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Analysis: US crude stocks draw nearly 10 million barrels as exports approach all-time highs

Strong exports and an uptick in refinery utilization contributed to a steep draw in US crude supply last week, Energy Information Administration data showed Wednesday. US commercial crude US commercial crude stocks fell 9.59 million barrels to 439.48 million barrels during the week-ended March 15, EIA data showed. The draw pushed inventories to a nine-week low and dropped them to 1.6% below the five-year average, the first deficit since September. An 8.62 million-barrel slide in US Gulf Coast crude stocks to 213.53 million barrels, a 25-week low led the nationwide ...

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Russia’s Putin meets heads of world’s top oil traders, BP in Kremlin

Russian President Vladimir Putin met this week heads of the world’s top oil traders Glencore and Vitol, as well as BP’s chief executive, among others, promising favourable conditions for business. The meeting, attended by BP CEO Robert Dudley, Glencore CEO Ivan Glasenberg and Vitol’s Chairman Ian Taylor, among others, is a rare gathering in the Kremlin of some of the world’s most influential energy players. Russia, one of the world’s top oil producers and exporters, has been under Western sanctions since 2014, which include restrictions on some financial instruments and ...

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Greece, Cyprus, Israel reavow support for EastMed gas pipeline

The leaders of Greece, Cyprus and Israel on Wednesday reaffirmed their support for the planned 1,900 km EastMed gas pipeline to bring gas from the East Mediterranean via Cyprus and Crete to Greece by 2025, but stopped short of announcing a formal intergovernmental agreement. The EastMed pipeline — under development by a 50:50 joint venture between Italy’s Edison and Greece’s DEPA — would link into other planned pipeline projects in Europe so that Cypriot and Israeli gas could be piped onward to Italy and southeast European markets. An intergovernmental agreement ...

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Markets Show Calm After Brexit Delay

Global stocks were mostly flat Friday after European Union leaders agreed to a short Brexit delay, while investors weighed further signs of a sluggish global economy. The Stoxx Europe 600 was broadly flat in morning trade, and Asian stocks finished slightly higher. On Wall Street, futures pointed to 0.2% opening falls for the S&P 500 and the Dow Jones Industrial Average. Late Thursday, European Union leaders allowed U.K. Prime Minister Theresa May to postpone the Brexit deadline beyond next week, but warned Britain could still crash out of the bloc ...

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BRI sets up new framework for UK-China cooperation

Since the Belt and Road Initiative (BRI) was launched in 2013, it has provided an important framework for UK-China cooperation in a number of areas, such as transportation, infrastructure, financial and professional services, said Mark Hedley, regional director for Greater London at the China-Britain Business Council (CBBC). Britain is the first Western country to issue RMB sovereign bonds and the first major Western country to apply for full membership of the China-initiated Asian Infrastructure Investment Bank (AIIB). In early 2018, British Prime Minister Theresa May highlighted the importance of the ...

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Dollar set for second weekly drop as pound traders smell fear

The dollar dropped on Friday, giving up some of its overnight gains and on track for a second consecutive weekly dip thanks to renewed downward pressure on government bond yields. Sterling bounced on Friday after suffering its biggest daily drop overnight so far this year in the London trading session after Prime Minister Theresa May bought a bit more time to resolve when and how Britain exits from the European Union. Despite the rise, currency derivative markets signalled a growing caution the outlook for the British currency with one-month risk ...

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ECB attacks EU governments for denying it oversight of euro clearing

The European Central Bank has launched a rare attack on EU governments for failing to give it ultimate oversight of clearing houses processing trillions of euros worth of securities. Dominated by the London Stock Exchange, the clearing of financial contracts denominated in euros has become a political battleground since Britain voted to leave the European Union in 2016, with the bloc’s authorities vying to gain oversight of this key market on both sides of the Channel. Under a provisional deal struck this month, EU governments and lawmakers gave the Paris-based ...

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MMi Daily Iron Ore Index Report March 22 2019

Port stocks of iron ore are unlikely to grow next week as arrivals across major Chinese ports

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Tanker Market Rates 22/03/2019

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

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Euronav Looks to 2019 For Turnaround in Shipping Market After Last Year’s Challenging Market Conditions

Euronav NV reported its final financial results for the full year to 31 December 2018. Paddy Rodgers, CEO of Euronav said: “For most of the year Euronav faced one of the most difficult and challenging freight markets the tanker industry has experienced in recent times. A combination of reduced cargo supply from self-imposed OPEC production cuts and excess supply of large tankers provided sustained downward pressure on freight rates until the final quarter of the year. The difficult trading environment had the benefit of driving a rebalancing between vessel supply ...

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MABUX: Bunker Market Expected to Heat Up Today

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) demonstrated irregular changes on Mar. 20 380 HSFO – USD/MT 419.50 (+1.07) 180 HSFO – USD/MT 467.50 (+1.21) MGO – USD/MT 637.93 (-0.14) Meantime, world oil indexes demonstrated upward changes on Mar. 20 after a draw of U.S. crude oil inventories. Brent for May settlement increased by $0.89 to $68.50 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for May delivery rose by ...

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Japanese refiners will be ready to supply IMO-compliant bunker fuel by Oct-Nov: PAJ chief

Japanese refiners by October-November will be able to supply bunker fuel that complies with International Maritime Organization regulations that take effect from January, Petroleum Association of Japan President Takashi Tsukioka said. “We will need to be ready to supply [IMO-compliant bunker fuel] by October-November at the latest in order to supply from January,” Tsukioka said at a press conference in Tokyo. “We will surely be ready,” he added. The IMO will cap global sulfur content in marine fuels at 0.5% from January 1 next year, down from 3.5% currently. This ...

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NYK Signs Japan’s First ESG Management Support Loan

Yesterday, NYK entered into a 9 billion yen syndicated loan agreement in which the proceeds will be used solely for the purpose of funding environment-friendly projects. This is Japan’s first syndicated loan to be certified by Japan Credit Rating Agency Ltd. (JCR) with its highest ranking of “Green 1,” thus demonstrating the loan to be aligned with the core components of the Green Loan Principles. 1. Background NYK’s medium-term management plan includes the group’s intent to integrate environmental, social, and governance (ESG) initiatives into management strategy by establishing new medium- ...

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US Vows to Pursue Ship Owners Who Violate Iran Oil Sanctions

A senior U.S. official says Washington is monitoring ships involved in clandestine transfers of Iranian oil and will hold anyone involved in such transfers responsible for violating U.S. sanctions against Iran. “We are closely tracking ship-to-ship transfers of [Iranian] oil to evade our oil sanctions,” said Deputy Assistant Secretary of State for Counter Threat Finance and Sanctions David Peyman in an exclusive interview with VOA Persian recently at the State Department. “And we’re working closely with foreign governments to ensure they are monitoring ship-to-ship transfers off their coasts.” One of ...

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Wärtsilä to design and equip state-of-the-art transport vessel for Aker BioMarine

The technology group Wärtsilä has been awarded the contract to design a state-of-the-art multipurpose transport vessel that will operate in Antarctic waters. Wärtsilä will also provide the vessel with a comprehensive package of integrated propulsion and hybrid solutions to ensure highly efficient and environmentally sustainable operations. The ship has been ordered by Norway-based Aker BioMarine and will be constructed in China, at CIMC Raffles. The ship design order with Wärtsilä was booked in December 2018, while the order for the integrated solutions package was booked in March 2019. The 168 ...

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