Will Cunliffe
Research Analyst, The Officials
Cause for concern…
We have our first convergence of the month, VLCC rates are going to the moon and Chinese refiners step up buying of Iraqi crude.
We have our first convergence of the month, VLCC rates are going to the moon and Chinese refiners step up buying of Iraqi crude.
Europe is worried! As Europe’s traders awoke this morning, Brent rallied from under $92 at 7am London time to over $93 by 8:30am – and continuing to near $94 by late morning. The prompt spread finally found some support too, rising to above $2 after its recent weakness. The Saudi-linked tanker Singapore Prosperity (IMO: 9419967) has done a reappearing trick! It went dark on 14 August after hanging around near Ras Tanura and has now resumed signalling its location in the Gulf of Oman. This bold passage combined with the tender for cargoes loading outside the Strait indicates the Saudis are becoming more willing to take risk to get oil out. Lloyd’s List is pretty sombre. They saw only 73 transits of Hormuz from 10 to 16 August, down 18 from the previous week. They also noted the potential to make big bucks for those willing to take the risk! Four VLGCs that have previously carried Iranian LPG loaded in the UAE and Qatar recently…
The Officials publish outright values, spreads, cracks and boxes for the main energy commodities traded in the marketplace. The published values are determined independently and on a fair market basis by our team of dedicated professionals.
We invite you to read our reports, which are published twice a day, reflecting closing values at 16:30 Singapore time (SGT) and at 16:30 London time (GMT/BST). For any comments, please reach out to us through the emails provided in the signed documents.
Written by
About Asia Edition
Benchmark reports published at the close of the trading day in Asia.
More News
You can’t handle the truth!
Edition: Euro EditionVolume: 3Issue: 165
There's a high number of vessels docked at ports inside the Gulf, Trump thinks he can replace Canada as US inflation is on the rise.
Price puncture
Edition: Asia EditionVolume: 3Issue: 162
Strange Saudi allocations, rumours on ADNOC's ninth tender, India's Russian lifeline is in danger and Japan plans for supply diversification
Liar’s poker
Edition: Euro EditionVolume: 3Issue: 164
Nonsense is being spouted by both the US and Iran, Europe's diesel situation is dire, Germany's economy is on the mend while the US' wains.