Crude Oil Market

Crude Oil Price Forecast

WTI Crude Oil

The West Texas Intermediate Crude Oil market gapped lower to kick off the trading session on Thursday, only to turn around and show signs of life again, reports fxempire.

By doing so, the market looks likely to continue seeing a little bit of a pullback, but I do think that the $70 level will probably cause a bit of psychological support, and most certainly the $67.50 level will as the top of the triangle sits right at that level. That being said, I would anticipate a lot of “market...

https://mfame.guru/crude-oil-price-forecast/

Strong Crude Oil Demand Pushes the Prices

  • China ramps up crude processing as margins improve.
  • Asian refiners back from maintenance.
  • Strong demand push Oman, Russian ESPO, Sokol to 11-mth high.
  • Supply tight as Europe, Africa, U.S. crude to Asia uneconomical.

A recent Reuters news source by Florence Tan says that crude prices in Asia jump on robust demand, tight supply.

Higher premiums paid by Asian refiners

Asian refiners are paying the highest premiums for Middle East and Russian crude oil in about a year, due to firm demand and more...

https://mfame.guru/strong-crude-oil-demand-pushes-the-prices/

One of the Asyad Group Companies Launches the Giant Oil Tanker

The Oman Shipping Company launched the giant oil tanker (Dhalkot), which was built at the DSME shipyard in South Korea and is the last ship out of 3 other tankers that were recently launched last year (Tire, Bahla), says an article published in Arabian Daily.

Developing Market

This is to enhance its position in the global crude oil transportation market and translate to continuing expansion at the level of its operational business. The ship has a tonnage of 300,000 tons and it meets all future...

https://mfame.guru/one-of-the-asyad-group-companies-launches-the-giant-oil-tanker/

Covid Hit Crude Oil Prices Less Optimistic in 2021

  • The year 2020 was a roller-coaster ride for commodities and especially for crude oil.
  • WTI crude prices fell into negative territory for the first time ever questioning the general market caveat that commodities price cannot be zero.
  • The second half has been equally remarkable as prices surged by leaps and bounds.
  • From hitting a low of $40.32 per barrel in April, WTI crude oil bounced back to hit a high near $49.3 in December.
  • While Brent managed to hold in the positive territory for the entire...

https://mfame.guru/covid-hit-crude-oil-prices-less-optimistic-in-2021/

Crude Market Sector To Disappoint In Q4

The traditionally strong northern hemisphere winter period in the crude oil tankers market looks set to disappoint, reports S&P Global Platts.

“A growing divide between rising short-term fleet supply and limited cargo availability, restricted by OPEC+ production cuts and a slower demand recovery for crude, has impacted the sector negatively and is likely to continue throughout the seasonal winter period,” CEO Hugo De Stoop said in a quarterly results statement.

Weak markets to roll over to Q4

That...

https://mfame.guru/crude-market-sector-to-disappoint-in-q4/

Oil Market Review, 26th October 2020

  • Oil fell about 2% on Libyan output, COVID-19 demand concerns.
  • Oil fell nearly 2% on Friday, finishing lower for the week, in anticipation of a surge in Libyan crude supply and demand concerns caused by surging coronavirus cases in the United States and Europe. 
  • A surge in new COVD-19 cases in the US and Europe leads to a fall in oil prices.

Crude prices sank after Libya’s National Oil Corp (NOC) said it lifted force majeure on exports from key ports and output would reach 1 million barrels per...

https://mfame.guru/oil-market-review-26th-october-2020/

China To Ship U. S. Crude Oil by 19 Chartered Tankers

  • Chinese crude buyers have chartered about 19 tankers for September to send roughly 37 million barrels of oil to China.
  • If these proceed as planned, the exports would surpass a record set in May at 35.2 million barrels.
  • U.S. oil exports to China are set to reach a record next month in a sign that Beijing is stepping up purchases.

Sheela Tobben writes for the World Oil about how China is chartering 19 tankers to ship crude oil from the U. S.

China charters tankers

Chinese crude buyers have...

https://mfame.guru/china-to-ship-u-s-crude-oil-by-19-chartered-tankers/

As Oil Prices Slips by 1.2% Will OPEC+ Evade ‘Taper Tantrum’

  • Oil prices dropped on Monday on a record daily rise in global coronavirus cases with big spikes in infections over the weekend in the United States.
  • While traders await an OPEC technical meeting expected to recommend an easing of supply cuts.
  • Brent crude fell 53 cents, or 1.2%, to $42.71 a barrel by 0946 GMT, though prices have been hovering around $42 for a couple of weeks.
  • U.S. crude was down 64 cents, or 1.6%, at $39.91.
  • Oil traders also remained on edge as the Joint Ministerial Monitoring...

https://mfame.guru/as-oil-prices-slips-by-1-2-will-opec-evade-taper-tantrum/

10% of the Global VLCC Fleet Bunker Consumption To Reduce!

According to price reporting agency Argus Media, VLCC tanker bookings since March with the option to store oil has reached 71, reports Ship & Bunker.

Oversupply in crude markets 

The number of VLCC tankers booked since March with the option to store oil has reached 71, as the current oversupply in crude markets fills land-based storage.

Argus reported, the 71 VLCCs are in addition to at least 31 Suezmaxes and 23 Aframaxes booked on similar terms.

VLCCs as floating storage

Apart from its...

http://mfame.guru/10-of-the-global-vlcc-fleet-bunker-consumption-to-reduce/