Energy Briefing: Global Crude Oil Demand & Supply
-
prince_jake_33
- Posts: 242
- Joined: Mon Apr 26, 2010 2:21 pm
Re: Energy Briefing: Global Crude Oil Demand & Supply
That is a good article
Some more info an shipments of Saudi light crude into our gulf coast
Crude imports from Persian Gulf to USGC set to rise in November
New York (Platts)--20Oct2014/438 pm EDT/2038 GMT
Imports of crude from the Persian Gulf into the US Gulf Coast look set to rise in November, an analysis of Platts cFlow ship-tracking software data showed Monday.
During the first half of November, 14 ships are expected to enter the USGC from the Persian Gulf, up from 11 ships for all of October, and 11 ships for all of September.
Of the 14 ships arriving in the first half of November, six loaded from Ras Tanura, the main loading terminal for Saudi Arabian crude. In October, seven vessels have arrived or are due to arrive from Ras Tanura, cFlow data shows.
Four of the ships loaded from the Ain Sukhna terminal in Egypt, up from just one ship in October, while two ships loaded from Mina Al Ahmadi, Kuwait.
Some more info an shipments of Saudi light crude into our gulf coast
Crude imports from Persian Gulf to USGC set to rise in November
New York (Platts)--20Oct2014/438 pm EDT/2038 GMT
Imports of crude from the Persian Gulf into the US Gulf Coast look set to rise in November, an analysis of Platts cFlow ship-tracking software data showed Monday.
During the first half of November, 14 ships are expected to enter the USGC from the Persian Gulf, up from 11 ships for all of October, and 11 ships for all of September.
Of the 14 ships arriving in the first half of November, six loaded from Ras Tanura, the main loading terminal for Saudi Arabian crude. In October, seven vessels have arrived or are due to arrive from Ras Tanura, cFlow data shows.
Four of the ships loaded from the Ain Sukhna terminal in Egypt, up from just one ship in October, while two ships loaded from Mina Al Ahmadi, Kuwait.
-
prince_jake_33
- Posts: 242
- Joined: Mon Apr 26, 2010 2:21 pm
Re: Energy Briefing: Global Crude Oil Demand & Supply
Saudi Arabian Oil Co. lowered the cost of its crude to the U.S., where production is the highest in three decades, deepening a selloff that sent prices to the lowest in more two years.
The state-owned producer, known as Saudi Aramco, lowered the premium for Arab Light relative to U.S. Gulf Coast benchmarks by 45 cents a barrel to the smallest since December. medium and heavy grades were also down 45 cents and extra light oil 50 cents. Aramco increased the cost to Asia and Europe.
Swelling supplies from producers outside OPEC drove oil prices into a bear market last month as global demand growth slowed. Middle Eastern producers are increasingly competing with cargoes from Latin America, North Africa and Russia for buyers, as well as with U.S. production that has jumped 54 percent in the past three years.
Oil Prices
“The Saudi move speaks to them wanting to preserve market share in the U.S., where it has slipped recently,” John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy, said yesterday by phone. “It looks like the Saudis are comfortable with prices and demand.”
West Texas Intermediate, the U.S. benchmark, tumbled $2.33 to $76.45 a barrel in electronic trading on the New York Mercantile Exchange at 7:57 a.m. local time. The contract slid $1.76 to $78.78 yesterday, the lowest settlement since June 28, 2012. Brent, the global benchmark, lost $2.53 to $82.25 a barrel on the ICE Futures Europe exchange in London.
Market Reaction
“The market is reacting as though Saudi Arabia is going to flood the Gulf and is going to compete with shale production,” Michael Hiley, head of energy OTC at LPS Partners Inc. in New York, said yesterday.
Saudi Aramco surprised traders last month when it trimmed crude levels, known as official selling prices or OSPs, to six-year lows for buyers in Asia, a step interpreted as a shift in the stance of OPEC’s biggest producer to defending market share from supporting prices. Iraq’s Oil Minister Adel Abdul Mahdi said Oct. 31 that members of the Organization of Petroleum Exporting Countries are engaged in a “price war” as surplus supplies spur them to offer discounts.
Persian Gulf oil producers such as Saudi Arabia sell most of their crude under long-term contracts to refiners. Most of the region’s state oil companies price their oil at a premium or discount to a benchmark. Those differentials determine the price buyers will pay for crude imports. Iran and Iraq followed Saudi differential cuts last month.
Refinery Rates
The state-owned producer, known as Saudi Aramco, lowered the premium for Arab Light relative to U.S. Gulf Coast benchmarks by 45 cents a barrel to the smallest since December. medium and heavy grades were also down 45 cents and extra light oil 50 cents. Aramco increased the cost to Asia and Europe.
Swelling supplies from producers outside OPEC drove oil prices into a bear market last month as global demand growth slowed. Middle Eastern producers are increasingly competing with cargoes from Latin America, North Africa and Russia for buyers, as well as with U.S. production that has jumped 54 percent in the past three years.
Oil Prices
“The Saudi move speaks to them wanting to preserve market share in the U.S., where it has slipped recently,” John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy, said yesterday by phone. “It looks like the Saudis are comfortable with prices and demand.”
West Texas Intermediate, the U.S. benchmark, tumbled $2.33 to $76.45 a barrel in electronic trading on the New York Mercantile Exchange at 7:57 a.m. local time. The contract slid $1.76 to $78.78 yesterday, the lowest settlement since June 28, 2012. Brent, the global benchmark, lost $2.53 to $82.25 a barrel on the ICE Futures Europe exchange in London.
Market Reaction
“The market is reacting as though Saudi Arabia is going to flood the Gulf and is going to compete with shale production,” Michael Hiley, head of energy OTC at LPS Partners Inc. in New York, said yesterday.
Saudi Aramco surprised traders last month when it trimmed crude levels, known as official selling prices or OSPs, to six-year lows for buyers in Asia, a step interpreted as a shift in the stance of OPEC’s biggest producer to defending market share from supporting prices. Iraq’s Oil Minister Adel Abdul Mahdi said Oct. 31 that members of the Organization of Petroleum Exporting Countries are engaged in a “price war” as surplus supplies spur them to offer discounts.
Persian Gulf oil producers such as Saudi Arabia sell most of their crude under long-term contracts to refiners. Most of the region’s state oil companies price their oil at a premium or discount to a benchmark. Those differentials determine the price buyers will pay for crude imports. Iran and Iraq followed Saudi differential cuts last month.
Refinery Rates