Will Cunliffe
Research Analyst, The Officials
Murban Mania
Brent is tantalisingly close to $100; Murban has already smoked through the mark! The Houthis have claimed to have hit two Saudi-flagged shi
Brent is tantalisingly close to $100; Murban has already smoked through the mark! The Houthis have claimed to have hit two Saudi-flagged ships, Kazakhstan have halved output at their Tengiz field and power demand is still going strong.
$100 is tantalising… Brent is within touching distance, while the prompt spread approached $6 this morning! WTI is also climbing fast, reaching over $90 for the first time since 11 June. It’s all because there’s some bite behind the bark! The Houthis claimed to have attacked the Aframax Encelia (IMO: 9240172) and VLCC Layla (9336098), both of which loaded at Yanbu and fly the Saudi flag. The Encelia’s AIS signal shows it stopped north of Bab el-Mandeb, but it continues to broadcast. Despite the Houthi attacks, some Chinese vessels are still transiting Bab el Mandeb. COSCO’s Xin Long Yang (IMO: 9761463) is one of them. It loaded at Yanbu on 20 July and is hoping the AIS transmission “CHINA OWNER & CREW” will mean the Houthis grant safe passage. We hope they stay safe! At press time, it has just cleared the Strait – seemingly without incident… Another COSCO tanker, the Cosnew Lake (IMO: 9804289), is following shortly behind, having also loaded at Yanbu. The ante is upping! Pakistan said an attack on its ships by the Houthis will be treated as an attack on Pakistan and elicit a retaliation.
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