Heating Oil News

23 Oct 2019

Oil Stockpiling Builds Ahead of IMO 2020 Rules

EXXON's Rotterdam Refinery (CREDIT: EXXON)

S-Oil, South Korea's third-largest refiner, said on Wednesday that regional refining margins are expected to improve in the fourth quarter on the back of inventory build-up ahead of implementation of stricter rules on marine fuels in 2020.The refiner, whose top shareholder is Saudi Aramco, said in an earnings statement, strong demand for heating oil was also expected to support refining margins, along with the International Maritime Organization (IMO)'s stricter shipping fuel…

30 Jul 2019

ICE Launches More Marine Futures Contracts

Image: International Maritime Organization

Intercontinental Exchange (ICE), the operator of global exchanges and clearing houses and provider of data and listings services, launched a further nine Marine Fuel 0.5% futures contracts in advance of the implementation of the 0.5% sulfur cap by the International Maritime Organization (IMO) in January 2020.The American company that owns exchanges for financial and commodity markets announced that its new futures contracts expand the existing suite of Marine Fuel contracts launched…

30 Apr 2019

Diesel Traders: Shortage is Coming

© Petr Ciz/AdobeStock

Gasoil traders expect the middle distillates market to stay well supplied until almost the end of 2019 before swinging into deficit with the introduction of new maritime fuel regulations.Calendar spreads for low-sulphur gasoil delivered to Europe's Amsterdam-Rotterdam-Antwerp hub are currently in contango through until October before shifting to backwardation from November onwards.In futures markets, contango structures, where future contract prices are higher than front-month prices, are associated with expectations of adequate or rising inventories.

30 Apr 2019

Diesel Traders See Shortage, but not yet

File Image: AdobeStock / © Kasto

Gasoil traders expect the middle distillates market to stay well supplied until almost the end of 2019 before swinging into deficit with the introduction of new maritime fuel regulations.Calendar spreads for low-sulphur gasoil delivered to Europe's Amsterdam-Rotterdam-Antwerp hub are currently in contango through until October before shifting to backwardation from November onwards (https://tmsnrt.rs/2WgXabR).In futures markets, contango structures, where future contract prices are higher than front-month prices, are associated with expectations of adequate or rising inventories.

23 Apr 2019

Shipping on Rhine in Germany Hampered by Low Water Levels

© Otto Durst / Adobe Stock

Cargo vessels cannot navigate much of the Rhine in Germany when fully loaded after dry weather caused a drop in water levels.Traders said that from Duisburg and Cologne to south Germany the Rhine is too shallow for normal sailings, which means vessel operators impose surcharges on freight rates for cargo owners.The Rhine is a major shipping route for commodities such as grains, minerals, coal and fuel products including heating oil.German companies faced supply bottlenecks and…

01 Feb 2019

Product Tanker Market Looks Up

Image: Capital Product Partners L.P.

The product tanker market registered a robust recovery in the fourth quarter of 2018, partially reversing the downward trend observed in the first nine months of the year, said Capital Product Partners.The Marshall Islands' tanker company said in a stock exchange annoucement that the beginning of the quarter was weak in line with the previous quarters, as rates hovered close to historically low levels, but the market gained momentum from early November onwards.In the West, the…

10 Dec 2018

Rhine River Shipping Returns to Normal as Water Levels Rise

A typical tow arrangement on German inalnd waterways / CREDIT AdobeStock / © digitalstock

Freight shipping on the river Rhine in Germany has returned to normal after heavy rain in the past week raised water levels, traders said on Monday.Water levels on the Rhine had been low for around six months after a hot dry summer and a dry autumn, forcing vessels to sail only partly loaded and increasing the cost of commodity deliveries."The heavy, repeated rainfall in the past days was just what was required," one grains trader said.

09 Nov 2018

Low EU River Stir Fuel Markets in Singapore

File Image: An inland cargo movement on the Danube River. CREDIT: Adobestock / © digitalstock

Rhine water levels hit record lows in October; river is a key fuel transport hub for Europe.Low water levels on the Rhine river have caused a fuel supply deficit in parts of Europe's industrial heartlands that is sucking up cargoes from more than 10,000 km away in Singapore.Following a long, scorching summer, water levels on the Rhine - a key commodity shipping lane connecting industrial centres in Switzerland, Germany, France and the Netherlands to major seaports - fell to record lows…

25 Oct 2018

Maritime Rule Change Stirs Fears of Diesel Shortage: Kemp

© dbvirago / Adobe Stock

The International Maritime Organization (IMO) has so far resisted pressure to soften or postpone the implementation of new regulations requiring ships to use bunker fuels with a lower sulphur content from the start of 2020.That has prompted warnings from some analysts that the regulations will squeeze the availability of low-sulphur diesel and jet kerosene required by trucks, trains, aircraft, farmers and industry, resulting in big price increases.The regulations and any associated rise in fuel prices will occur in the run up to the next U.S.

18 Oct 2018

Record Low Rhine Levels Hampers Barge Trade

© Markus Mohr / Adobe Stock

Water levels on the Rhine River fell to a record low on Thursday and were forecast to fall even further, hampering oil product barge trading in northwest Europe.Water levels at the Kaub point of the river fell to 31 cm, according to Refinitiv Eikon data, the lowest level in data available since September 1995.Shallow water on the Rhine in Germany means freight vessels cannot sail fully loaded.The river is an important shipping route for commodities including grains, minerals, coal and oil products including heating oil.

23 Aug 2018

Freight Fuel Market Moves Back Towards Balance: Kemp

© TTstudio / Adobe Stock

The market for freight fuels is moving close to balance, after tightening significantly in 2017 and the first quarter of 2018, contributing to the recent stabilisation in crude oil prices.OECD stocks of middle distillate fuels, including road diesel, marine gasoil and jet fuel, totalled 513 million barrels at the end of June, according to the International Energy Agency (“Oil Market Report”, August 2018).Stocks have fallen compared with the slump years of 2015-2017 (when they…

22 Aug 2018

Record Low Danube Hinders Shipping in Hungary

© Gudellaphoto / Adobe Stock

Water levels on the Danube dropped to record lows on three sections of the river in Hungary on Wednesday due to a recent drought, hindering passenger cruise ships and causing losses to freight shipping companies.In Budapest the Danube receded to 0.61 metres, just above the record low of 0.51 meters recorded in 2003, the National Water Authority said in a statement.Tourists and locals flocked to the bottom of the pillars of the historic Margaret bridge to capture a unique view of the Hungarian capital city from the riverbed…

14 Aug 2018

Low Water Still Troubles River Shipping in Germany

© bilanol / Adobe Stock

Water levels on the Rhine and Danube in Germany remain low after a recent drought and freight vessels cannot sail fully loaded on the rivers, traders said on Tuesday.Rhine water levels have risen after rain in recent days but still remain well below levels that would allow normal sailings, they said.“Most vessels are only sailing about 30 percent full,” one trader said. “The situation is worst in southern sections of the river; a lot more rain is still needed.”The Rhine is an important shipping route for commodities including grains, minerals, coal and oil products including heating oil.

06 Aug 2018

Low Water Hinders River Shipping in Germany

© Bratislav Braca Stefanovic / Adobe Stock

Water levels on the Rhine and Danube in Germany remain low as a drought and heatwave continues and freight vessels cannot sail fully loaded on the rivers, traders said on Monday.The Rhine is too shallow for normal sailings from Duisburg to southern Germany, traders said. All of the German section of the Danube is too shallow for full loads, they said.“Vessels are still sailing but are sometimes operating less than half full,” one vessel broker said. “Water is so shallow in southern…

31 Jul 2018

Cargo Being Delivered Despite Low Water on Rhine

© ALEKSANDR PROSHKIN / Adobe Stock

Freight is being delivered despite shallow water on the Rhine and other rivers in Germany due to drought, a shipping industry group said on Tuesday, although many vessels are being forced to carry lighter loads."On the Rhine, by far Germany’s most important inland waterway, river vessels can, depending on area, often only transport half of their normal loads, sometimes even less," said the association of German inland waterways shipping companies BDB.The Rhine is too shallow for normal sailings from Duisburg to south Germany, traders said on Monday.

23 Jul 2018

Low Water Hinders Rhine, Danube River Shipping

© Jörg Hüttenhölscher / Adobe Stock

Water levels on the Rhine and Danube rivers in Germany are still low after dry weather and freight vessels cannot sail fully loaded, traders said on Monday.The Rhine is too shallow for normal sailings from Duisburg to south Germany, traders said. All of the German section of the Danube is too shallow for full loads, they said.Shallow water means vessel operators impose surcharges on freight rates, increasing costs for cargo owners.Several vessels are also needed to transport consignments usually transported by one craft…

16 Jul 2018

Low Water Levels Hinder River Shipping in Germany

© peteri / Adobe Stock

Water levels on the Rhine and Danube in Germany remain low after recent dry weather and cargo vessels cannot sail fully loaded on some sections of the rivers, traders said on Monday.The Rhine is too shallow for normal sailings from Cologne to south Germany, traders said. All of the German section of the Danube is too shallow for full loads, they said.Shallow water means vessel operators impose surcharges on freight rates, increasing costs for cargo owners.The Rhine is an important shipping route for commodities including grains, minerals, coal and oil products including heating oil.

27 Jun 2018

Low Water Hampers Germany's Rhine, Danube Shipping

File Image: An inland towboat and its barges transit the Danube River in Germany. (CREDIT: AdobeStock / © digitalstock)

Water levels on the Rhine and Danube in Germany have fallen after recent dry weather and freight vessels cannot sail fully loaded on some sections of the rivers, traders said on Wednesday. The Rhine is too shallow for normal sailings around Cologne, traders said. All of the German section of the Danube is too shallow for full loads, they said. Shallow water means vessel operators impose surcharges on freight rates, increasing costs for cargo owners. The Rhine is an important shipping route for commodities including grains, minerals, coal and oil products including heating oil.

29 Jan 2018

Rhine Reopened to Shipping as Water Level Falls

© william87 / Adobe Stock

Germany's Rhine river was reopened to shipping on Monday after waters fell, following its closure for the past week as rain and melting snow raised water levels, authorities said. High water mostly peaked in north Germany over the weekend, but levels have fallen substantially allowing vessel sailings on the entire stretch, the river flood monitoring agency said. Some vessel speed restrictions, however, remain in north Germany, it said. Rising water levels mean vessels do not have enough space to sail under bridges.

25 Jan 2018

River Rhine in South Germany Still Closed to Shipping

File Image (CREDIT: AdobeStock / (c) digitalstock)

The Rhine in southern Germany remained closed to shipping on Thursday after a sharp rise in water levels and the river is likely to stay closed into the weekend, German authorities said. High water means vessels to not have enough space to pass under bridges. The river is closed to shipping from around Maxau near Karlsruhe to a point near Koblenz, preventing trips to and from Switzerland, the river flood monitoring agency said. Vessels are still able to navigate northern and central sections of the river but have to reduce speed, it said. Water levels are falling again in the southern Rhine.

24 Jan 2018

South River Rhine in Germany Still Closed to Shipping

File Image: An inland cargo movement on Germany's vast inland waterways.  (CREDIT: AdobeStock / (c) digitalstock)

The river Rhine in south Germany remained closed to shipping on Wednesday after a sharp rise in water levels, a German inland navigation authority official said. About 80 km of the river is closed to shipping from around Maxau near Karlsruhe to a point south of Mannheim, preventing sailings to and from Switzerland, he said. Northern and central sections of the river are operating normally. Water levels are starting to fall again in some areas and a reopening to shipping later this week or at the weekend could be possible, he said.

10 Jan 2018

Rhine in Germany Reopens as Water Levels Recede

File Image: A cargo vessel underway on inland German waters. CREDIT: Adobestock / (c) digitalstock

The river Rhine in Germany was reopened to shipping on Wednesday after a fall in water levels, the German inland navigation authority said. The river was closed to inland shipping at the beginning of the week after rain and melting snow raised water levels. High water means vessels do not have enough space to sail under bridges, but drier weather means water levels have dropped enough to enable navigation to resume, an official said. The Rhine is an important shipping route for commodities including minerals, coal and oil products such as heating oil, grains and animal feed.

08 Jan 2018

Rhine Closed to Shipping in Germany as Water Rises

© Claudio Divizia / Adobe Stock

The Rhine river in Germany was closed to shipping on Monday after water levels rose following rain, the German inland navigation authority said on Monday. The river is closed between the German cities of Duisburg and Koblenz, the authority said, preventing sailings to and from Switzerland. The high water means vessels would not have enough space to sail under bridges that cross the waterway. The river is expected to crest to its highest point on Monday or Tuesday after which drier weather is expected to cause water levels to fall, the authority said.

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