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Oil prices stumble as hedge funds become overextended

Hedge fund managers added even more bullish long positions in crude oil and refined fuels last week, but positions showed signs of becoming stretched, setting prices up for a setback. Hedge funds and other money managers were net buyers of another 46 million barrels of futures and options in the six major petroleum contracts in the week to April 23, according to exchange and regulatory data. Funds were net buyers of Brent (+16 million barrels), NYMEX and ICE WTI (+24 million) and European gasoil (+8 million) but smaller sellers of ...

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Here’s a ‘surefire sign’ crude-oil supplies are running tight as users ‘scramble for barrels’

Want proof the 2019 oil rally is largely about tight supplies? Look no further than the spread between nearby and longer-dated futures contracts for Brent crude, the global benchmark. In the chart below from a Thursday note, Michael Tran, commodity analyst at RBC, observed that the six-month calendar spread between the first-month futures contract on the ICE exchange and the contract expiring six months later was at its widest since before oil prices collapsed in mid-2014. “This is not simply an indicator that the marginal barrels are clearing, but a ...

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Saudi Aramco Sees Shale Gas as Kingdom’s Next Energy Bonanza

The world’s biggest oil exporter is ramping up efforts to develop natural gas with plans for a 15-fold boost in output from unconventional deposits of the fuel. Saudi Aramco is building facilities to tap shale gas in the kingdom’s oil-rich eastern region and is making “a lot of progress” toward this goal, Chief Executive Officer Amin Nasser told reporters in Dammam, Saudi Arabia. Plans include a plant to desalinate seawater that Aramco can then inject underground to frack for gas. “We are looking to take our unconventional gas within the ...

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Multi-Billion Dollar Australian LNG Asset Shuffle Possible After U.S. Oil Takeover

A bidding duel involving three U.S. oil companies has the potential to make waves a long way from home, including a potential ownership shake-up of the Australian liquefied natural gas (LNG) industry. Anadarko Petroleum, and its high-value oil and gas assets in west Texas, is the target of takeover bids from Chevron Corporation and Occidental Petroleum, but whoever wins control of Anadarko is highly likely to sell surplus assets. One of the assets already mentioned for possible disposal is Chevron’s 16% stake in the North West Shelf, Australia’s oldest and ...

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Euro pops above $1.12 as growth data supports

The euro extended gains to top $1.12 on Tuesday after first quarter growth numbers for the euro zone were stronger than expectations, dispersing some of the negativity surrounding the outlook for the single currency. Euro zone economic growth was stronger than expected in the first quarter, rebounding strongly from a slump in the second half of 2018, while unemployment fell to its lowest rate in more than a decade, data showed on Tuesday. The strong data offered some relief to traders after a disappointing manufacturing PMI survey this month and ...

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More uncertainties ahead for global economy

With growth engines China and the US beginning to slow simultaneously, the effect on commodity markets can be disastrous The year 2018 was characterised by geopolitical risks, protectionism and sanctions. In the current year all the uncertainties and risks are spilling over, with greater vigour, creating headwinds for the markets. Commodities including energy, metals and agriculture cannot remain insulated. The ongoing trade tension between two of the world’s largest economies — the US ($18 trillion) and China ($12 trillion) — are clearly distorting the global markets. Tariffs and counter-tariffs are ...

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Trade war with US could lead to economic ‘cold war’ for China, Beijing researchers say

Further escalation of the trade war with the United States could lead to an economic “cold war”, according to a risk map outlined by a Beijing-based research team, which highlights the most serious dangers to China’s economy. The tit-for-tat tariff war with the US and the broad hostility is seen as a major risk endangering China’s “economic security”, along with a property bubble, local debt, unemployment and online financing including peer-to-peer lending, according to the latest edition of China’s Economic Security Outlook. “If the trade friction escalates further, it may ...

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Baltic Dry Index climbs to 1011, up 98 points

Today, Tuesday, April 30 2019, the Baltic Dry Index climbed by 98 points, reaching 1011 points.

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MMi Daily Iron Ore Index Report April 30 2019

The physical iron ore port stock market remained bullish though the majority of market players have

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The Wärtsilä IntelliTug Project

PSA Marine and Wärtsilä are bringing to life the intelligent tug of the future. Boasting new-to-market

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The Intelligent Tug of the Future | Wärtsilä

Together with PSA Marine, we are bringing to life the intelligent tug of the future! By combining Wärtsilä’s Smart Marine capabilities with PSA Marine’s wealth of experience and expert knowledge, the IntelliTug boasts all the benefits you’d expect from a human-centric, hi-tech vessel. Interview with Bernard Wong, Head of Fleet Management at PSA Marine and Chris Chung, Director of Digital Innovation and Strategic Projects at Wärtsilä. Source: Wärtsilä

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Scrapping set to rise

IMO 2020 is expected to increase the number of containership demolitions, but progress has been slow thus far. The relentless upwards charge of Brent crude in 2019, which last week briefly passed $75 on the back of anticipated supply challenges before easing off, is an obvious concern for containership operators that are at the same time in the dark over the starting price of the more expensive low-sulphur fuel oil mandated for the start of next year. Last week’s news that the US will cease granting waivers for the import ...

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MABUX: Bunker market this morning, Apr.30.

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) turned into downward evolution on Apr.29: 380 HSFO – USD/MT – 436.36(-7.28) 180 HSFO – USD/MT – 484.21(-7.00) MGO – USD/MT – 653.79(-8.00) Meantime, world oil indexes changed irregular on expectations rising output from the United States and producer club OPEC would offset most of the shortfall expected from U.S. sanctions on Iran. Brent for June settlement decreased by $0.11 to $72.04 a barrel on the London-based ...

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Iran marine fleet on IMO’s white list: PMO chief

Proper implementation of standards and the set of measures taken to preserve maritime safety have helped Islamic Republic of Iran’s marine fleet to be placed on the International Maritime Organization (IMO)`s white list, a senior official said. According to the Managing Director of Iran’s Port and Maritime Organization Mohammad Rastad, the status has been achieved in the wake of adhering to the requirements for promoting maritime safety. The measures include the preparation of hydrographic maps of the ports and doing dredging, he noted. “One of the other tasks to increase ...

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Flex LNG signs $550m of financing for four LNG carriers

Flex LNG LTD is pleased to announce that it has entered into a sale-charterback transaction with Hyundai Glovis Co. Ltd. (“Hyundai Glovis”) for the vessels Flex Endeavour and Flex Enterprise. Under the agreement, Flex LNG will sell the vessels for a gross consideration of $420m, with a net consideration of $300m adjusted for a non-amortizing and non-interest bearing seller’s credit of $120m in total. Flex Endeavour and Flex Enterprise will be charted back on a time-charter basis to subsidiaries of Flex LNG for a period of ten years. The Company ...

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