Traders Rush to Ship US Oil as Export Window to Asia Opens
Oil majors and trading houses are set to ship an unprecedented volume of U.S. crude oil to Asia in coming weeks, boosting already high flows to the region due to higher prices from OPEC production cuts. Traders have estimated that some 700,000 to 900,000 barrels per day is set to leave the United States in February, with the majority of the cargoes headed to Asia. That volume would be the highest monthly level on record, according to the U.S. Energy Information Administration, helping reduce an U.S. inventory glut that has pressured prices for two years.
Teppco Buys 47 vessels from TransMontaigne
Teppco Partners LP said it has purchased 19 boats and 28 barges from TransMontaigne Product Services Inc. for $50 million, according to a report on Forbes.com. Teppco said the new vessels will be used to deliver bunker fuels for cruise liners and cargo ships and fuel oil for power plants. The vessels will join Teppco's fleet along the U.S. inland waterway system and the Gulf of Mexico and are based in Miami, Mobile, Ala., and Houston.
