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 November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

INTERTANKO Launches ECA Bunker Surcharge Clauses

INTERTANKO’s documentary committee has launched bunker surcharge clauses for Emission Control Areas (ECA).   Rising bunker prices due to rising oil prices and

DSME Returns for More Dual-Fuel Engines

MAN Diesel & Turbo received an order for four MAN B&W 5G70ME-GI engines in connection with Daewoo Shipbuilding & Marine Engineering Co.,Ltd. (DSME) agreeing a deal

USCG Addresses Future of Marine Fuels

The future of marine fuels from the Liquefied Gas Carrier National Center of Expertise   The Pacific Merchant Shipping Association hosted The Future of Marine

Ports

NRL Researchers Demo Ship-to-Shore Data Link

Scientists at the U.S. Naval Research Laboratory (NRL) along with Mercury Continuity (MC) have demonstrated the Tactical Reachback Extended Communications (TREC) system in the port of Miami.

DP World: Shareholders Back EZW buy, London Delisting

Shareholders of DP World have approved buying Economic Zones World from its majority shareholder and also backed the port operator's delisting from the London Stock Exchange,

Boxco Moves Longest Column through Mumbai Port

Boxco Logistics has set the bar high yet again, by moving the LONGEST COLUMN EVER that was transported in and out of Mumbai Port. It all started in the industrial

News

NRL Researchers Demo Ship-to-Shore Data Link

Scientists at the U.S. Naval Research Laboratory (NRL) along with Mercury Continuity (MC) have demonstrated the Tactical Reachback Extended Communications (TREC) system in the port of Miami.

Chinese Yards Apply for EU Regulation on Ship Recycling

Two Chinese ship recycling yards have applied for inclusion of their facilities in the future EU list of Ship Recycling Facilities.    The official documents

Jackup Rig Delivered to Abu Dhabi’s NDC

Lamprell delivers its 11th Super 116E jackup drilling unit Lamprell has completed the construction of jackup drilling rig, the Shuwehat, and has delivered the

Logistics

Transpacific Container Shippers Plan Price Rise

A container shipping organisation urged companies on Wednesday to raise Asia-U.S. freight rates by at least $600 per 40-foot container (FEU) from Jan. 15, corresponding to an increase of 26.

DP World: Shareholders Back EZW buy, London Delisting

Shareholders of DP World have approved buying Economic Zones World from its majority shareholder and also backed the port operator's delisting from the London Stock Exchange,

Maersk to Continue Russian Operations

Denmark's A.P. Moller-Maersk said its four subsidiaries with activities in Russia continue to operate as planned despite the recent sharp drop in oil price and the rouble's collapse.

Offshore Energy

Jackup Rig Delivered to Abu Dhabi’s NDC

Lamprell delivers its 11th Super 116E jackup drilling unit Lamprell has completed the construction of jackup drilling rig, the Shuwehat, and has delivered the

Shell Resuming Nigeria EA Oil Production

Royal Dutch Shell said on Thursday it had resumed production of Nigerian EA crude oil and lifted its force majeure on the grade after completing repairs to a mooring platform.

EU Bans Crimea Investment, Targets Oil, Cruise Sectors

Measures take effect on Saturday; aim is to keep pressure on Russia over Ukraine. The European Union banned investment in Crimea on Thursday, halting European

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1308 sec (8 req/sec)