Hedge fund managers sensed oil prices were nearing a turning point last week, and for the first time in more than two months started to add long positions in anticipation prices would bounce from an unsustainable low.Overall, hedge funds and other money managers were still net sellers of 19 million barrels of petroleum in the six most important futures and options contracts in the week ending on
A jump in freight rates has shaved profits for oil traders seeking to store crude for sale towards the end of the year, even as the contango in the first six months for Brent futures stretched to its widest ever, trade sources said.While a sharp rebound in spot crude differentials could lift traders' profits
As many markets struggle to find their footing in the face of the global COVID-19 pandemic, a recent podcast with Martin Muhleisen, director of the IMF's Strategy, Policy, and Review department, helps to lend insight and perspective from the view of the International Monetary Fund.
France will use a helicopter warship to transfer coronavirus patients in critical condition from Corsica to hospitals in the southeast of the country, its armed forces minister said on Friday.As of Thursday, there were 162 confirmed coronavirus cases on the Mediterranean island. The last official breakdown, on March 15, showed six deaths and six people in intensive care.
Trading house Glencore has chartered the 3 million barrel crude carrier Europe to store oil at sea for at least 6 months, trading sources on Tuesday.The vessel is one of two so-called ultra large crude carriers (ULCC), the largest tankers in the world.Glencore booked the vessel at a rate of $37,000 a day for the first six months, according to the sources.A Glencore spokesman declined to comment.
Franco-American oil services firm TechnipFMC Plc is putting on hold plans to split itself into two due to turbulence in financial markets linked to the coronavirus outbreak, it said on Sunday.The group, created three years ago via the merger of Technip and FMC, had been planning to separate its engineering and construction activities from its upstream oil services business in the first half of
French shipping group CMA CGM said its operations in China were returning to normal after the coronavirus outbreak crippled traffic last month, forecasting the health emergency would have a limited impact on its results this year.CMA CGM, the world's fourth-largest container shipping firm
China's marine fuels sales fell by as much as 50% in February as the rapidly spreading coronavirus and prolonged Lunar New Year break strangled freight movement in and out of the global manufacturing powerhouse, trade sources said.The epidemic, which has killed almost 3,000 people and infected about 80,000 in China alone
The plight of the cruise ship off Japan with more than 200 coronavirus infections and the shunning of another by five ports despite no known cases has led to a sharp change in tack for an industry in shock: avoid Asia.To that end, many cruises in the region are being cancelled while others currently sailing are being re-routed, skipping originally scheduled stops in China, Hong Kong and Singapore.
Iran's Revolutionary Guards said on Friday they had captured a British-flagged oil tanker in the Gulf after Britain seized an Iranian vessel earlier this month, further raising tensions along a vital international oil shipping route.Britain said it was urgently seeking information about the Stena Impero after the tanker, which had been heading to a port in Saudi Arabia
Part I: Enhancing Engines & Fuels"Wood Mackenzie forecasts a 25 percent increase in price for lower sulfur content fuel based on a SOx scrubber adoption rate of about two percent, but some scenarios could cause LSFO prices to spike by as much as 60 percent."Around 80 percent of global trade is carried by sea.
The tanker shipping market continued to be volatile during the first quarter of 2019, but at a higher level than in the corresponding quarter the previous year, said Concordia Maritime.After the sharp rise at the end of 2018, some tanker market segments have now slowed down again, said the international tanker shipping company.