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Oil markets smooth the way for blockbuster bond offering

Oil prices continued their six-week rally last week, with Brent comfortably closing above $71 a barrel. This largely reflected the outlook for the supply-demand balance in the market. The alliance of OPEC and 10 friendly oil-producing nations led by Russia — known as OPEC+ — sufficiently balanced the market when it decided to cut production by 1.2 million barrels per day (bpd) at its meeting in Vienna in December. The action was needed at the time, because waivers to the Iran sanctions the US had earlier granted eight countries had ...

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White House will tie Iran sanctions review to response by Saudi Arabia

The White House will have to weigh costs and benefits carefully before tightening sanctions on Iran and Venezuela further – and decide whether the economic price is worth the diplomatic gains. If the White House toughens sanctions on Iran and Venezuela significantly (and the next decision on Iran sanctions is scheduled for the first week of May) any decision is likely to be tied to production increases by Saudi Arabia. The White House is likely to agree to scale back Iran sanctions waivers if, and only if, Saudi Arabia commits ...

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Refinery news roundup: Strikes under way or looming in Europe amid strikes

Strikes remain in the limelight in Europe as refinery maintenance works draw to a close. The UK’s Unite union decided to go ahead with the ballot for “industrial action up to and including strike” among its members at Essar’s Stanlow refinery in northeast England. The ballot will open April 8 and close April 29. Strikes are ongoing at two sites in the Netherlands and also in Portugal, where the government declared a national alert Tuesday evening after strike action by the country’s hauliers has caused nationwide issues in fuel supply. ...

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Seasure Market Report 18 April 2019

Seasure Market Report 18 April 2019

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Hedge Funds Pile Into Gasoline’s Run From Worst to First

Gasoline’s run from worst to first has attracted the interest of speculators. Prices for the motor fuel have boomed 52 percent this year, making it the best-performer for 2019 in the Bloomberg Commodity Index. That’s a sharp turnaround from the second half of last year, when it was the laggard. Unexpected fires and other breakdowns at refineries from New Jersey to California reduced production of the motor fuel just as the weather gets warmer and distributors are stocking ahead of peak summer driving season. On top of that, some companies ...

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Muted markets raise questions about China’s economic recovery

Investors were relieved this week when China’s first-quarter economic data defied expectations for a further cooling in growth. Yet the subdued reaction in stock markets, especially in China, has called into question the durability of any recovery. For Chinese equities, which have rallied hard this year, the good news was also likely in the price already. Many traders were looking past the data showing the world’s second-biggest economy grew at a faster-than-expected 6.4-percent pace. While industrial production also grew at its quickest pace since 2014 in the first quarter, the ...

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U.S. expert says more European countries expected to sign up to BRI

A U.S. expert on Europe said here that more European countries are expected to join the China-proposed Belt and Road Initiative (BRI) and that such actions should be encouraged. “I think more countries will sign up to the BRI,” Liselotte Odgaard, a senior fellow at Washington-based think tank Hudson Institute, told a seminar that examined Europe’s relationship with China and the United States. “A lot of countries would like to attract Chinese investments…which I think we should encourage,” she said. Odgaard, whose work focuses on U.S.-China-Europe relations, also spoke in ...

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Sino-U.S. trade deal negotiation makes new progress – China’s commerce ministry

There has been new progress in negotiating the text of a Sino-U.S. trade deal, but work remains to be done, China’s commerce ministry spokesman, Gao Feng, told a regular news briefing on Thursday. Source: Reuters (Reporting by Stella Qiu and Beijing Monitoring Desk; Editing by Clarence Fernandez)

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Fed’s Beige Book Sees Slight-to-Moderate Growth

Economic activity continued to grow slowly across the U.S. in the spring but some sectors expected growth to pick up in the coming months, according to a Federal Reserve report released this week. The Fed’s 12 regional districts saw a “slight-to-moderate pace” of growth in recent weeks, the central bank said in its “beige book” report collecting anecdotes from business contacts around the country. The report was based on information collected through April 8. Retailers generally had seen sluggish sales, the report said, with some blaming unusually cold weather for ...

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The SKF Spherical roller bearing 100 years anniversary

100 years ago the remarkable spherical roller bearing was invented. It has been refined and optimized ever since,

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Introducing BOXBAY – a new and intelligent High Bay Storage system

We’ve launched our new international joint venture with SMS Group will change the way containers

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MMi Daily Iron Ore Index Report April 18 2019

SMM forecasts that eighty vessels carrying 12.08 million mt of iron ore arrived at major Chinese ports in

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Dry Bulk FFA: One Step Forward, Two Steps Back for the Capesize FFA Market

Capesize The positive news of Vale hoping to restart Brucutu in 72 hours was partially offset by BHP confirming that they will ship 8 million tonnes less than forecast due to Cyclone Veronica. Following the push up of rates late Tuesday, we eased in Asian hours before finding some more support when Europe opened. Volumes were healthy with the curve from April through Cal 21 paid steadily throughout the day. The physical market is yet to show any significant gains and these need to come to fruition if the paper ...

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MABUX – Bunker Market this morning 18th April

Crude prices declined slightly on Wednesday as U.S. government data showed inventories drew down less than an industry report had suggested on Tuesday. Brent crude rallied to its highest level this year early in the session, bolstered by an unexpected drop in U.S. crude inventories reported by trade group the American Petroleum Institute late on Tuesday. However, official data from the Energy Information Administration on Wednesday showed a 1.4 million-barrel crude drawdown, about half the API’s reported decline. “The rally overnight was predicated on a 3 million-barrel-per-day draw in crude ...

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Protection Vessels International: Weekly Maritime Security Report

Fiver robbers boarded a bulk carrier at 0445 hrs local time at Callao port. The robbers reportedly boarded the vessel using a rope attached to a hook, threatened and assaulted the AB crew on duty. Other crew members spotted the robbers and sounded the alarm. The robbers fled the vessel with stolen personal belongings upon hearing the alarm. The incident was reported to local authorities, who boarded the vessel for investigations. PGI Analysis: There is a moderate threat to vessels at ports in Peru, partially due to opportunistic robberies targeting ...

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