Oil Hub News

23 Sep 2018

Nigerian Pirates Kidnap 12 Crew from Swiss Cargo Ship

MV Glarus. Photo: Massoel Shipping

A Swiss-operated ship has been attacked off the coast of Nigeria, Switzerland’s foreign ministry said, amid media reports that 12 crew members had been kidnapped by a  gang of pirates.The MV Glarus, merchant ship operated by Geneva-based shipping company Massoel Shipping, was transporting wheat between Lagos and the southern Niger Delta oil hub of Port Harcourt.According to reports, the incident took place at about 45 nautical miles south west of Bonny Island. The pirates held 12 among the ship's staff members as hostages.According to West African nation's maritime agency…

13 Sep 2018

Singapore Marine Fuel Sales Declining

© Pawarit Yuuyen / Adobe Stock

Sales of marine fuels in Singapore fell to a two-month low in August as fewer ships called for refueling at the world's largest bunkering hub, officialdata showed on Thursday.Marine fuel sales last month declined 9.2 percent from a year earlier and 1.8 percent from a month ago to 3.963 million metric tons, data from the Maritime and Port Authority of Singapore (MPA) showed.The decline in marine refueling activity, also known as bunkering, was largely anticipated, four trade sources said…

31 Jul 2018

UAE Bunker Inquiries Spike on Worries over Singapore Tainted Fuels

© biiker3 / Adobe Stock

Inquiries for marine fuel supplies in the United Arab Emirates' (UAE) Fujairah oil hub have spiked as shippers try to avoid loading tainted fuel oil that has clogged and damaged ship engines in Singapore recently, three trade sources said.Tainted marine fuel has been found in Singapore, the world's largest ship refuelling hub, following reports of more than 100 vessels that loaded similarly contaminated fuel in the U.S.

28 Nov 2017

GoM Stakeholders Energized Despite Lingering Oil Bust

Miss Marilene Tide (Credit Tidewater)

Gulf of Mexico vessel builders – and their customers – adapt to a lean offshore market. After oil prices plunged in late 2014 – pressured by shale output – demand for offshore vessels in the Gulf of Mexico shrank, day rates for boats fell and non-working units were idled. This year, several GoM boat builders filed for Chapter 11, or voluntary bankruptcy, while others consolidated. The most diversified companies kept their heads above water. Today, the outlook's a bit brighter. Crude oil prices hit bottom early last year. Tidewater Inc.

18 Aug 2017

Vopak Expands Pengerang Terminal

Pic: Royal Vopak

Royal Vopak and its joint venture partners intend to expand their independent storage terminal, Pengerang Independent Terminals Sdn Bhd (PITSB) in Pengerang, Johor in southern Malaysia. PITSB will be expanded with 430,000 cbm to a total capacity of 1.7 million cubic meters.The expansion which is subject to final formalities, is expected to be commissioned progressively from Q1 2019. PITSB provides storage, blending and distribution services for crude oil and clean petroleum products. The expansion relates to the storage of clean petroleum products.

21 Nov 2015

Second Quake hits North Oklahoma

A magnitude 4.1 quake hit near the north Oklahoma town of Medford on Friday, the second temblor in two days to hit the area where energy extraction takes place. The U.S. Geological Survey said the quake, initially reported as a magnitude 4.6, struck at 4:40 p.m. at a shallow depth of 4.9 miles (8 km) with the epicenter 9 miles (15 km), north-northwest of Medford. There were no immediate reports of major damage or injuries. A magnitude 4.7 earthquake struck northern Oklahoma early on Thursday, rattling residents out of their beds and shaking the ground across a 100-mile (160-km) radius that included the city of Tulsa and the state of Kansas.

08 Oct 2015

Amid Commodity Crisis, LPG Emerges as Accidental Bright-spot

Liquefied Petroleum Gas, long a niche product used by the poor to cook and the rich to barbecue, has become a rare bright spot amid a broad commodities rout, riding on the wave of strong economic growth in India and parts of Southeast Asia. LPG is best known to consumers as propane or butane used in heating appliances and vehicles. But it is also used in the petrochemicals industry and the electricity sector, acting as a replacement for diesel in generators and power stations. While tumbling prices for oil, gas, coal and industrial metals have seen energy companies and miners slash capital expenditure, investment is flowing into the LPG sector to feed burgeoning demand from the world's poorer nations.

06 Aug 2015

Sewage Flow is Williston's Oil Bust Indicator

The population of a U.S. oil boomtown that became a symbol of the fracking revolution is dropping fast because of the collapse in crude oil prices , according to an unusual metric: the amount of sewage produced. Williston, North Dakota, has seen its population drop about 6 percent since last summer, according to wastewater data relied upon heavily by city planning officials. They turned to measuring effluent because it was a much faster and more accurate way to track population than alternatives such as construction permits, school enrollment, tax receipts or airport boardings. U.S. Census Bureau figures are usually too old as a full-fledged population count only happens once a decade, with sporadic updates in between.

03 Sep 2014

Two Mexican Oil Ports Reopen after Dolly Downgraded

Two of Mexico's three main oil exporting ports in the Gulf of Mexico, Dos Bocas and Cayo Arcas, were reopened on Wednesday after major storm Dolly was downgraded, the country's communications and transport ministry said in a statement. Dolly, which was previously a tropical storm, weakened to remnant status on Wednesday, the U.S. National Hurricane Center said in its latest advisory. Mexico's third major oil hub, Coatzacoalcos, was never closed despite strong winds and rainfall associated with Dolly. The country's Tampico and Altamira ports, however, have been closed since Tuesday due to bad weather, the ministry added. Almost all of Mexico's crude oil exports are shipped to refineries on the Gulf Coast of the United States from the Dos Bocas, Coatzacoalcos and Cayo Arcas ports.

14 Jun 2014

Oil Prices Climb Again Amid Escalating Violence In Iraq

Crude oil prices rose to new nine-month highs on Friday as concerns persisted that an insurgency in Iraq could disrupt oil exports from the second-largest OPEC producer. Grand Ayatollah Ali al-Sistani, the highest religious authority for Shi'ites, on Friday urged his followers to take up arms against Sunni militants advancing south toward Baghdad, raising the prospect of further violence. The surge in both Brent and U.S. crude prices, up about $4 this week, lost some momentum on Friday as the market waited to see if the conflict in Iraq would threaten oil refineries south of Baghdad. "Right now the market is looking for a comfort zone," said James Williams, an energy economist at WTRG Economics in London, Arkansas.

13 Jun 2014

Brent Climbs Toward $115 on Iraq Crisis

Brent crude climbed to a nine-month high near $115 a barrel on Friday, as supply disruption fears took centre stage after the United States threatened military action in Iraq against Sunni Islamist militants who are pushing on towards Baghdad. The jihadists extended their lightning advance to towns only about an hour's drive from Baghdad while trucks carrying Shi'ite volunteers in uniform rumbled towards the front lines to defend the city, stoking concerns of prolonged unrest and bloodbath. Brent hit a session high of $114.69 a barrel, its loftiest since September last year. It was up $1.57 to $114.59 by 0754 GMT. It ended up with gains of more than $3 on Thursday. U.S.

19 May 2014

Port Harcourt Jetty Blast Won't Impact Operations

Pipeline vandals caused an explosion at a jetty near Nigeria's 210,000-barrels-per-day capacity refinery in the southern oil hub of Port Harcourt, officials said on Monday. Ralph Ugwu, a spokesman for Nigerian National Petroleum Corp (NNPC), said the blast on Sunday did not damage refinery installations and had no impact on operations. "The explosion has nothing to do with the NNPC or the refinery but with some people who came to steal crude," Ugwu said. A local government official said at least seven people died in the blast. "From what I have been told, there are casualties. Seven persons were said to have lost their lives," Tamuno Williams, chairman of the local government, told journalists. NNPC and the police said they could not confirm whether there were casualties.

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