Two Gasoline Tankers Divert from Nigeria
Two tankers carrying gasoline loaded in Antwerp, Belgium, have turned back to their load-port after initially being destined for Lagos in Nigeria, Refinitiv Eikon ship tracking and sources said on Friday.The two tankers, STI Symphony and Velos Diamantis, turned back in last week. The U-turns happened after Nigeria rejected other gasoline cargoes loaded in Antwerp for containing too much methanol.Reuters…
Nigeria: Union Suspends Strike after Exxon Workers Freed
A major Nigerian oil union has suspended planned industrial action after 21 Exxon Mobil Corp. employees quarantined last week after their arrest for violating coronavirus-related movement restrictions were freed, it said on Sunday.The governor of southern oil hub Rivers State, Nyesom Wike, on Friday said Exxon Mobil workers were arrested after entering the state from neighboring Akwa Ibom State in…
European Refiners Leave Oil Cargoes On Water
A growing number of oil tankers across Europe have been unable to unload their cargo over the past month as refining demand crashes, turning them into de facto floating storage, according to shipping data and trading sources.European refineries have had to cut runs after measures put in place to contain the coronavirus outbreak crushed fuel demand.More than 25 tankers with roughly 18 million barrels onboard were anchored near European ports…
Oil Storage at Sea Approaching Record Levels
Oil traders are storing as much as 80 million barrels of oil on tankers at sea, with further ships being sought as land storage sites fill up fast due to a global glut of stocks, shipping industry sources say.Traders rushed for storage after global oil demand collapsed by a third due to the coronavirus outbreak, and as top producers Saudi Arabia and Russia have refused to curb output so far, creating…
Total CEO: Governments Not Oil Firms Must Drive Carbon Curbs
It is up to governments to drive decarbonisation and consumers will have to pay more to achieve carbon neutrality, Total's chief executive said, adding the French firm has no intention of moving away from oil and gas production.Oil firms should not be seen as "villains" amid growing pressure from investors and climate activists, chief executive and chairman Patrick Pouyanne told Reuters at Total's…
Trafigura Started Crude Shipments via U.S. Pipeline Cactus II
Global commodities trader Trafigura has started shipments of Permian basin crude to the Corpus Christi oil hub in Texas via the newly operational Cactus II pipeline system, the company said in a statement on Monday.Trafigura signed a long-term agreement with pipeline operator Plains All American Pipeline LP last year to transport a total of 300,000 barrels per day (bpd) of crude and condensate on the pipeline.The Cactus II Pipeline system will have the ability to transport 670,000 bpd.
TC Energy: Order Blocking Keystone XL Pipeline Lifted
TC Energy Corp's long-delayed Keystone XL oil pipeline took a small step forward this week, after a U.S. court overturned an injunction that barred certain work on the project, the company said.The company, which also reported a better-than-expected quarterly profit on Thursday, has been working for more than a decade to build the controversy-ridden 830,000 barrel per day (bpd) pipeline.KXL would run from an oil hub at Hardisty…
U.S. Refiner Phillips 66 Enters Offshore Oil Export Race
U.S. oil refiner Phillips 66 is proposing a deepwater crude export terminal off the U.S. Gulf Coast, challenging at least eight other projects aiming to send U.S. shale oil to world markets, according to a memo and a source who asked not to be named.The project, called Bluewater Texas Terminal LLC, signals another major expansion of its logistics operations. The fourth largest U.S. refiner last week…
TransCanada sees 'Robust' Shipper Interest in Keystone XL
Pipeline operator TransCanada Corp is seeing strong interest from oil shippers in locking up the remaining space on Keystone XL and expects it to be fully subscribed, its chief executive said on Thursday.TransCanada has not yet made a final investment decision on its $8-billion Keystone XL (KXL) expansion, which would boost export capacity from the oil-rich province of Alberta to U.S. refineries. That decision may come late this year or in early 2019…
Australian Fund Buys UAE Oil Storage Terminal
Australia-based Prostar Capital has bought a storage terminal in the key Fujairah oil hub in the United Arab Emirates, said sources with knowledge of the matter. Off the east coast of the UAE in the Gulf of Oman, the Socar Aurora Fujairah Terminal FZC is a joint venture between Azerbaijan's state oil company, a Swiss commodity house and the government of Fujairah. The sources, who declined to be identified as they were not authorised to speak with media, did not give the size of the deal.
PSO Suspends Fuel Oil imports on LNG Push
2nd LNG terminal inaugurated 2 weeks ago; fuel oil demand unlikely to recover - official. Pakistan State Oil (PSO) has suspended imports of fuel oil after an abrupt drop in domestic demand as the country turns to liquefied natural gas (LNG) to fuel its power sector, two company officials told Reuters on Wednesday. It is not clear how long the suspension will last but the country's state-owned oil importer is expected to drastically cut fuel oil imports…
Perry: Obama Discriminated Against Coal, Nuclear Energy
The United States discriminated against the nuclear and coal industries under the administration of former President Barack Obama, U.S. Secretary of Energy Rick Perry said on Wednesday. "Nuclear and coal ... Those two industries were discriminated against over the course of the last administration," Perry told reporters at an oil conference in Cape Town, when asked about a U.S. government directive to support ageing coal and nuclear plants.
Hedge Funds Bet on Oil as Futures Market Wavers
Hedge funds have stuck to their bet that oil prices will extend gains, even though the futures market shows some investors are losing faith in a rebalancing of supply and demand. The premium of front-month December Brent futures over the January contract is at its narrowest since early September. A larger premium, or backwardation, of the front month over future months tends to indicate that traders and investors believe oil supply will fall short of demand.
Oil Weakens on Fears Irma Could Dent U.S. Demand
Losses capped by talks over extension to production pact; Saudi Arabia, Venezuela, Kazakhstan discuss deal extension. Oil prices edged lower on Monday on concerns that Hurricane Irma's pounding of heavily populated areas of Florida could dent oil demand in the world's top oil consuming nation. Losses were capped by weekend talks between Saudi Arabia's oil minister and counterparts over a possible extension to a pact to cut global oil supplies beyond next March.
S.Korean Rule Change to Allow Blending, Enhanced Regional Trading
S.Korea to allow traders to blend fuels at oil terminals; new regulation to be implemented from Oct 18. South Korea is in the process of easing blending restrictions at its oil storage terminals as the world's No. 5 crude importer bolsters an effort to become a North Asia trading hub. Asia's fourth-largest economy is pushing ahead with a 2014 plan to turn Ulsan and Yeosu ports into northeast Asia's oil shipping and storage cluster…
S.Korea to Ease Local Blending Rules
S.Korea to allow traders to blend fuels at oil terminals; planning to nearly double storage to 60 mln barrels by 2026. South Korea is in the process of easing blending restrictions at its oil storage terminals as the world's No. 5 crude importer bolsters an effort to become a North Asia trading hub. Asia's fourth-largest economy is pushing ahead with a 2014 plan to turn Ulsan and Yeosu ports into northeast Asia's oil shipping and storage cluster…
US Crude Stockpiles Fall Unexpectedly -EIA
U.S. crude stocks fell unexpectedly last week, the Energy Information Administration said on Wednesday, while gasoline and distillate inventories also declined in a report that analysts said should be supportive for prices. Crude inventories fell by 2.2 million barrels in the week to April 7, compared with analysts' expectations for an increase of 87,000 barrels. "A near 2.2 million barrel draw to…
Unpaid Wages, Sackings Stir New Tension in Nigeria's Oil Hub
The moment a group of Nigerian contractors met executives from Italian oil major ENI to discuss unpaid wages they started shouting, calling them fraudsters and liars until a police commander restored calm. Wenenda Mpi, local manager of ENI unit Agip, blamed the payment delays on debts owed by the Nigerian National Petroleum Corporation (NNPC) and said the government had promised to sort the problem out.
Nigerian Oil Workers Union Begins Strike
Strike to last 3 days, involve 3,000 workers; talks planned with labour minister. A Nigerian oil labour union has begun a nationwide strike hitting petrol stations and oil tankers, while oil industry workers have shut down seven crude flow stations in the Niger Delta, a union official said on Wednesday. The strike is in protest over pay and job losses. The Nigeria Union of Petroleum and Natural Gas…
Oil Workers Go on Strike at Crude Flow Station in Niger Delta
Nigerian oil workers have gone on strike at the Oleh crude oil flow station in the Niger Delta oil hub, saying they have not been paid, a labour union official said on Tuesday. "The striking workers at Oleh flow station ... besides the struggle for good pay and conditions of service are also asking for their rights to be unionised," said Cogent Ojobo, Warri Zonal Chairman at oil labour union NUPENG. No more details were immediately available.
