Fuels & Lubes

New Surge in Chinese Refineries Post Lockdown!

  • Chinese refineries increased their run rates by 11 percent last month as the country began to emerge from the months-long lockdown.
  • At 13.1 million bpd, the April run rates were also higher than the average for the same month in 2019, although by less than 1 percent, Reuters reported.
  • To compare, in February, at the height of the outbreak in China, refinery run rates fell to the lowest in six years.
  • Now, refinery runs are expected to continue to rise as industrial activity in China recovers to...

https://mfame.guru/new-surge-in-chinese-refineries-post-lockdown/

Environmental Advantages of Using Wärtsilä Fuel Efficiency Boost in KOTC!

  • The technology group Wärtsilä, to upgrade the performance of four vessels owned by Kuwait Oil Tanker Company (KOTC).
  • The performance upgradation is done by retrofitting the Wärtsilä Fuel Efficiency Boost solution to the ships’ main engines.
  • The modification reduces fuel consumption, and lowers the greenhouse gas emission levels.

A recently published article in Wärtsilä, published by Wärtsilä Corporation, elaborates on the order received by Wärtsilä in the first quarter of 2020 from Kuwait Oil...

https://mfame.guru/environmental-advantages-of-using-wartsila-fuel-efficiency-boost-in-kotc/

Shandong Province To Expand its Crude Storage Capacity by 64.54 M Barrels!

  • Shandong province is known as the Texas of China’s oil refining sector for decades.
  • It is set to expand its crude storage capacity by 10.26 million cubic meters, or 64.54 million barrels.
  • This will be implemented at the end of this year, for storing cheap crudes.
  • Two new storage tanks that have started Sinopec’s 1.6 million cu m tanks at Dongjiakou port in March and Baogang International’s 1.16 million cu m tanks at Dongying port in April.
  • The rest 7.5 million cu m, targeted to be online as...

https://mfame.guru/shandong-province-to-expand-its-crude-storage-capacity-by-64-54-m-barrels/

Texas Light Sweet Crumbles in Symmetrical Triangle!

  • WTI June Futures refreshes intraday low to near 100-HMA.
  • A short-term symmetrical triangle limits immediate moves.
  • 200-HMA, early-month tops offer strong downside support.

While stepping back from the two-day-old falling trend line, WTI June Futures on NYMEX drop to $23.92, down near 3.30% on a day, during Monday’s Asian session, writes Anil Panchal for FX Street.

Decline in black gold

The black gold currently declines towards a 100-HMA level of $23.82 ahead of visiting the triangle’s support...

https://mfame.guru/texas-light-sweet-crumbles-in-symmetrical-triangle/

A New Leaf in Fuel Production – Turning Water & Sunlight To Fuel!

A schematic and vertical slice of the artificial leaf design, comprised of a solar cell and catalysts

According to an article published in the New Atlas, Researchers from Rice University have built a simple new solar-powered device that can create hydrogen for fuel by splitting water.

What is it?

The system is very similar to other “artificial leaf” designs, but the team says it’s self-sufficient and relatively cheap to produce.

The system is made up of a perovskite solar cell, hooked up to electrodes made of a catalyst that electrolyzes the water.

How does it work?
  • When sunlight hits the solar...

https://mfame.guru/a-new-leaf-in-fuel-production-turning-water-sunlight-to-fuel/

An OPEC+ Country Forsee Deadlock Due To Cut in Oil Production!

  • Iraq, OPEC’s second largest oil producer, has instructed its biggest company, Basra Oil Co. (BOC), to cut output from May.
  • It is a part of its efforts to reduce its output by 1 million bpd, or 1% of global supply.
  • But it has yet to agree an action plan with other oil companies such as BP BP.L, Exxon XOM.N, Eni ENI.MI or Lukoil LKOH.MM, which operate the biggest fields in the country.

Ahmed Rasheed, Alex Lawler and Ahmad Ghaddar write for Nasdaq about Iraq’s difficulties  to fully implement an...

https://mfame.guru/an-opec-country-forsee-deadlock-due-to-cut-in-oil-production/

VLSFO Premium Easing in Singapore!

The premium for Very Low Sulfur Fuel Oil (VLSFO) delivered in Singapore easing in Singapore, reports Ship&Bunker.

VLSFO Margins Easing 

According to Platts reports, the premium for VLSFO delivered in Singapore over local cargo prices has eased so far this month, after the financial troubles affecting oil trader Hin Leong saw the margins jump in April.

The premium at Singapore was at $15.11/mt on Friday, down from a nine-week high of $36.08/mt reached on April 30.

Singapore’s bunker market

Premium to...

https://mfame.guru/vlsfo-premium-easing-in-singapore/

China’s First-ever Quotas on Bunker Exports Could Limit LSFO Imports!

  • Chinese authorities gave a rebate on the 13pc value-added-tax (VAT) paid on sales of fuel oil into bonded market from February 1.
  • Total February fuel oil exports from Singapore and Malaysia to China were well above 1mn t.
  • During March-April, fuel oil exports from Singapore and Malaysia to China were estimated at around 550,000-650,000t and 650,000-750,000t respectively. 
  • Delivered premiums in March slumped below $50/t as Chinese refiners produced LSFO to ease pressure from high inventories of...

https://mfame.guru/chinas-first-ever-quotas-on-bunker-exports-could-limit-lsfo-imports/

Port of Rotterdam Embraces EU Sustainable Fuel Project

  • Port of Rotterdam has unveiled ‘Fuel EU Maritime – Green European Maritime Space’.
  • It actively encourages the use of alternative fuels and they are tax-exempted.
  • It encouraged the use of LNG as a transition path for the use of bio-LNG in the future.
  • It has also planned to scale the production of sustainable alternative fuels

According to an article published in Port Technology, the Port of Rotterdam Authority will support the European Commission’s efforts to promote the use of sustainable...

https://mfame.guru/port-of-rotterdam-embraces-eu-sustainable-fuel-project/

Pressure on Global Crude Oil Pricing!

  • Oil prices turned negative as optimism that had previously supported prices began to fade.
  • Earlier oil moved higher on several bullish factors, including U.S. companies cutting production.
  • Saudi Arabia raises its official oil selling price and gasoline demand improving as economies around the world reopen.
  • The U.S. benchmark, shed 44 cents, or 1.83%, to settle at $23.55 per barrel.

Michael Bloom and Patti Domm share their thoughts for CNBC on the falling oil prices, the cut in the production...

https://mfame.guru/pressure-on-global-crude-oil-pricing/

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