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Asia’s U.S. oil imports to rebound in May after freight rates drop -sources

Asia’s crude oil imports from the United States are set to rebound in May after freight rates for ships to carry U.S. crude to north Asia fell by 27% from a week earlier, trade and shipping sources said. A rise in Asia’s oil imports from the United States could displace demand for similar-quality oil from the United Arab Emirates, Africa and Europe. The cost of chartering a Very Large Crude Carrier (VLCC) to move 2 million barrels of U.S. crude to China has dropped to about $8 million on Friday, ...

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Qatargas Delivers Commissioning LNG Cargo To India’s Mundra Terminal

Qatargas Operating Company Limited (Qatargas) has supplied a commissioning liquefied natural gas (LNG) cargo for India’s newest LNG receiving terminal, Mundra, located on the west coast of India. The cargo was loaded in Ras Laffan on 17 January 2020 on the Q-Flex LNG vessel, Murwab, with an overall cargo carrying capacity of 216,000 cubic meters. It arrived at Mundra terminal on 22 January 2020. Mundra is the second LNG terminal that Qatargas helped commission in India within the past year. It followed an earlier commissioning cargo which was delivered by ...

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Iraq’s crude exports exceed 102 mln barrels in Jan.

Iraq’s Oil Ministry said Saturday that Iraq exported more than 102 million barrels of crude oil in January, bringing in revenues of over 6 billion U.S. dollars. Iraq’s total exports of crude oil in January exceeded 102.485 million barrels with an average of 3.3 million barrels per day, a ministry statement said, citing statistics of the State Organization for Marketing of Oil. The average selling price for crude oil in January was 60.45 U.S. dollars per barrel, the statement added. About 101 million barrels were exported from Iraq’s central and ...

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Iron ore hit by coronavirus fears, demand impact ‘muted’: Wood Mac

Iron ore prices have taken a hit from coronavirus, with Singapore Exchange prices dropping sharply over the week, but they could still be bolstered by any supply side disruptions, analysts from Wood Mackenzie said. The price fall “has been driven by fear; uncertainty over the scale and impact of the virus on iron ore demand, and a lack of volume during the Chinese New Year,” bulks analysts Robin Griffin, Rohan Kendall and Dale Hazelton, said in a report on the virus’ impact on bulk commodities. “In view of iron ore’s ...

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CRU: Impact of the Wuhan Coronavirus on the Steel Industry

The coronavirus outbreak in Wuhan has led to Chinese New Year holidays being extended and transportation restrictions introduced in order to contain the spread of the virus. Demand is normally weak during this period, but production continues as usual. Every day of lost activity across China could see demand fall by 2.5-3.0 Mt and transportation restrictions are likely to disrupt supply chains and production output in affected areas. Background In only 13 days from 16 January, the number of people infected with the coronavirus in China went from 45 to ...

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China urges coal miners to resume production to keep market supplied

China National Energy Administration on Saturday urged coal miners to resume production to keep the market supplied and stabilize prices amid the coronavirus outbreak that has killed more than 250 people and infected over 10,000. The administration will strictly ban activities such as raising coal prices beyond their contracts, refusing to fulfill medium-to-long term contracts or restricting coal sales outside the production areas, it said in a statement on its website. Local governments in Inner Mongolia region and Shanxi province, the top two coal mining regions in China, have asked ...

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Oil falls as coronavirus hits Chinese crude demand

Oil prices fell on Monday to their lowest in more than a year, dragged down by worries about lower demand in top crude importer China after a new coronavirus outbreak spread from there to around 20 other countries. Brent crude was at $56.26 a barrel by 0926 GMT, down 36 cents. Prices dropped by more than a $1 earlier in the session to $55.42, the lowest since January 2019. U.S. West Texas Intermediate (WTI) crude fell 5 cents to $51.51 a barrel, after earlier hitting a session low of $50.42, ...

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UK-EU oil and gas ties to remain strong post-Brexit, says GlobalData

As the UK leaves the EU, ripple effects will be felt throughout the UK economy. For the oil and gas industry, changes will occur but the impact of Brexit is unlikely to hamper the strong industry ties that currently exist between the UK and the EU, says GlobalData, a leading data and analytics company. The UK oil and gas industry relies fairly heavily on its EU neighbours. Imported natural gas coming from pipelines that cross Belgium and the Netherlands contributed around 13% of the total natural gas imports into the ...

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Russian oil output up to 11.28 million bpd in January, highest since August

Russian oil and gas condensate output C-RU-OUT rose to 11.28 million barrels per day (bpd) in January, from 11.26 million bpd in December, Interfax news agency reported on Sunday, citing Energy Ministry’s data. This is in line with what sources told Reuters last week and the highest since it reached 11.29 million bpd in August. In tonnes, oil output rose to 47.72 million versus 47.63 million in December. Reuters uses a 7.33 conversion ratio in its calculations when converting tonnes to barrels. Gas condensate, a light oil, has been excluded ...

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Global shares hit 7-week lows as virus fears savage China’s markets

World shares sank to their lowest in seven weeks on Monday, dragged down by a plunge in Asian stocks on their first trading day after a long break on fears the coronavirus epidemic would hit demand in China. Aiming to head off any panic, the Chinese government took steps to shore up an economy hit by travel curbs and business shut-downs because of the virus. Despite the support, Chinese shares were deep in the red, with the blue-chip index stumbling 7.8% to a 4-1/2 month trough. The benchmark Shanghai Composite ...

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Safe-haven yen, Swiss franc dip as risk sentiment recovers

The safe-haven yen and Swiss franc weakened on Monday, retreating from multi-week highs against the dollar as fears surrounding the spread of coronavirus in China appeared to ebb for now. Chinese markets took a beating in the first trading session after an extended Lunar New Year break. Yet this was mostly a product of selling pressure that had built up over the holiday and not a reflection of new market fears, analysts said. European stock markets inched higher at the open, U.S. stock futures rallied and safe-haven currencies came under ...

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China speeds up customs clearance for coronavirus prevention supplies

Customs authorities across China have stepped up customs clearance for medical supplies from abroad amid the fight against the novel coronavirus. From January 24 to 29, more than 10,000 postal parcels containing safety materials saw fast customs clearance, according to the customs office in the south China’s city of Guangzhou. To speed up clearance services for imported materials, the office opened special channels and prioritized the customs clearance for medical supplies, providing additional staff to ensure the imported supplies would be handled in time. The customs of Kunming, southwestern Yunnan ...

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China facing global isolation as virus toll rises

China faced mounting isolation in the face of increasing international travel curbs and flight suspensions on Saturday, as the death toll from a spreading coronavirus outbreak rose to 259. The epidemic has led to mass evacuations of foreign citizens as world airlines halt flights, and risks exacerbating a slowdown in growth in the world’s second-largest economy. China’s National Health Commission said there were 2,102 new confirmed infections in China as of Friday, bringing the total to 11,791. Around two dozen other countries have reported more than 130 cases. All of ...

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Tanker Market Rates 03/02/2020

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

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Tanker Market Rates 02/02/2020

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

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