Photo: Anatoly Menzhiliy By Serene Cheong, Sharon Cho, Alex Longley and Sheela Tobben (Bloomberg) -- Oil’s plunge has revived memories of the 2008-09 recession, when traders snapped up dozens of tankers to park unwanted barrels at sea. Brent futures for May collapsed as much as 32% on Monday after Saudi Arabia began offering its crude at deep discounts, stoking immediate … [Read more...]
Big Drop in U.S. Oil Stocks Finally on the Way, Traders Say
By Catherine Ngai and Devika Krishna Kumar NEW YORK, May 25 (Reuters) - Oil traders and analysts are expecting large volumes of crude to draw from storage tanks across the United States in coming weeks, in what would be the most tangible sign of an inventory overhang reduction that has punished prices over the last two years. A reduction would show the market is finally … [Read more...]
Shell Gets Access to Key Oil Hub in Panama -Sources
By Elida Moreno and Marianna Parraga PANAMA CITY/SAN ANTONIO, March 22 (Reuters) - Royal Dutch Shell agreed to lease capacity at a large oil terminal in Panama that has been used by U.S. refiner Tesoro Corp , sources involved in the deal told Reuters, gaining much-needed storage for its crude operations. The facility, designed for storage and transshipment of oil, is … [Read more...]
‘Major’ Oil Storage Terminal Coming to Adriatic
By Libby George LONDON, Oct 31 (Reuters) - Global oil storage company VTTI launched a new terminal in Croatia on Monday to target oil product demand in the Adriatic in advance of what the company says is substantial further expansion in Europe. The storage company announced its acquisition of a newly opened Adriatic Tank Terminal in Ploce, a deepwater port on the Croatian … [Read more...]