Analysts Say China, not OPEC, Dictates Oil Price - but Monday Trading Still Swayed by Cutback Extension
Investors are placing their faith in the argument that inventories will tighten later this year.
With holidays in the U.S., United Kingdom, and other countries, crude trading was fairly muted on Monday, climbing for a second consecutive session and accompanied by further arguments that the Organization of the Petroleum Exporting Countries (OPEC) is no longer the driving force in swaying prices.
Specifically, China h
OPEC's Cutback Efficacy Questioned Prior to Vienna, Analyst Describes Its Medium Term Pricing Power as "Zero"
Some analysts say OPEC won't be harmed by the proposed sale of U.S. reserves.
As members of the Organization of the Petroleum Exporting Countries (OPEC) prepare to voice their formal support for an extension of their oil output reduction agreement in Vienna on Thursday, a final wave of critical analysis portrays the cartel's attempts to date as having had a minimal impact on the market and the cartel itself as having
Increased Iranian Output Capability and Venezuelan Woes Could Obliterate or Aid Saudi Claim of Market Rebalance
The new week began on a familiar note, with Saudi Arabia on Monday claiming that the Organization of the Petroleum Exporting Countries (OPEC) crude cutbacks have helped rebalance the market, and reports strongly suggesting that any rebalance could be obliterated - this time in the form of Iran bragging that it is able to boost production by 3 million barrels per day (bpd).
And even though Iran has made the claim before, it comes on the heels o
Shell Marine to Share Lube Tech Knowledge Through Renewed UC METC Technical Agreement
Signing the technical partnership renewal are University of Cebu President Atty. Augusto W. Go. (left) and Shell Marine Executive Director Jan Toschka. Image: Shell Marine
Shell Marine today announced that it has renewed its technical partnership for four more years with the Philippines' University of Cebu - Maritime Education and Training Center (UC METC), which will see the company provide expertise in lubrication t
Saudi/Russia Push for Extension Triggers Market Surge - and Skepticism Among Analysts
Even though many respected analysts insist the Organization of the Petroleum Exporting Countries' (OPEC) production cutback has done nothing to improve fundamentals at a time of tepid global demand, Saudi Arabia and Russia in a joint statement cited a "significant positive impact " on fundamentals and "healthy demand dynamics" in declaring their support for a 9 month cutback extension, through March of next year.
Khalid al-Falih and Alexander
Singapore Monthly Bunker Sales Up 3.5% Y-o-Y
The world's biggest bunkering port by volume has seen sales in excess of 4 million mt in 12 of the last 14 months.
Singapore saw another strong month of bunker sales in April, according to the latest preliminary data from the Maritime and Port Authority of Singapore (MPA), with 4,253,300 million metric tonnes (mt) sold for all products.
The total is an increase of 3.5 percent year-over-year, and it also means the wo
OPEC Compliance Falls Alongside Another U.S. Crude Price Drop, but Experts Still See Upside to 2017
The Oil Search boss pegs crude prices at "a solid" $50-$55 for the rest of this year.
As Tuesday saw U.S. crude prices settle down 2.4 percent to $47.66, a Reuters survey suggests that more volatility lies ahead with the disclosure that compliance with the Organization of the Petroleum Exporting Countries (OPEC) cutback initiative is weakening, thanks to Angola and the United Arab Emirates producing more than it shoul
Monday Crude Losses and Output Surges Underscores FGE Head Calling for OPEC Cutback Extension - to the End of 2018
Analysts say U.S. output surge alone threatens to cause further market losses.
Fereidun Fesharaki, founder and chairman of FGE, joined the ranks of experts who believe that the Organization of the Petroleum Exporting Countries (OPEC) is certain to extend its crude cutback initiative to the end of this year; however, contrary to the upbeat rhetoric issued by the cartel during the first six months of its cutbacks, he sa
Abu Dhabi Investment Authority Among Those Predicting Sub $40/bbl Oil if OPEC Doesn't Extend Output Cuts
Even though at least one high-ranking oil expert has suggested that average oil prices would be the same with or without the Organization of the Petroleum Exporting Countries (OPEC) production cutback initiative, the urgency for the cuts to be extended continues to grow this week, with analysts including the Abu Dhabi Investment Authority warning that crude will probably drop to $40 per barrel unless the cartel and its allies maintain course bey
EU Approves New Funding in Support of LNG Bunkering Projects
€22.1 million from EU's CEF Synergy call will support seven new actions, including a number that involve LNG bunkering.
The European Commission (EC) has announced that European Union (EU) member states have approved an EC's proposal to invest €22.1 million ($24.18 million) from the Connecting Europe Facility (CEF) Synergy call to support seven actions that will help develop sustainable and efficient transport and ener
GAS Entec to Build LNG-Powered Reefer Carrier
GAS Entec says it is building the world's first LNG-fuelled reefer carrier. Image: GAS Entec
South Korea-based engineering and design firm GAS Entec Co., Ltd. (GAS Entec) has announced plans to build a liquefied natural gas (LNG)-fuelled reefer carrier.
"This vessel, which will be recorded as the world's first LNG-fuelled reefer carrier, will become GAS Entec’s state-of-the-art of LNG technology," said GAS Entec.
USCG Responds to Sunken Vessel, Bunker Spill Risk in Mississippi River
USCG says no signs of pollution have been observed the sunken Todd Brown. Image: USCG
The U.S. Coast Guard (USCG) Tuesday said that, while no signs of pollution have been observed, a Unified Command (UC) response is ongoing for sunken vessel at mile marker 940 of the Mississippi River near Columbus, Kentucky.
The vessel, Todd Brown, is said to have about 17,500 gallons of diesel fuel, 150 gallons of lube oil, and 15
Vessel Aiming Zero Emissions Round the World Voyage is Launched
The Energy Observer vessel is slated to to embark on a zero-emissions around-the-world voyage in May. Image: Energy Observer
The Energy Observer, a hydrogen-powered yacht slated to embark on a zero-emissions around-the-world voyage, Friday was launched into the sea, local media reports.
The vessel, which will set sail next month from Paris, aims to be the "first hydrogen vessel around the world."
India Set to Develop LNG Bunkering Facility at Dharamtar Creek
India's Ministry of Shipping is also said to be mulling tax breaks in order to promote the use of LNG as fuel.
Australia Lends Support to Taiwanese Investigation into Suspected Bunker Spill
Approximately 8 km of Green Island's coast was polluted in March.
Unexpected US Stockpile Build Pares Tuesday's Gains - But All Is Still Well, Insist Analysts
U.S. crude to hit a four month high on Tuesday
In a spectacular reversal of e
Containerships Granted "Substantial Funding" by EU and NEFCO to Use LNG Bunkers
Containerships has been granted "substantial funding" from EU and NEFCO. Image: Containerships
Spain's Port of Bilbao Marks First LNG Bunkering Operation
MV Ireland has become the first ship to have been bunkered with LNG at the Port of Bilbao. Image: BBG
Gaz-System Eyes Poland's Gdansk Bay for Possible LNG Bunkering-Capable Vessel
Gaz-System is conducting a feasibility study for a FSRU in Gdansk Bay.
Rotterdam Investigates Bio LNG, Which Compared to Regular LNG "Allows Users to Drastically Reduce CO2 Emission Levels"
Rotterdam is considering the use of bio LNG for use as transport fuel in the port.