on Santa Barbara County oil spill   The U.S. Environmental Protection Agency and the U.S. Coast Guard issued a joint federal

Five Years on from Macondo

An interview with NOIA’s Randall Luthi provides unique perspective on where the offshore energy business has been, where it is now, and where it could be headed next.

News

Hyde Marine to Present on BWTS at Nor-Shipping

Company to Share Seamless Integration of Ballast Water Treatment System (BWTS); Experience in Retrofits for Small Footprint Installations at Nor-Shipping Maritime

Lamprell to Implement Software for Automated Manufacturing

U.A.E based offshore jackup rig builder Lamprell Energy Ltd., will implement SSI's EnterprisePlatform software solution to allow its engineering team to automate manufacturing processes.

Israeli Dockworkers End Ports Strike

Israeli dockworkers ended a two-day strike on Thursday that had shut down the country's two main seaports in protest at the creation of new foreign-run ports.   Some 2,

Logistics

Israeli Dockworkers End Ports Strike

Israeli dockworkers ended a two-day strike on Thursday that had shut down the country's two main seaports in protest at the creation of new foreign-run ports.   Some 2,

Q88 LLC Opens Office in London

Q88 LLC has opened a new office in London. Located in Soho, the cultural center of London's West End district, the office will serve as a hub for business development and client relations.

U.S.: Stronger Response in South China Sea Needed

By releasing video of Beijing's island reclamation work and considering more assertive maritime actions, the United States is signaling a tougher stance over the

Offshore Energy

Lamprell to Implement Software for Automated Manufacturing

U.A.E based offshore jackup rig builder Lamprell Energy Ltd., will implement SSI's EnterprisePlatform software solution to allow its engineering team to automate manufacturing processes.

Five Years on from Macondo

An interview with NOIA’s Randall Luthi provides unique perspective on where the offshore energy business has been, where it is now, and where it could be headed next.

Offshore O&G: Weathering the Storm

Vessels are stacked as Gulf oil operators retrench and day rates fall. In the Gulf of Mexico, vessels serving offshore oil-and-gas exploration and production are

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Pipelines Salvage Ship Electronics Ship Repair 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: 0.1516 sec (7 req/sec)