Fuels & Lubes

Singapore Regulators Reassures That Bunker Trading Sector Remains Resilient!

MPA, ESG and MAS agencies closely monitor developments related to Hin Leong Trading Pte Ltd and the broader oil trading and bunkering sectors, says a press release published on MPA website.

Developments closely monitored

In response to media reports, Enterprise Singapore (ESG), the Maritime and Port Authority of Singapore (MPA) and the Monetary Authority of Singapore (MAS) confirmed that the agencies are closely monitoring developments related to Hin Leong Trading Pte Ltd and the broader oil...

http://mfame.guru/singapore-regulators-reassures-that-bunker-trading-sector-remains-resilient/

The Economics of Storing Oil – How Filling Up Old Tankers Work?

15422004 – large oil shipping tanker on the horizon in the caribbeanStorin

In yet another example of the world economy shell game coming to a hard stop amid the coronavirus pandemic, oil is incredibly cheap as demand plummets and speculators panic sell and even pay others to store it in a desperate bid to never actually possess the barrels they bought on paper, writesJordan Pearson    in an article published in Vice.com

IMAGE: FLICKR/BERNARD SPRAGG. NZ

The Economics of Storing Oil The ship

T...

https://mfame.guru/the-economics-of-storing-oil-how-filling-up-old-tankers-work/

Huge Demand for JA Vessels As Oil Majors Rush To Ship Oil Overseas!

According to a Reuters report, oil traders are hiring expensive U.S. vessels, normally only used for domestic shipments, to store gasoline or ship fuel overseas, five shipping sources said, in a sign of the energy industry’s desperation for places to park petroleum amid a 30% drop in worldwide demand.

JA Vessels for Foreign Voyage?

Billions of people worldwide are living under confinement rules due to the coronavirus pandemic, destroying demand for gasoline and other fuels and creating a supply...

https://mfame.guru/huge-demand-for-ja-vessels-as-oil-majors-rush-to-ship-oil-overseas/

ABB and HDF Sign MoU To Develop Hydrogen Fuel Cell System

  • ABB and HDF signed an MoU to manufacture megawatt-scale hydrogen fuel cell systems.
  • Plan to optimize fuel cell manufacturing capabilities to build a megawatt-scale power plant.
  • The fuel cell power system is designed to create an electrical generating capacity of 3MW.
  • PEM will convert the chemical energy from hydrogen into electricity with no combustion.
  • The planned to develop and launch a zero-emission riverboat to push river barges.

According to an article published in The Driven and authored...

http://mfame.guru/abb-and-hdf-sign-mou-to-develop-hydrogen-fuel-cell-system/

Petrobras Overturns Production As Fuel Demand Surpasses Expectations

  • Petrobras has reversed production cuts due to the higher-than-expected demand for fuels.
  • It has increase production to 2.26 million bpd.
  • It also increased utilization rates at its refineries to 79% after cutting them to 60%.
  • Petrobras is confident in demand for its production mix even as rival oil majors scale back.
  • First-quarter production of the bunker and other fuel oils by Petrobras rose by 18.5%.
  • Much of the oil produced by Petrobras is naturally low in sulfur.
  • Petrobras produced 2.909...

http://mfame.guru/petrobras-overturns-production-as-fuel-demand-surpasses-expectations/

OBS To Cease Singapore Bunker Supply!

  • Ocean Bunkering, the top-three-ranked Singapore bunker supplier owned by oil trading firm Hin Leong, will suspend some marine fuel deliveries from the end of this week, according to news agency Reuters.
  • Two sources said Ocean Bunkering was cancelling scheduled deliveries.
  • A bunker industry source told that the company was carrying out previously ordered deliveries only, and not offering for new deals.

Ocean Bunkering Services Pte Ltd (OBS), a subsidiary of Singapore trading company Hin Leong,...

http://mfame.guru/obs-to-cease-singapore-bunker-supply/

The Whole Oil Market’s Gone Absolutely Nuts!

  • No takers for jet-fuel and gasoline. 
  • Oil refiners run after vessels to store fuel for future market. 
  • Freight rates to sharply rise in this scenario. 
  • Oil refiners force the tanker owners to place their output into ships. 
  • Global refining system is forseeing a fast paced breaking point. 

Jack Wittels, Firat Kayakiran, and Javier Blas write for Bloomberg about the shipping market and their rates that are currently​ stratospheric. 

World level hunt is on for tankers for storing products. As a...

http://mfame.guru/the-whole-oil-markets-gone-absolutely-nuts/

Shut Down or Find Space – Oil Majors Scramble for Storage To Survive!

Reuters Graphic

According to a Reuters report, oil traders are struggling to find enough ships, railcars, caverns, and pipelines to store fuel as more conventional storage facilities fill up amid abundant supply and plummeting demand due to the coronavirus crisis.

What’s the scenario?
  • Dozens of oil tanker vessels have been booked in recent days to store at least 30 million barrels of jet fuel, gasoline and diesel at sea, acting as floating storage, as on-land tanks are full or already booked, according to...

http://mfame.guru/shut-down-or-find-space-oil-majors-scramble-for-storage-to-survive/

Crudes Slide as Oversupply and Demand Fears Recur!

  • Crude futures slip as oversupply and demand concerns resurface.
  • Market concerns have prevailed over the inadequacy of the recent OPEC+ deal to balance out the sharp decline in oil demand.
  • Platts sees 2020 global oil demand contracting in its March outlook.

Crude oil futures were lower in mid-morning trade in Asia Monday as oversupply concerns and doubts of demand recovery take center stage again, writes Jeslyn Lerh for Platts.

At 10:15 am Singapore time (0215 GMT), ICE Brent June crude futures...

https://mfame.guru/crudes-slide-as-oversupply-and-demand-fears-recur/

Kuwait Scrambles for Relief As Oil Income Dwindles

  • Kuwait’s 2020/21 budget has projected a KWD 9.2 billion (US$30 billion) deficit.
  • It is the sixth year of enormous deficits due to production curbs and OPEC+ deals.
  • The government is trying to fill the gap from the state reserve fund.
  • This is due to financing the deficit, the National Assembly has refused to approve a public debt law.
  • The first shipment of Al Khafji crude oil from PNZ joint operations has been exported.
  • Kuwait is increasing the difficulty for SAC in obtaining work permits to...

http://mfame.guru/kuwait-scrambles-for-relief-as-oil-income-dwindles/

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