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Russian oil shipments to central Europe expected to resume

Oil shipments from Russia through a critical pipeline to several European countries should resume soon after a problem over payments for the transit was resolved, Slovakia’s economy minister said on Wednesday. Russian state pipeline operator Transneft said Tuesday it halted shipments through the southern branch of the Druzhba oil pipeline, which flows through Ukraine to the Czech Republic, Slovakia and Hungary. Transneft cited complications due to European Union sanctions for its action on Aug. 4, saying its payment to the company’s Ukrainian counterpart was refused. The Slovak minister, Richard Sulik, ...

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The Commodities Feed: Druzhba flows resume

Energy The weaker than expected US CPI print yesterday, along with the weaker US dollar provided a boost to risk assets, including oil, with Brent settling more than 1.1% up on the day. The release has seen the market reassess the degree to which the Fed may hike in September, although our US economist still believes the case for a 75bp hike is strong. However, the strength seen in the market yesterday has not carried through into early morning trading today, with Brent coming under some renewed pressure. The market ...

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Oil steadies as IEA hikes 2022 demand growth forecast

Oil prices steadied on Thursday after the International Energy Agency raised its oil demand growth forecast for this year as soaring gas prices drive some consumers to switch to oil. Brent crude futures slipped 7 cents, or 0.1%, to $97.33 a barrel by 0829 GMT, while U.S. West Texas Intermediate crude futures eased 9 cents, or 0.1%, to $91.84. “Natural gas and electricity prices have soared to new records, incentivising gas-to-oil switching in some countries,” the Paris-based agency said in its monthly oil report, in which it raised its outlook ...

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U.S. crude output and petroleum demand to rise in 2022 – EIA

U.S. crude production and petroleum demand will both rise in 2022 as the economy grows, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook (STEO). EIA projected that crude production will rise to 11.86 million barrels per day (bpd) in 2022 and 12.70 million bpd in 2023 from 11.25 million bpd in 2021. That compares with a record 12.29 million bpd in 2019. The agency also projected petroleum and other liquid fuels consumption would rise from 19.78 million bpd in 2021 to 20.34 million bpd in ...

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Iraq’s July oil output rises by around 70,000 bpd, SOMO data show

Iraq pumped 4.584 million barrels per day (bpd) of oil in July, up by 69,000 bpd from June, data from state-owned marketer SOMO seen by Reuters showed. According to the production figures, Iraq’s output was just above its OPEC+ quota of 4.580 mln bpd for July. OPEC+, a grouping of the Organization of the Petroleum Exporting Countries and allies led by Russia, uses an average of secondary source production figures to determine compliance with output quotas. Secondary sources placed Iraqi production at an average of 34,000 bpd below its quota ...

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BHP, Pan Pacific Copper and Norsepower partner to harness the power of wind-assisted propulsion

BHP has partnered with Pan Pacific Copper (PPC), a member of JX Nippon Mining & Metals group, and Norsepower, the leading global provider of auxiliary wind propulsion systems, to reduce greenhouse gas (GHG) emissions from maritime transportation between BHP’s mines in Chile and PPC’s smelters in Japan. The parties are conducting a technical assessment and plan a retrofit installation of wind-assisted propulsion system onboard the M/V Koryu, a combination carrier operated by Nippon Marine – a member of SENKO group (shares held by SENKO 60%, JX Nippon Mining & Metals ...

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LNG Carrier Prices Nearing All-time High

Prices of liquefied natural gas (LNG) carriers are skyrocketing. Analysts expect a further rise in LNG carrier prices as a big change is underway in the global LNG supply and demand system and demand for eco-friendly energy will increase. The price of an LNG carrier (174,000 cubic meters) in July stood at US$236 million, up US$5 million from the previous month, according to Clarkson Research, a U.K. shipbuilding and shipping market research company. The Clarkson Newbuilding Index reached 161.57 points, extending the growth streak to 20 months since December 2020. ...

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Forto and Hapag-Lloyd Partner to Deliver Biofuel Alternative for Customers

Through a new partnership with Hapag-Lloyd, a leading global liner shipping company, Forto has launched a biofuel program for ocean shipping customers who seek to reduce their transport emissions. Customers booking full container load (FCL) sea freight shipments with Forto can now add the use of advanced biofuel to their bookings, effectively reducing 100% of their transport’s greenhouse gas emissions. As Hapag-Lloyd has extended their biofuel strategy to work with selected key partners, Forto has delivered the first customer in Hapag-Lloyd’s biofuel program. Shipping goods with second and third generation ...

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Oil rises on renewed gasoline demand, weak dollar

Oil prices rose on Wednesday, rebounding from losses early in the session, helped by encouraging figures on U.S. gasoline demand and as lower-than-expected U.S. inflation data drove investors into riskier assets. Brent crude futures settled up $1.09, or 1.1%, to $97.40 a barrel, while U.S. West Texas Intermediate crude futures gained $1.43, or 1.6%, to $91.93. U.S. crude oil stocks rose by 5.5 million barrels in the most recent week, the U.S. Energy Information Administration said, more than the expected increase of 73,000 barrels. However, U.S. gasoline stocks fell sharply ...

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MISC and Consortium Partners Ink Landmark Deal With Gatarenergy For Seven Newbuilding LNG Carriers

MISC Berhad (MISC) through its wholly-owned subsidiary, Portovenere and Lerici (Labuan) Pte Ltd (PLL), together with its consortium partners, namely Nippon Yusen Kabushiki Kaisha (NYK), Kawasaki Kisen Kaisha, Ltd. (K-Line) and China LNG Shipping (Holdings) Limited (CLNG), today announced that they have been awarded landmark long-term time charter contracts by QatarEnergy for seven newbuild Liquefied Natural Gas (LNG) carriers to be built by Hyundai Heavy Industries Co., Ltd QatarEnergy is one of the world’s largest producers of LNG. Once delivered in 2025, the seven newbuilding vessels will serve the needs ...

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ENGINE: East of Suez Bunker Fuel Availability Outlook

Singapore VLSFO and HSFO supply remains “super tight” for prompt dates in Singapore. Recommended lead times are around 11-15 days. Bunker demand has been robust in Singapore so far this week amid lower Brent crude and bunker prices. A series of VLSFO and LSMGO stems were fixed at the beginning of the week, while HSFO fixtures have been fewer. Last week, the Maritime and Port Authority of Singapore (MPA) temporarily banned one of Singapore’s top HSFO suppliers for two months after its name surfaced in a major HSFO organic chloride ...

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Milaha Reports a 46% Increase in Net Profit for H1 2022

Qatar Navigation (“Milaha”) Q.P.S.C. today announced its financial results for the first six months ended June 30, 2022. Key financial highlights: • Operating revenues of QAR 1.77 billion for the six months ended June 30, 2022, compared to QR 1.37 billion for the same period in 2021 • Operating profit of QAR 310 million for the six months ended June 30, 2022, compared to QAR 144 million for the same period in 2021 • Net profit of QAR 641 million for the six months ended June 30, 2022, compared to ...

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Turkey’s new drill ship to operate outside disputed waters in Mediterranean

Turkey resumed its hydrocarbon drilling operations in the eastern Mediterranean on Tuesday after a two year hiatus, though President Tayyip Erdogan said its new drill ship would operate outside waters also claimed by Cyprus. The Abdulhamid Han, Turkey’s fourth drill ship, will operate 55 kilometres off the Gazipasa region in the southern coastal province of Antalya, Erdogan said. “The survey and drilling work we are conducting in the Mediterranean are within our sovereign territory. We do not need to receive permission or consent from anyone for this,” he said, speaking ...

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Korea Shipbuilding & Offshore Engineering receives $1.5B order for seven LNG carriers

Korea Shipbuilding & Offshore Engineering (KSOE) received an order worth 1.96 trillion won ($1.5 billion) from an Asian shipper to build seven liquefied natural gas (LNG) carriers, the company announced Wednesday, as Korean shipbuilders continue to win significant orders. According to KSOE, a subsidiary of Hyundai Heavy Industries, an Asian shipper ordered seven 174,000-meter class LNG carriers from KSOE. The carriers will be 299 meters (981 feet) long, 45.4 meters wide and 26.5 meters high, and will be built at KSOE’s shipyard in Ulsan to be delivered to the shipper ...

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EIA’s Weekly Petroleum Status Report provides a snapshot of petroleum balances

EIA’s Weekly Petroleum Status Report (WPSR) provides our most comprehensive data for weekly U.S. crude oil and refined petroleum product balances. Each week, WPSR provides detailed regional and national supply information on crude oil and major petroleum products used in the United States, including motor gasoline, distillate fuel oil, jet fuel, residual fuel, and propane. Our weekly estimates of inventories, refinery operations, and consumption are some of the most timely data series available anywhere to assess physical U.S. crude oil and petroleum product markets. We generate weekly estimates of U.S. ...

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