Traders News

Front-month U.S. crude oil futures were trading at their largest-ever premium over the second-month contract on Thursday as traders scrambled for barrels after U.S. President Donald Trump vowed to continue attacking Iran.Widening backwardation, the market term for immediate deliveries trading at a premium over barrels scheduled for delivery in a later month, suggests investors perceive supplies will be short in the near-term.WTI crude futures for May delivery were trading around $15.70 per barrel higher than the June contract during the session.The U.S.-Israeli war on Iran…

Russia's seaborne diesel and gasoil exports fell 3% in March from February to around 3.06 million metric tons as repeated drone attacks disrupted fuel loadings at key ports, data from market sources and LSEG showed.Ultra-low-sulphur diesel shipments from the Baltic port of Primorsk, Russia's biggest outlet for diesel exports, fell to 1.713 million tons, down 2.6% from February, the sources said.The Russian Baltic ports of Primorsk and Ust-Luga were repeatedly hit by Ukrainian drone attacks last week.On March 22, the two ports suspended oil and fuel loadings following drone attacks.

Oil tanker availability along the U.S. Gulf Coast has dropped sharply in recent weeks, as Asian and European refiners cut off from Middle Eastern supply have been snapping up vessels to import oil and fuel from the United States, shipping analysts and traders said.The Iran war has stalled tanker movements through the Strait of Hormuz, curbing the flow of Middle Eastern oil to Asia and Europe, and prompting refiners there to buy replacement barrels from the United States, Brazil and West Africa.Wider discounts on U.S.

The International Marine Contractors Association (IMCA) has welcomed DEME Offshore Energy Managing Director Hugo Bouvy as its new President.He succeeded Saipem’s Luca Gentili at the end of his two-year term at a meeting of IMCA’s Board on 18 March.Bruno Pinho, Senior Vice President for Subsea Operations at TechnipFMC, becomes Vice President, and will replace Bouvy as President in two-years’ time.As the offshore marine industry navigates a period of change driven by technological innovation…

Oil prices rose on Tuesday on supply fear, as Iran denied it had talks with the United States to end the war in the Gulf, contradicting U.S. President Donald Trump who said a deal could be reached soon.Brent futures LCOc1 rose $2.89, or 2.9%, to $102.83 a barrel at 0710 GMT, while U.S. West Texas Intermediate (WTI) CLc1 climbed $2.49, or 2.8%, to $90.62.Crude futures dropped more than 10% on Monday, after Trump ordered a five-day delay to attacks on Iran's power plants, saying the U.S.

Oil prices dropped about 8% on Monday after U.S. President Donald Trump said he would postpone any military strikes against Iranian power plants for five days and cited constructive talks to resolve hostilities in the Middle East, hours before a deadline that threatened to escalate the four-week-old war.Brent futures fell $8.92, or 8.0%, to $103.27 a barrel at 12:31 p.m. EDT (1631 GMT), while U.S. West Texas Intermediate lost $7.17, or 7.3%, to $91.06.Extreme price changes in…

Energy prices surged on Thursday after Iran struck the world’s largest LNG complex, causing damage that Qatar said could take five years to repair, as the energy sector's worst fears about the war launched by the U.S. and Israel on Iran came true.QatarEnergy CEO Saad al-Kaabi told Reuters the state-owned gas company may have to declare force majeure on long-term contracts to Italy, Belgium, South Korea and China after the attack meant a loss of around 17% of Qatar's liquefied…

Oil prices rose more than 1% on Tuesday, as renewed Iranian attacks on the United Arab Emirates heightened concerns about the worsening outlook for global supply if there is no quick resolution to U.S.-Israeli war on Iran, now in its third week.Brent crude futures gained $1.33, or 1.3%, to $101.53 a barrel by 1515 GMT while U.S. West Texas Intermediate (WTI) crude advanced $1.21, or 1.3%, to $94.71.The U.S.-Israeli war on Iran shows no signs of abating. While oil futures have not repeated the brief surge to nearly $120 a barrel from earlier in the month…

Oil prices plummeted 7% on Tuesday after soaring to a more than three-year high in the previous session as U.S. President Donald Trump predicted the war in the Middle East could end soon, easing concerns about prolonged disruptions to oil supplies.Brent futures LCOc1 fell $6.79, or 6.9%, to $92.17 a barrel at 0840 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 was down $6.55, or 6.9%, to $88.22 a barrel. Both contracts fell as much as 11% earlier before paring some losses.Oil surged past $100 a barrel on Monday to the highest since mid-2022…

The Hong Kong Shipowners Association (HKSOA) welcomes the national plan and the central government work report delivered at the opening session of the National People’s Congress, which underlined, once again, the importance of consolidating Hong Kong’s status as an international financial, shipping and trade centre.Hong Kong’s economic success has its origins in shipping and trade which as promoted Hong Kong’s growth as a global financial hub and a “super-connector” between the East and the West.

A Greek‑operated oil tanker has sailed through the Strait of Hormuz, ship tracking data showed on Monday, in a sign that some commercial vessels are still attempting to navigate the vital passage despite the U.S.-Israel war with Iran.The Shenlong Suezmax, with a capacity of 1 million barrels, is carrying Saudi Arabian crude loaded at the port of Ras Tanura and is listing its destination as the Indian port of Mumbai, according to analysis from maritime data platforms Kpler, Lloyd’s List Intelligence and MarineTraffic.The tanker last recorded its position inside the strait on March 8…

Saudi Aramco has offered more than 4 million barrels of Saudi crude in rare tenders as the U.S.-Iran conflict disrupted exports from the Middle East, several traders said.In a tender that will close at 5 p.m. Beijing time (0900 GMT) on Monday, Aramco offered 2 million barrels of Arab Heavy crude to load at the Ain Sokhna port of Egypt.The loading date, subject to confirmation, is from March 10 to March 30, according to a tender document shared by the traders. The sale, on a free-on-board basis…

The dollar surged on Monday as soaring oil prices sent investors scrambling for cash on worries that a protracted Middle East war could severely disrupt energy supplies and hurt global growth.Against the surging greenback, the euro EUR= and sterling GBP= were down roughly 1% in Asia, while the Aussie AUD= and even the safe-haven Swiss franc CHF= similarly tumbled, as the dollar proved king."The U.S. dollar's finding no shortage of support from traditional haven considerations and obviously…

The U.S.-Israeli war on Iran has disrupted oil and natural gas exports from the Middle East and forced production stoppages from Qatar to Iraq, with Kuwait announcing cuts over the weekend.Analysts predict that the United Arab Emirates and Saudi Arabia will also have to cut output soon as they run out of oil storage.Below are the main energy disruptions so far:PRODUCTION SHUTDOWNSIraqi output collapses: the country's oil production from its main southern oilfields has fallen by 70% to just 1.3 million barrels per day (bpd) from 4.3 million barrels per day (bpd) before the war…

Russian flagship Urals oil is selling at a premium to the Brent international benchmark at delivery in Indian ports for the first time ever, fuelled by rising demand due to the Iran war, traders said on Friday.The U.S.-Israeli war against Iran, which began a week ago, has choked the Strait of Hormuz, the main route for global oil.Russian oil had traded at a discount of several U.S. dollars per barrel to Brent in Indian ports since the start of conflict in Ukraine in 2022 as Russia diverted oil sales to Asia after the EU imposed an embargo on Russian sales.

As the conflict in the Gulf widens, maritime insurance premiums for war coverage are surging -- in some cases by more than 1000% -- dramatically driving up the cost of moving energy through a critical maritime corridor.The conflagration sparked by Saturday's Israeli-U.S. air strikes against Tehran has paralyzed traffic through the Strait of Hormuz, a major shipping chokepoint. Iran on Monday said it would fire on any ship trying to pass, and at least nine vessels have suffered…

Qatar is offering at least two liquefied natural gas tankers that it controls for lease, as the country’s massive export facility in the Gulf remains shut due to the ongoing war in the Middle East, Bloomberg News reported on Friday.The Al Thumama and Mesaieed, both of which are under long-term charter by state-owned QatarEnergy, are being offered to the market, the report said citing traders with knowledge of the matter.Reuters could not immediately verify the report.(Reuters - Reporting by Devika Nair in Bengaluru; Editing by Jacqueline Wong)

The world's farmers face soaring fertiliser and fuel prices as the war in the Middle East escalates, leaving some scrambling for supplies as the spring planting season approaches.The war, which has closed the Strait of Hormuz, has shut down fertiliser plants in the region and severely disrupted shipping routes, potentially curbing supplies to key importers around the world just as farmers in the Northern Hemisphere prepare to plant seeds."It's a mess because it's spring," said Cedric Benoist…

Oil prices surged more than 3% on Thursday, extending a rally as the escalating U.S.-Israeli war with Iran raised fears of prolonged disruptions to vital Middle East oil and gas supplies.Brent LCOc1 crude advanced $2.44, or 3%, to $83.84 per barrel by 0722 GMT, a fifth session of gains. U.S. West Texas Intermediate crude CLc1 rose $2.44, or 3.27%, to $77.10.Crude oil markets remained on edge as they face ongoing risks to supply following the attacks in the Middle East, with concerns centred on trade flows through the Strait of Hormuz…

Exxon Mobil is set to ship around 600,000 barrels of fuel from the U.S. Gulf Coast to cover its own import requirements in Australia, the first such shipments by the oil major, four sources with knowledge of the matter said.The planned shipments, on a route rarely used for refined products flows, show how severely global oil trade has been impacted by the near-complete halt of shipping in the Strait of Hormuz after Iran began striking vessels in the waterway this week in retaliation for U.S.

India's Mangalore Refinery and Petrochemicals has suspended fuel exports due to the Middle East conflict that has disrupted crude oil flows from the Gulf, two sources familiar with the matter said on Wednesday.The company has declared force majeure on all upcoming gasoline export cargoes for March and April, two separate trade sources said.MRPL had awarded two to three cargoes of gasoline via tenders for early March loading and is in discussions with buyers on settling those supplies…

Ship refuelling at Fujairah, a major bunkering hub in the United Arab Emirates, has slowed after a fire, market sources told Reuters, while demand at other refuelling hubs, including Singapore, is set to rise.Some bunker deliveries and loadings were on hold for now as suppliers, traders and shippers await more clarity on the situation, while others said that bunkering is still possible.The fire was caused by debris after the interception of a drone by air defenses, according to the Fujairah media office…

Saudi Arabia's state oil company Aramco is attempting to reroute some of its crude exports to the Red Sea to avoid the Strait of Hormuz, where the risk of Iranian attacks has slowed shipping to a near halt, sources said on Tuesday.Saudi Arabia and other regional Gulf oil producers, such as the United Arab Emirates, Kuwait and Iraq, have been unable to move oil through the Strait since the U.S. and Israel launched attacks on Iran on Friday. Hundreds of ships have anchored on either side of the Strait as a precaution…