By Florence Tan and Roslan Khasawneh SINGAPORE, Sept 10 (Reuters) - Oil major BP has provisionally chartered a supertanker to store crude oil off Malaysia at this year's lowest rate yet, according to industry sources and data on Refinitiv Eikon. The charter is the latest in a flurry of ship bookings made by oil majors and trading houses after tanker rates plunged. A … [Read more...]
Oil Drops With Demand Worries Reverberating From U.S. to Asia
By Andres Guerra Luz (Bloomberg) --Oil weakened as economies from the U.S. to Asia signaled a deepening demand fallout from the coronavirus pandemic. China’s cooling oil consumption hurt prices for Iraqi crude, while derivatives that help value North Sea grades showed renewed weakness. In the U.S., jobless claims rose last week for the first time since March and in South … [Read more...]
Oil Tanker Titans to Get Little Joy From OPEC+ Opening the Taps
By Ryan Hesketh (Bloomberg) --At almost any other moment in history, the promise of oil producers pouring millions of barrels of crude to the global market would have been cause for celebration in the world’s shipping hubs like Athens, Oslo and Tokyo. But Covid-19 means that this is a time like no other. The Organization of Petroleum Exporting Countries and allied nations … [Read more...]
Oil Weakens In Wake of Sluggish Economic Recovery
By Andres Guerra Luz (Bloomberg) --Crude dropped as investors assessed weak economic data and signals that a recovery in consumption may be slowing. Domestic consumer sentiment posted a surprise drop with coronavirus infections nearly erasing any emerging optimism around reopenings. Meanwhile, Indian road fuel sales fell in the first half of July as localized virus lockdowns … [Read more...]
Gunvor CEO Says Oil Trading and Shipping Thrived Amid Coronavirus Crash
By Andy Hoffman and Laura Hurst (Bloomberg) --The billionaire CEO of Gunvor Group told staff the firm thrived during the oil market meltdown caused by the Covid-19 pandemic as trading and shipping operations boomed, offsetting potential refinery writedowns. Torbjorn Tornqvist, the co-founder and chief executive officer of Gunvor, one of the biggest independent energy … [Read more...]