US Crude Market

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/

VLCCs Come to Port As US Crude Transport Cost Falls

As new pipeline capacity of US crude export brings more cargo to sea, it is breaking records and setting a new benchmark on how this crude is dealt with at the terminals, says a report published in Petroleum Economist.

The US Crude Market Scene
  1. Most US crude shipped to Atlantic Basin buyers is loaded on smaller 750,000-bl Aframax tankers.
  2. In contrast, almost all US crude sent to Pacific Basin buyers is transported using very large crude carriers (VLCCs) that can hold 2mn barrels each.
  3. Due to...

http://mfame.guru/vlccs-come-to-port-as-us-crude-transport-cost-falls/