Tanker Arrives to Load Oil at Libya's Hariga Terminal
A tanker that eastern officials had prevented from loading for two weeks at Libya's Hariga oil port entered the terminal on Wednesday to start loading one million barrels of crude, a port official said.The tanker had been blocked in a standoff between rival factions that oil officials say has now ended.(Reporting by Ayman al-Warfalli Writing by Aidan Lewis Editing by Louise Heavens)
PDVSA to Reopen Damaged Port Dock by Month's End
PDVSA expects to reopen the south dock of Venezuela's main oil port Jose by the end of September, easing strains on crude exports delayed due to a tanker collision last month, according to internal trade documents from the state-run oil firm seen by Reuters.Last week, PDVSA began diverting tankers to Puerto la Cruz for loading, but the South American country's crude exports have remained slow in recent weeks as few customers have accepted the 500,000-barrel-per-cargo maximum neighboring terminals can handle.Besides Puerto la Cruz…
NOC Tanker Refused Berth in Libya
Officials at Libya's Zueitina oil port have not authorized a tanker contracted by Tripoli-based National Oil Corporation (NOC) to berth, port and industry sources said on Thursday.Zueitina is one of the oil ports that the eastern-based Libyan National Army (LNA) said it would transfer to a parallel NOC, which is based in the eastern city of Benghazi, after fighting this month at the Ras Lanuf and Es Sider terminals.One tanker, the Felicity, finished loading at Zueitina on Thursday under contract from NOC in Tripoli but a second tanker, Amore Mio II, was waiting in the port area without permission to berth, sources said.The head of the parallel NOC, Faraj Said, said he had ordered ports to prevent the entry of any tanker not authorized by his office.An engineer at Zueitina port confirmed th
Trafigura to Build U.S. Deep-Water Oil Port
Swiss commodities trader Trafigura has applied to build a deep-water port in Corpus Christi, Texas, on the Gulf of Mexico, which will be able to load supertankers, reports FT.The report said that the plan would see the commodity house build an offshore deepwater port facility with a view to accommodate very large crude carriers (VLCC) capable of carrying more than 2m barrels of crude. It requires approval from the US Department of Transportation’s maritime division.According to a Reuters report…
Storage Tank at Libya's Ras Lanuf Oil Port Has Collapsed
One of two oil storage tanks ignited amid clashes at the Libyan oil port of Ras Lanuf has collapsed after burning for two days, a local engineer and a fire fighter said on Tuesday.Ras Lanuf's storage tank No. 12 was set on fire on Sunday, three days after another storage tank, No. 2 caught ablaze during an attack by an armed group.Libya's National Oil Corporation (NOC) has said that at least 400,000 barrels of storage capacity has been lost due the fires.Reporting by Ayman al-Warfalli Writing by Aidan Lewis
London Port's Trade Jumps to Record 50 mi tonnes
Trade in the Port of London in 2016 reached the highest this decade, rising 10% to top 50 million tonnes for the first time since 2008. The strong performance reflects continued growth at terminals along the Thames. The volumes of oil, containers and building materials all rose markedly. Prior to 2016, port throughput had been increasing at between two to three percent, year-on-year. PLA chief executive, Robin Mortimer said, "Our long term Vision is for 60 to 80 million tonnes of cargo to be traded every year through the Port of London - more than at any time in the Thames' history.
Libya: Air Strikes Aimed to Regain Oil Ports
East Libyan forces carried out air strikes around major oil ports on Saturday as they sought to regain control of the area from a rival faction, a military spokesman said. The eastern-based Libyan National Army (LNA) and allied forces retreated on Friday from Es Sider and Ras Lanuf, two of Libya's largest export terminals, as a faction known as the Benghazi Defence Brigades (BDB) attacked. The prospect of a renewed escalation of violence around the ports puts at risk the big rise in oil production achieved after the LNA took over four ports in September. Libya's oil production has been fluctuating around 700,000 barrels per day (bpd), more than double its output last year but well under the 1.6 million bpd the OPEC member was producing before a 2011 uprising.
Maiden Bakken oil cargo to Asia ships out, with more to come
The first ever reported export of North Dakota's crude oil to Asia left port last month, according to a shipping document seen by Reuters on Wednesday, in what is expected to be the first of numerous cargoes once the key Dakota Access pipeline starts moving oil in May. Swiss-based Mercuria Energy Trading S.A. loaded more than 600,000 barrels of Bakken crude, as well as some Mars Sour crude, in late March off the coast of Louisiana onto the very large crude carrier (VLCC) Maran Canopus, destined for Singapore, according to the bill of loading and ship tracking data. The burgeoning appetite for U.S. crude among Asian refiners could be a boon for Bakken crude, especially when the Dakota pipeline starts up.
Full Tanks & Tankers: A Stubborn Oil Glut Despite OPEC Cuts
After the first OPEC oil production cut in eight years took effect in January, oil traders from Houston to Singapore started emptying millions of barrels of crude from storage tanks. Investors hailed the drawdowns as the beginning of the end of a two-year supply glut - raising hopes for steadily rising per-barrel prices. It hasn't worked out that way. Now, many of those same storage tanks are filling back up or draining more slowly than investors and oil firms had expected, according…
Abu Dhabi Port Eases Restrictions on Tankers Going to and from Qatar
Abu Dhabi port authorities have eased restrictions on oil tankers going to and from Qatar, according to industry sources and shipping circulars seen by Reuters on Wednesday. Abu Dhabi Petroleum Ports Authority issued a new circular on Wednesday removing previous restrictions on non-Qatar owned, flagged or operated vessels sailing to and from Qatar. This effectively allows direct trade between the two ports and co-loading of crude cargoes, a Singapore-based shipbroker said. A Middle East-based industry source said there had been no official notification on halting the co-loading of crude cargoes. The ban on vessels carrying the Qatari flag and vessels owned or operated by Qatar is still in place, according to the circular.
Oil Traders Brace for US Gulf Coast Storm
Oil traders from Texas to Louisiana braced on Tuesday for supply disruptions as Tropical Storm Cindy, formed in the U.S. Gulf of Mexico, threatened to hit refining and production centers with wind and rain later this week. Cindy was located about 265 miles (430 km) south of Morgan City, Louisiana with maximum sustained winds of 45 miles (75 km) per hour. It is expected to approach the coast of southwest Louisiana late Wednesday or Wednesday night, and move inland over western Louisiana and eastern Texas on Thursday, the NHC said. The Louisiana Offshore Oil Port, the largest privately owned crude storage terminal in the United States…
Tropical Storm Cindy Rolls in on US Gulf Coast
Tropical Storm Cindy is likely to hit the Gulf Coast near the Texas-Louisiana border on Wednesday night, threatening to bring flash floods from Texas to Florida, according to the National Hurricane Center. Cindy was located about 165 miles (265 km) south of Morgan City, Louisiana, early on Wednesday with maximum sustained winds of 60 miles (95 km) per hour, the NHC said. The storm was moving northwest at nearly 8 miles (13 km) per hour, and forecasters said they expected this motion to continue until it hits the coast.
Crude Oil Markets Bullish, But Not Really: Russell
Sentiment is often a somewhat flighty and nebulous concept, but it appears that crude oil markets are turning increasingly bullish about the prospect for higher prices. Certainly the mood at this week's major industry conference in Singapore was a marked change from recent years, with several upbeat presentations, panel discussions and off-the-record chats giving the view that prices were more likely to rise than fall. The most bullish commentary at the Asia Pacific Petroleum Conference (APPEC) was from trading house Trafigura…
Matrix Global Plans U.S. Crude Storage Deal
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.
U.S. GoM Energy Producers Evacuating Ahead of T/S Nate
Oil and natural gas producers began evacuating staff at U.S. Gulf of Mexico platforms on Thursday ahead of Tropical Storm Nate, the second storm in as many months to threaten Gulf Coast oil and refining facilities. Nate, which has already killed three people in Costa Rica, according to local authorities, is forecast to scrape past Honduras and Mexico, enter the Gulf and strengthen into a hurricane before making landfall early on Sunday in Louisiana, near several major refineries.
U.S. Oil Exports Boom, Pushing Infrastructure to Limits
Tankers carrying record levels of crude are leaving in droves from Texas and Louisiana ports, and more growth in the fledgling U.S. oil export market may before long test the limits of infrastructure like pipelines, dock space and ship traffic. U.S. crude exports have boomed since the decades-old ban was lifted less than two years ago, with shipments recently hitting a record of 2 million barrels a day. But shippers and traders fear the rising trend is not sustainable, and if limits are hit, it could pressure the price of U.S. oil. How much crude the United States can export is a mystery.
GoM Stakeholders Energized Despite Lingering Oil Bust
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.
Libyan Oil Port Takeover Gives Edge to Eastern Commander
Less than a fortnight after forces loyal to Khalifa Haftar swept into four of Libya's oil ports, tankers are loading, production has jumped, and momentum has shifted firmly in the divisive former general's favour. For Haftar's opponents, and for Western powers, the move on the ports was alarming. Haftar and his backers in eastern Libya have been in a stand-off for months with a unity government in Tripoli, blocking any parliamentary vote to endorse it and challenging the U.N.-mediated deal to unify Libya. How Haftar and his allies will use control of the country's major oil exports - whether to leverage political advantage under that U.N. deal, or to extend military control across Libya - is still uncertain. But risks to stability are clear.
Texas Flood: U.S. Oil Pours into Global Markets
United States taking share from OPEC nations in Asia, Europe, as China’s biggest U.S. crude buyer to double imports. In the two years since Washington lifted a 40-year ban on oil exports, tankers filled with U.S. crude have landed in more than 30 countries, ranging from massive economies like China and India to tiny Togo. The repeal has unleashed a flood of U.S. shale oil, undercutting global crude prices, eroding the clout of the Organization of Petroleum Exporting Countries (OPEC) and seizing market share from many of its member countries.
LOOP Tests Crude Exports with VLCC
The Louisiana Offshore Oil Port (LOOP), the largest privately owned crude terminal in the United States, said on Tuesday it had moored a supertanker and initiated a detailed test procedure, bringing it closer to being able to export crude oil. LOOP said last year its U.S. Gulf Coast facility would have the capacity to load Very Large Crude Carriers (VLCCs), the largest oil tankers, which can ship some 2 million barrels of oil by early 2018. Washington lifted a 40-year ban on oil exports two years ago, and since then tankers filled with U.S. crude have landed in more than 30 countries, ranging from massive economies like China and India to tiny Togo. Gulf Coast terminals handle three-quarters of U.S. crude exports, but only LOOP can handle supertankers.
Shale Growth could Overwhelm U.S. Refiners, Fuel Exports
Rising U.S. shale oil production will overwhelm the nation's refining capacity, with three-quarters of the additional oil produced in the United States by 2023 shipped to Europe and Asia, according to a new study by consultancy Wood Mackenzie. The research points to the continued impact of U.S. shale on global markets and the mismatch between domestic refining capacity and rising crude output. The oil could bottleneck at U.S. Gulf Coast ports unless new infrastructure is built, researchers said. U.S.
Methanol Plant at Libyan Port Shut after Accidental Blast
A methanol plant in the Libyan oil port of Brega has stopped operations after an accidental explosion caused by a gas leak, an official said on Tuesday. The plant will remain shut until safe operations can be guaranteed, but it was not clear how long this would take, said Issa Mukhtar, an official at Sirte Oil Company which runs the plant. One worker was injured by the explosion which occurred early on Saturday and was caused by a leak in a natural gas heating unit, Libya's National Oil Corporation (NOC) said. Firefighters dealt with the blast, which could be heard across the surrounding area, a Sirte Oil engineer said. (Reporting by Ayman al-Warfalli Writing by Aidan Lewis; editing by David Evans)
Louisiana Port Loads Second Supertanker for US Crude Export
A second supertanker laden with U.S. crude set sail in March from the Louisiana Offshore Oil Port (LOOP), the largest privately owned crude terminal in the United States, the company said in a statement late on Tuesday. The very large crude carrier (VLCC), Nave Photon, was chartered by Houston-based Shell Trading Company US and the cargo was headed for Asia, according to market sources familiar with the matter and Reuters vessel tracking data. It was not immediately clear which grade of U.S. crude was being exported. A spokesman for LOOP did not immediately respond to a request for comment.