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Large smart oil tanker delivered in NE China

New Vision, the world’s second smart very large crude carrier (VLCC) with a loading capacity of 308,000 tons was delivered to its customer in the coastal city of Dalian in northeast China’s Liaoning Province. According to China Shipbuilding Industry Cooperation, it is the world’s second smart VLCC made by Dalian Shipbuilding Industry Co., Ltd. following New Journey which was delivered on June 22. New Vision is 330 meters long and 60 meters wide. The maximum draft, which determines the maximum depth of water a ship can safely navigate, is 21.5 ...

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Fujairah data: Light distillates down nearly 22% on supply constraints

Stocks in Fujairah were down 3.7% on the week, led by a reduction in light distillates of nearly 22%, according to data from the Fujairah Oil Industry Zone released Wednesday. Total oil products stocks totaled 19.152 million barrels, down 3.7% from 19.898 million barrels the previous week. Light distillates fell 21.7% to 6.497 million barrels, down 1.802 million barrels from 8.299 million barrels the previous week. It’s the lowest stock level for light distillates since September, and refinery maintenance has continued to support demand, since supply remains limited. The gasoline ...

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Fresh £10m Brexit fund for English ports ‘tiny amount of money’

The government is expected to open a £10m Brexit fund for English ports but, with grants limited to £1m per marine gateway, industry figures dismissed the proposal as “a tiny amount of money”. The infrastructure resilience call for English ports is expected to be announced by the Department for Transport this week. The British Ports Association said: “At this late stage a deal was the best way to avoid potential disruptions at the border” and grants of £1m would not achieve anything significant in terms of Brexit preparedness in the ...

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California ports on the front lines of the trade war with China

The Port of Los Angeles — the busiest port in the nation — is on the front lines of the trade war between the United States and China. The executive director is urging both countries to strike a deal before things get worse. “You’re having the world’s two largest economies go head to head in a very combative way,” said Gene Seroka, executive director of the Port of Los Angeles. Once President Trump’s promised tariffs go into effect, nearly all of the Chinese imports coming into the United States will ...

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Record jump in India’s crude oil imports from Iraq, Nigeria, Saudi Arabia, and US

India has increased its reliance on crude oil from Iraq, Saudi Arabia, Nigeria, and the United States at a time when two of its major oil suppliers Iran and Venezuela are facing sanctions by the United States, fresh data published by commerce ministry showed. According to the data compiled by ETEnergyWorld, India witnessed the highest increase in crude oil imports in the first four months (April-July) of the current fiscal year 2019-20 (FY20) from the US. India’s crude oil imports from the US more than tripled to 3.60 million tonne ...

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The US is about to send a lot more oil into an already oversupplied world market

The oil market is already struggling with too much supply, and the U.S. is about to flood the world with a lot more. In the last decade, the U.S. has more than doubled oil production to 12.3 million barrels a day, making it the world’s largest producer. But the infrastructure needed to transport that crude out of Texas oil fields and onto the world market has been lacking. This month marks a big change for the industry with the start of the Plains All American Pipeline’s Cactus II, a 670,000 ...

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Rosneft awards jumbo tender to sell Urals and CPC Blend – sources

Russian oil firm Rosneft has awarded a jumbo tender to sell Urals and CPC Blend crudes loading from Russian ports in October 2019 to March 2020 to trading firms Glencore, Trafigura and China’s CEFC, trade sources told Reuters. Rosneft awarded Glencore with 2.4 million to 9.0 million tonnes of Urals crude loading from Primorsk and Ust-Luga in October 2019 to March 2020, they said. The trading firm was awarded with Urals cargoes from Baltic Sea ports in the previous tender. Trafigura was awarded with 840,000 tonnes to 3.36 million tonnes ...

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ClipperData: More U.S. Soybean Shipments En Route to China

Much of the trade war with China for agriculture has centered around soybeans. For more than a year, President Trump said China promised to buy large amounts of U.S. agricultural commodities, including soybeans. However, many of those promises seemed empty, with the president even taking to Twitter to address the issue. With all the talk and a 25% tariff in place, is China buying U.S. soybeans or not? Ken Smithmier, head of Ag Research for ClipperData, has data that shows the U.S. is sending soybeans to China, and those buys ...

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US increases hold on top spot for supplying winter LNG to Brazil: Platts Analytics

Since the start of June, a period that is considered the dry season, the US has been the main LNG supplier to Brazil, accounting for 60% of the shipments to South America’s largest economy, according to S&P Global Platts Analytics data. Brazil has imported the equivalent of 41 Bcf of natural gas since the beginning of June, of which 24 Bcf was US-sourced, as of Tuesday, the data show. The remaining 17 Bcf was split between five other countries – Equatorial Guinea, Trinidad & Tobago, Cameroon, Norway and Nigeria. In ...

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Moody’s Changes Outlook For Asian Steel Producers To “Negative”

Rising input costs and inability to pass on higher costs to customers are pressuring the profitability of Asian steel producers, Moody’s Investors Service said while revising its outlook for the sector to “negative”. “We expect steel producers’ profitability — as measured by earnings before interest, tax, depreciation and amortisation (EBITDA) per tonne — will decline by around 15 per cent in the 12 months to June 2020, following an 8 per cent drop in the 12 months to June 2019,” said Chris Park, associate managing director in Moody’s corporate finance ...

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Oil prices drop on concern over U.S. economy

Oil prices fell on Thursday for the first time in three days after San Francisco Federal Reserve President Mary Daly sounded a note of concern about the strength of U.S. economy. Brent crude was down 31 cents, or 0.5%, at $60.18 a barrel by 0638 GMT while U.S. crude was down 18 cents, or 0.3%, at $55.60 a barrel. Oil prices rose around 1.5 percent in the previous session. Concerns about a slowdown in economic growth due to the trade war raging between the United States and China, along with ...

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OPEC’s Banking on a Christmas Miracle

OPEC’s latest communique to an oil market mostly on vacation (or wishing it was) is almost a master class in positive spin. Almost. It begins with all the right phrases: “critical value”, “commitment”, “market stability”. These tee up the main message, which is that OPEC+ members are going above and beyond their pledge to withhold supply in order to support oil prices. Compliance was a robust 159% in July, according to the group, bringing the average for the year so far to 134%. In other words, fret not oil bulls, ...

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The LPG Market’s Long Road Back to Balance

This winter, new infrastructure will enable the U.S. and Canada to export up to 1.6 million b/d of LPG to the global market, creating a mismatch between supply and demand, according to ESAI Energy’s newly released Global NGL 12-month Outlook. With robust production growth and plenty of excess inventories looking for a market, this new export capability has implications for LPG-on-naphtha pricing in Asia and Europe, and the re-balancing of the LPG market. Global demand growth will be inadequate to absorb North America’s higher production and excess inventories, according to ...

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Oil outlook clouded by trade uncertainty and recession fears

Demand-side concerns in the form of rising US inventories, persistent US-China trade disputes and worrying signs of decelerating world growth have not been kind to oil prices. The key drivers influencing oil markets are certainly transitioning from supply-side to demand-side concerns. Persistent fears over a global downturn eroding demand for oil have sent Brent tumbling roughly 13.5 percent and WTI shedding roughly 7.5 percent over the last three months. Although some anxiety about excess supplies flooding the market is being soothed by OPEC+’s mission to cut output by 1.2 million ...

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Analysts forecast US natural gas in storage to rise 57 Bcf: survey

Analysts expect US natural gas in storage to rise 57 Bcf for the reporting week ended Friday, making for an average build despite record-high gas production this month. The US Energy Information Administration is expected to report the 57 Bcf injection for the week ended August 23, a survey of analysts by S&P Global Platts showed. Responses to the survey remained in a narrow range from 53 Bcf to 60 Bcf. The EIA plans to release its weekly storage report at 10:30 am EDT Thursday. A 57-Bcf injection would be ...

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