Tag: Persian Gulf

Best in Energy – 31 May 2023

Gatik tankers adjust maritime services (Reuters)

Singapore detains more oil tankers (Bloomberg)

Russia’s ship-to-ship crude transfers (Vortexa)

U.S./UAE diplomatic and security relations (WSJ)

U.S./China manufacturing supply chains (WSJ)

U.S. logistics firms hit by slower demand (WSJ)

U.S. debt deal and energy permitting (Reuters)

U.S. energy insecurity and lower incomes (EIA)

CHINA’s manufacturers reported a widespread decline in business activity in May as the post-coronavirus rebound ran out of momentum. The official NBS purchasing managers’ index slipped to 48.8 (2nd percentile for all months since 2011) down from 49.2 (5th percentile) in April and 51.9 (92nd percentile) in March:

U.K. ROAD FUEL prices have fallen by between -22% (diesel) and -24% (gasoline) from the record peak in July 2022, relieving some of the financial pressure on households as well as freight transportation firms:

Best in Energy – 15 May 2023

Argentina set to reverse gas pipeline (Reuters)

G7 plans tighter sanctions on Russia (Reuters)

EU LNG import capacity surges (Bloomberg)

U.S./Iran tanker seizures (Bloomberg)

Nuclear decommissioning (Bloomberg)

Sour crude market tightens (Reuters)

EUROPE’s middle distillate inventories rose +2 million barrels in April and are up +28 million barrels from their cyclical low in June 2022. Stocks are still -35 million barrels (-8% or -1.15 standard deviations)  below the prior ten-year seasonal average but the deficit has narrowed from -63 million barrels (-13% or -2.05 standard deviations) in June 2022:

U.S. OIL AND GAS drilling activity is slowing sharply in response to the fall in prices since the middle of 2022. The total number of active rigs fell by -17 over the seven days ending on May 12 with a particularly large decline in rigs targeting primarily gas-rich formations (-16). The decline in gas rigs was the largest for more than seven years since February 2016. Exploration and production firms are scaling back in response to prices that have fallen close to their lowest levels in real terms for three decades. Lower drilling conserves cash as well as signalling to investors and futures traders the sector’s determination to act quickly to avert prolonged over-production:

Best in Energy – 18 April 2023

Global economic fragmentation and prices (ECB)

Tin prices surge after Myanmar warning (Reuters)

Asia’s oil refining margins are shrinking (Reuters)

California gas connections ban overruled (Reuters)

Russia’s plan for more oil storage (Reuters)

Russia fuel increasingly traded in Gulf (WSJ)

Russia oil sanctions evasion warning (OFAC)

European airlines report strong demand (FT)

U.S. directed-energy weapons systems (GAO)

Gas market quarterly outlook (Oxford Institute)

SINGAPORE’s middle distillate inventories have accumulated since hitting a cyclical low in late November and early December. Stocks are still -2.2 million barrels (-20% or -1.28 standard deviations) below the prior ten-year seasonal average but the deficit has narrowed from -3.1 million barrels (-31% or -1.35 standard deviations) on December 18: