Rates to ship liquefied natural gas will decline this year as new vessels join the fleet more quickly than global output of the fuel expands, according to Wells Fargo Securities LLC.
“We expect LNG carrier spot rates to ease slightly in 2013 (but generally stay at healthy levels), as the rapid rate upside following the Fukushima nuclear disaster continues to plateau, and as the global carrier fleet starts to grow in advance of a major liquefaction inflection point in 2015/2016,” Michael Webber, a New York-based analyst at the bank, said in an e- mailed report today.
– Isaac Arnsdorf, Copyright 2013 Bloomberg.
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The EU will propose to G7 finance ministers this week to lower the current $60 per barrel price cap on Russian seaborne oil as part of the new sanctions package against Moscow, European Economic Commissioner Valdis Dombrovskis said on Monday.
The prospect of a deal over Iran’s nuclear program saw oil fall sharply on Thursday. The reality is that Tehran has relatively little extra crude that it can bring back — but it could arrive in a market that’s gearing up for surplus.
Estonia said on Thursday that Moscow had briefly sent a fighter jet into NATO airspace over the Baltic Sea during an attempt to stop a Russian-bound oil tanker thought to be part of a "shadow fleet" defying Western sanctions on Moscow.
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