Home / Author Archives: hellenicshippingnews. (page 1011)

Author Archives: hellenicshippingnews.

Gold Shines as Traders Count Down to ‘Critical’ CPI, Dalio Buys

Gold held gains as the dollar slipped, with investors counting down the hours before key U.S. inflation data that may offer fresh clues on monetary tightening. Adding luster for the metal, filings showed billionaire hedge fund manager Ray Dalio increased holdings last quarter. Bullion for immediate delivery rose as much as 0.6 percent to $1,337.02 an ounce, the highest since Feb. 6, and was at $1,330.92 at 10:32 a.m. in London. Gold’s about 2 percent higher this year. The Bloomberg Dollar Spot Index fell for a fourth day, the worst ...

Read More »

Trump says considering tariffs, quotas on U.S. steel, aluminum imports

U.S. President Donald Trump said that he is considering a range of options to address steel and aluminum imports that he said are unfairly hurting U.S. producers, including “tariffs and/or quotas.” Trump made his comments during a meeting with a bipartisan group of U.S. senators and representatives – some who favored curbs on imports, others who cautioned him on the impact on U.S. manufacturers. “What we’re talking about it tariffs and/or quotas,” Trump said to the group. ”Part of the options would be tariffs coming in. As they dump steel, ...

Read More »

IEA Says OPEC Almost Cleared Oil Glut But Shale Risk Looms

OPEC and its allies have almost achieved their goal of clearing an oil glut, but their efforts could be derailed by rising supplies from the U.S. and other rivals, the International Energy Agency said. Oil stockpiles in developed nations fell the most in more than six years in December as supply cuts by the Organization of Petroleum Exporting Countries and Russia took effect. The surplus is also being cleared by higher consumption, with the agency boosting its forecast for global demand growth in 2018 by about 100,000 barrels a day ...

Read More »

Dubai-LOOP Sour spread shows open arbitrage east: In the LOOP

The Platts Dubai-LOOP Sour spread has widened to a little more than $3/b so far in February, suggesting an improved and opened arbitrage for US Gulf Coast medium sours grades to head to Asia. The 10-day moving average spread between second-month Platts Dubai and front-month Platts LOOP Sour was $3.17/b Monday, with LOOP Sour the lower-valued of the two crudes. That compares with a January average spread of about $2.06/b and a Q4 2017 spread of $1.57/b. As Dubai’s premium over WTI increases, WTI-based medium sour grades become more competitive ...

Read More »

India’s fuel demand rose 10.3 percent in January

India’s fuel demand rose 10.3 percent in January compared with the same month last year. Consumption of fuel, a proxy for oil demand, totalled 16.92 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed. Sales of gasoline, or petrol, were 15.6 percent higher from a year earlier at 2.09 million tonnes. Cooking gas or liquefied petroleum gas (LPG) sales increased 4.6 percent to 2.08 million tonnes, while naphtha sales surged 2.0 percent to 1.01 million tonnes. Sales of bitumen, used for making roads, ...

Read More »

Asian fuel oil cracks strengthen on weaker crude, healthier fuel demand

High sulfur fuel oil cracks in Asia are strengthening amid weaker crude prices and healthier demand in the fuel oil and bunker fuel markets, hitting their highest levels since the start of this year. The front-month February FOB Singapore 180 CST HSFO/Dubai crack swap — which measures the relative value of the product to crude oil — rose 73 cents/b day on day to minus 3.12 cents/b Tuesday, S&P Global Platts data showed. The crack was last assessed higher on December 19, 2017, at minus 2.89 cents/b, Platts data showed. ...

Read More »

API data reportedly show a rise in U.S. crude supplies

The American Petroleum Institute reported Tuesday that U.S. crude supplies rose 3.947 million barrels for the week ended Feb. 9, according to sources. The API data also showed an increase of 4.634 million barrels in gasoline stockpiles while inventories of distillates rose 1.1 million barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. March crude fell to $58.87 in electronic trading from settlement of $59.19 on the New York Mercantile Exchange. Source: MarketWatch

Read More »

Venezuela’s Oil Output Crash Is Costly for U.S. Refiners

U.S. Gulf Coast refiners are paying the price for shrinking Venezuelan crude output. U.S. production is at an all-time high, while output from the Latin American nation, despite a modest increase in January, is in decline. As a result, U.S. crude’s typical premium to heavy Venezuelan oil shrank to as small as 31 cents a barrel Friday, the narrowest since October. Most U.S. Gulf Coast refiners profit when crude grades like those from Venezuela are at a large discount to WTI because these so-called heavy crudes comprise 40 percent to ...

Read More »

U.S. shale oil output in Permian Basin approaches 3 million barrels per day

Shale oil production from the U.S. Permian Basin was estimated to be 2.92 million barrels per day (bpd) in February, and output in March is projected to increase by 75,000 bpd, according to a report by the U.S. Energy Information Administration (EIA) released on Monday. The EIA’s Drilling Productivity Report also said that gas production from the Permian Basin in March will be 9.97 billion cubic feet (282.2 million cubic meters) per day. The Permian Basin, known for its shale oil and gas, is a sedimentary basin largely contained in ...

Read More »

Goldman Sachs Gets the Volatility It Expected to See Last Year

Volatility has returned, just later than Goldman Sachs Group Inc. expected. “We last year braced for the return of volatility and it didn’t come,” leaving the firm caught wrong-footed by subdued markets, Chief Executive Officer Lloyd Blankfein said at a conference hosted by Credit Suisse Group AG. “The second part of the double whammy is that it affected our clients, and they became less active.” Last year was a rough one for Goldman’s fixed-income, currency and commodities trading group. Net revenue from that business slumped 30 percent compared with a ...

Read More »

May Bank of England interest rate hike now in play – Reuters poll

Borrowing costs in Britain will probably increase in May, earlier than previously thought, according to a Reuters poll taken after the Bank of England said last week it was likely to hike earlier and by more than it thought only three months ago. A firm majority of economists, 32 of 57, polled Feb 9-13 after the Bank concluded its policy meeting and news conference, said it would raise its Bank Rate to 0.75 percent in May, alongside its next quarterly Inflation Report. In a January poll, only 13 of 71 ...

Read More »

US economy is an ‘accident waiting to happen,’ says Yale economist Stephen Roach

The inflation-adjusted U.S. savings rate could soon go to zero, creating a long-term concern for the health of the economy, a Yale economist said. “Given this deficit spending, our savings rate is going to go to zero adjusted for inflation, and that’s going to push us into a realm of wider current account and trade deficits,” Stephen Roach, Yale University senior fellow, said on CNBC’s “Squawk Alley.” “The way I look at the fundamentals is they’re extremely fragile, and we’re kidding ourselves every time there’s a correction to say, well ...

Read More »

Macron says not worried by nationalities of next ECB, EU Commission chiefs

French President Emmanuel Macron said he did not care about the nationality of the next head of the European Central Bank, as long as he or she was as competent as its current chief, Mario Draghi. Macron, grilled by reporters on a wide range of topics, also said he hoped the next head of the European Commission would be as ambitious as possible and that placing a French national at the held of the European executive was not his priority. Source: Reuters (Reporting by Michel Rose; Jean-Baptiste Vey, Marine Pennetier; ...

Read More »

Tanker Market Rates 14/02/2018

Daily rates on main tanker routes as compiled by shipbroker Charles R. Weber.

Read More »

Chinese iron ore and steelmaking prices February 14 2018

Iron ore spot stays dull today during the last working day before the holiday.

Read More »

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping