U.S. natural gas futures slid about 2% to a one-week low on Monday on expectations Hurricane Milton will cut the amount of gas power generators need to burn later this week by knocking out electricity service to potentially millions of homes and businesses in Florida. The U.S. National Hurricane Center projected Milton will slam into the west coast of Florida as a major storm late on Wednesday before sweeping across the central part of the state on Thursday. Those Florida outages will add to the almost 300,000 homes and businesses ...

Milton expected to strengthen to Category 4 before landfall 07 Oct 2024, Florida, United States Hurricane Milton is currently a Category 3 storm and is anticipated to make landfall around Tampa on Wednesday evening or Thursday morning. READ MORE Additional liquid cargo berths 07 Oct 2024, Jawaharlal Nehru Port, India JSW JNPT Liquid Terminal Private Limited (JJLTPL) has been awarded for operating the Additional Liquid Cargo Berths LB03 and LB04 at Jawaharlal Nehru Port. READ MORE Marine works at Aberdeen Marina Club 07 Oct 2024, Hong Kong For approximately one ...

Satellite imagery revealed a number of oil tankers vacating the waters around Iran’s key Kharg Island oil loading terminal, amid fears of an Israeli counterattack on Tehran’s energy infrastructure. “The National Iranian Tanker Company (NITC) appears to be fearing an imminent attack by Israel. Their empty VLCC supertankers vacated the country’s largest oil terminal, Kharg Island, yesterday,” tracking firm TankerTrackers.com wrote in a post on the X social media platform on Thursday evening. Markets have been on edge over the possibility of Israeli retaliation, after Iran launched a missile attack ...

The Clean Arctic Alliance today welcomed progress by the International Maritime Organization’s Marine Environment Protection Committee (IMO, MEPC 82) towards regulation of black carbon emissions from Arctic shipping, but lamented the UN body’s “kicking down the road” any decision regarding rules for scrubber use in the region. “With the IMO finally looking set to regulate black carbon emissions from black carbon – which will greatly lower the impact of the shipping sector on Arctic sea and glaciers – member states must now agree on which fuels are appropriate for use ...

The Suez Canal has experienced a revenue loss of 50 to 60 percent from January to August 2024, amounting to over $6 billion, APA reports. The flow of cargo through the Suez Canal has taken a nosedive, all owing to the rising tensions in the Red Sea since late 2023. Historically, this channel was the busiest route for global trade and cargo transport. However, Houthi rebels’ attacks on vessels, coupled with escalating tensions in the Middle East, have nearly halved tanker traffic through the waterway. In August alone, 202 tankers ...

United States exporters of liquefied natural gas (LNG) are likely cheering the shutdown of the last coal-fired power plant in the United Kingdom, as the move locks in long-term gas demand by the world’s sixth largest economy. By closing the 2,000 megawatt (MW) coal plant in Nottinghamshire, Britain has become the first G7 country to end coal-fired power production and make significant progress against energy transition and pollution reduction targets. But the move also elevates natural gas to the UK’s most essential power fuel, and means the country will likely ...

The oil market eased this morning as it awaits further developments in the Middle East. Meanwhile, Saudi Arabia lowered its official selling price for European buyers and pushed up its prices for Asian buyers Energy – Saudi raises OSPs for Asian buyers Oil prices eased this morning as traders await new developments in the Middle East. US President Joe Biden is reportedly discouraging Israel from planning a strike on Iran’s crude oil facilities (in response to Iran’s missile attack last week). According to OPEC’s latest monthly oil market report, Iran ...

Oil prices fell on Monday, after posting their steepest weekly rise in more than a year last week, as oversupply concerns amid softer demand countered the worries over a wider Middle East conflict disrupting exports in the key oil-producing region. Brent crude futures LCOc1 fell 28 cents, or 0.36%, to $77.77 per barrel by 0645 GMT. U.S. West Texas Intermediate crude futures CLc1 slipped 19 cents, or 0.26%, to $74.19 per barrel. Brent rose by more than 8% last week, the biggest weekly gain since January 2023, while the WTI ...

Goldman Sachs said that itexpects its Brent price forecastto peak$10-$20 per barrel in2025 due topotential disruptions in Iranian production. Israel hassworn to strike Iran for launching a barrage of missiles at Israel on Tuesday after Israel assassinated the leader of Iran-backed Hezbollah a week ago. The events have increased fears of the potential for a broader war in the Middle East, helping oil prices to post their biggest weekly gains in over a year this week. “Assuming a two million barrels per day six-month disruption to Iran supply, we estimate ...

J.P. Morgan Global Commodities Research maintains Brent oil averaging $80 per barrel (bbl) in 4Q24. Crude prices are set for 10% weekly gains as investors weighed the prospect of a wider Middle East conflict, Brent crude futures LCOc1 trading at $78.71 a barrel while U.S. West Texas Intermediate crude futures CLc1 trading at $74.79 a barrel. However, Brent and WTI fell 17% and 16% respectively in Q3, as lower oil demand, especially from China, weighed on an oversupplied market. J.P. Morgan says given the low level of oil inventories, odds ...

We expect distillate fuel oil consumption to increase in the fall as diesel-powered agricultural equipment is used to harvest and transport crops. The harvest tends to peak in mid-October and continue through November, when the start of the winter home heating season also supports distillate fuel oil demand. With early indications that the 2024 harvest will likely be on schedule or slightly ahead of schedule, we expect distillate demand to generally follow the five-year average in 2024. What factors affect distillate fuel oil demand? Most distillate fuel oil in the ...

The oil industry and markets have had a muted reaction to growing conflict inthe Middle East, a sign of just how well stocked oil supplies are as U.S. output grows and OPEC+prepares to lift production. The global oil benchmark Brent LCOc1 jumped 5% on Tuesday after Iran, a key producer and member of the Organization of the Petroleum Exporting Countries, attacked Israel in retaliation for its campaign against Hezbollah in Lebanon. The price of Brent settled on Tuesday only 2.6% higher at $73.56, however, broadly in line with last week’s ...

Fitch Ratings predicts that industry-wide refining and marketing margins in China will remain under pressure over 2H24, driven by slowing demand and modest increases in refinery capacity. National oil companies should be more resilient than teapot refineries due to stronger vertical integration. China’s crude oil processing throughput decreased in 1H24, with the spread between crude prices and oil products narrowing on weakening demand. We expect oil product demand to stay weak in 2H24. Monthly consumption of refined oil products fell yoy from April to July 2024, with diesel experiencing the ...

Changes in monthly US residual fuel oil from August to September: Supply up 34,000 b/d to 294,000 b/d Production down 24,000 at 279,000 b/d Imports up 21,000 b/d to 107,000 b/d Fuel oil production in the US dropped from 303,000 b/d in August to 279,000 b/d last month. Gulf Coast refineries reduced production by 26%, while East Coast refineries produced 23% less fuel oil. Production dropped to its lowest since December 2023. “Hurricane Helene weighed on refinery activity at the Gulf Coast,” UBS analyst Giovanni Staunovo told ENGINE. More fuel ...

Clean LR2 LR’s in the MEG were back to being subjected to downward pressure this week, taking them back to around the same level as a fortnight ago. TC1 sunk 26.39 points, taking the index to WS120.28 and, for a run west on TC20, the index settled down $374,447 to $4.22 million. West of Suez, Mediterranean/East LR2’s on TC15 remained flat at around the $3 million mark, with the market seemingly dormant this week. LR1 In the MEG, LR1’s also took a relatively steep downturn this week. A TC5 index ...