Fuels & Lubes

Fujairah’s Oil Inventories Soared To 30.262 million Barrels!

According to Platts data, oil product inventories in the United Arab Emirates’ (UAE) Fujairah bunkering and oil hub in the Middle East jumped to record highs in the week to May 18, reports Reuters.

Fujairah oil product inventories 
  • Fujairah’s overall oil product inventories soared to 30.262 million barrels in the week to May 18, above the previous record of 27.859 million barrels in the week before.
  • Inventories for middle distillates and those for residual fuels also rose to records in the week...

https://mfame.guru/fujairahs-oil-product-inventories-soared-to-30-262-million-barrels/

Oil Prices Are Surging Ahead After Historical Lows!

  • Oil prices are surging, up about 70% in New York since the start of May.
  • OPEC+ production cuts have lifted the market out of the abyss of negative prices.
  • Panicked sellers drove the price of the U.S. crude benchmark below zero for the first time in history.
  • WTI fell to minus $40.32 a barrel, stunning everyone from veteran brokers to retail investors.
  • 17 million barrels of a day of crude will have been taken off the market by next month.
  • Green shoots of recovery are emerging as countries are...

https://mfame.guru/oil-prices-are-surging-ahead-after-historical-lows/

Know About Voyage Optimization To Curb Fuel Costs!

  • Having a full picture of vessel performance, meteorological and ocean conditions is vital for voyage optimization.
  • Voyage optimization is dynamic and could be updated through a voyage.
  • Voyage optimization depends on what the operator needs from the voyage, meeting specific charterer requirements, or whether there is flexibility in the route.
  • Other factors in finding the profit speed is how the ship performs in different weather and ocean conditions.

Having a full picture of vessel performance,...

https://mfame.guru/know-about-voyage-optimization-to-curb-fuel-costs/

Gibraltar Bunker Declines by 14.7% !

  • A data from the British overseas territory, the number of vessels calling at Gibraltar for bunker fuel decreased by 17%.
  • The Number dropped to 440 ships in April.
  • The port authority in Gibraltar no longer releases bunker sales volumes.
  • Bunker sales in the first quarter were higher than in the same period of 2019.
  • Till date, a total of 1,691 ships have come to Gibraltar for bunkering.

According to a recently published article in Ship & Bunker, the number of vessels calling at Gibraltar for...

https://mfame.guru/gibraltar-bunker-declines-by-14-7/

Refineries Loom Over With Record Oil Product Exports

  • Chinese refineries are battling weak profit margins from the slump in fuel demand.
  • It is caused by lockdowns aimed at containing the coronavirus pandemic.
  • China’s refineries processed the equivalent of 13.1 million bpd in April.
  • Modern, low-cost refineries show fuel exports at a record-high 8 million tonnes in April.
  • China exported 1.72 million bpd of refined products, up 15.1% from the same period in 2019.
  • The margin for gasoil ended at a profit of $3.45 a barrel on May 15 just over $12.79...

https://mfame.guru/refineries-loom-over-with-record-oil-product-exports/

OPEC+ Cuts Down Crude Oil Production by 9.7Million BPD

  • OPEC+ is on the way to trimming 9.7 million barrels of daily crude output.
  • Oil prices have recovered by 60% in the past three weeks complemented by supply cuts.
  • Saudi Arabia has been forced to reverse the massive output increase.
  • Saudi Arabia is planning to borrow about $10 billion by pledging stakes in SoftBank Group Corp.
  • Exports from the 23 nations are down 15% so far this month.
  • Moscow’s crude output is down to 8.75 million bpd of their 8.5 million-barrel target.

According to an article...

https://mfame.guru/opec-cuts-down-crude-oil-production-by-9-7million-bpd/

Oil Giant Puts Back Few Floater Projects!

Petrobras admits some floater projects off Brazil may be postponed, writes Fabio Palmigiani for Upstream.

Floating production storage

Brazilian oil giant Petrobas has 13 FPSOs lined up to begin production from 2020 to 2024.

The company has acknowledged that it might be forced to push back the start dates of some of its floating production storage and … Read More

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Source: Upstream

The post Oil Giant Puts Back Few Floater...

https://mfame.guru/oil-giant-puts-back-few-floater-projects/

FOBAS Alerts on Low Flash Point Distillate Marine Fuel Oil!

FOBAS issued an alert regarding the presence of low flash point marine fuels in Antwerp, reports Manifold times.

FOBAS safety concern

The Lloyd’s Register Fuel Oil Bunkering Analysis and Advisory Service (FOBAS) on May 14,  issued an alert on the presence of low flash point marine fuels detected from samples in Antwerp, raising a safety concern:  

Flash points below the 60°C SOLAS limit

In the last week, FOBAS has tested several samples from Antwerp, which were ordered as ISO-F-DMA grades, having...

https://mfame.guru/fobas-alerts-on-low-flash-point-distillate-marine-fuel-oil/

OPEC Reduces 2020 Crude Demand by 2.23 Million BDP

  • Price of a barrel has dropped -0.93% from a high of $26.94 bbls to a low of $25.27 bbls.
  • OPEC members are scrambling to do more to stabilize prices.
  • Oil futures finished at a five-week high on expectations of falling production levels.
  • OPEC reduced its forecast for 2020 crude demand by 2.23 million barrels a day.
  • It is expecting oil demand to drop by 9.07 million barrels a day this year.
  • A 3.5 million bpd decline in non-OPEC production to an average of 61.5 million bpd.

According to an article...

https://mfame.guru/opec-reduces-2020-crude-demand-by-2-23-million-bdp/

US Crude Contract Expiry Looms, A Month After Negative Oil Price!

According to a Reuters report, a month after sellers had to pay nearly $40 a barrel to get rid of U.S. oil futures, the next watershed moment looms with the expiry of the June contract on Tuesday – and so far there is little sign of a repeat of the historic plunge.

What is it?

The extent of the damage that the coronavirus pandemic had inflicted on the oil industry came into focus on April 20, when the U.S. benchmark WTI CLc1 contract plunged to minus $38 a barrel.

The virus destroyed so much fuel...

https://mfame.guru/us-crude-contract-expiry-looms-a-month-after-negative-oil-price/

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