By Jonathan Saul LONDON, July 1 (Reuters) - Tens of millions of barrels of crude and oil products stored on tankers at sea due to the coronavirus crisis are being sold, in a sign fuel demand is recovering as lockdowns ease, shipping sources say. Fuel demand tumbled as much 30% from March to May, with some surplus stored at sea as land storage filled up. Crude held on … [Read more...]
Oil Tanker Market May Take Trump’s Sanctions In Stride This Time
By Sheela Tobben (Bloomberg) --The Trump administration’s plan to add as many as 50 oil tankers to an already long list of sanctioned vessels would be enough to send global shipping costs surging under normal circumstances. But the demand fallout from the pandemic may have freed up enough vessels to keep prices from skyrocketing as they did last year when the U.S. announced … [Read more...]
Top Oil Pricing Agencies Launch New U.S. Crude Benchmarks
By Julia Payne and Devika Krishna Kumar LONDON/NEW YORK, June 25 (Reuters) - After U.S. crude futures took an historic plunge into negative territory in April, the two top oil price reporting agencies said on Thursday they will start new benchmarks reflecting the price of Gulf Coast-traded crude on tankers, a break from the old landlocked system. The two agencies are … [Read more...]
U.S. Coast Guard Searching for Man Overboard from Tanker Off Cape Hatteras
The U.S. Coast Guard is searching for a crew member of a tanker approximately 400 miles east of Cape Hatteras, North Carolina. Watchstanders at the Coast Guard’s Fifth District command center received a report that a man overboard had been reported aboard the tanker ship Hellas Gladiator. An Air Station Elizabeth City HC-130 Hercules aircraft was launched to search for … [Read more...]
Venezuelan Oil Cargoes Hidden En Route to China, Bypassing Sanctions
By Luc Cohen and Marianna Parraga CARACAS/MEXICO CITY, June 12(Reuters) - Last year, China replaced the United States as the No. 1 importer of oil from Venezuela, yet another front in the heated rivalry between Washington and Beijing. The United States had imposed sanctions on Venezuela's state-owned oil company as part of a bid to topple that country's socialist president, … [Read more...]