Crude oil

Share to Twitter Share to Linkedin United Nations officials say the operation to remove some 1 million barrels of crude oil from the FSO Safer – a stricken tanker abandoned off the coast of Yemen – could be concluded by mid-June, but only if a $34 million funding gap for the operation is first closed. The UN Development Program announced on 9 March that it had secured the purchase of a very large crude carrier (VLCC) from Belgian shipping company Euronav. The vessel is currently in a drydock in China where it is undergoing maintenance and modifications, but it should be ready to sail next month, arriving in Yemeni waters in early May. Once in place, the new vessel will be able to take on the crude from the Safer , which will then be towed away and sold for scrap. David Gressly, UN Resident and Humanitarian Coordinator for Yemen, told Forbes that the transfer operation would take around three weeks and the process could be concluded by mid-June, after … [Read more...] about UN Could Remove Oil From Stricken Yemeni Tanker By June – But Only If More Funding Arrives

Photo via MGR Online French and German tourists complained that a smelly oil spill prevented them from swimming at Maenam Beach yesterday in Koh Samui , Surat Thani province, southern Thailand . A German man told reporters that he went to the beach to sunbathe and play in the water. But when he tried to go swimming, he noticed a foul smell emanating from the sea. The water was brown and looked oily, so he didn’t dare get in. Locals went out on a boat and brought back water samples which they said were “murky” and “rancid.” A French tourist who went to Maenam Beach yesterday said she was “really disappointed” because she couldn’t swim as she intended. When she saw the state of the water, she said she was “unhappy but still loved Koh Samui,” reports MGR Online . Fed up, the Frenchwoman opted for a traditional Thai massage instead. Related news 2 foreigners arrested while acting as illegal tour guides 21 mins ago Don Mueang Airport … [Read more...] about Foreigners complain they can’t swim at Koh Samui beach due to smelly oil spill

Oil drifted lower on Tuesday as more than a week of banking turmoil kept weighing on market confidence. Brent crude futures for May settlement dropped 73 cents, or 1 percent, trading at $73.06 per barrel at 0736 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 56 cents, or 0.8 percent, to $67.08 a barrel. In the previous session, both Brent and WTI fell about $3 a barrel before settling higher. That followed UBS throwing a lifeline to Credit Suisse and major central banks saying they would enhance market liquidity and support the banking system. The April WTI contract will expire on Tuesday. The May contract, now the most active, fell 67 cents, or 1 percent, to $67.15 a barrel. “Oil prices now mainly depend on influences on investor confidence at the macro level,” said analysts from Haitong Futures. “If the banking crisis does not spread further, market sentiment may stabilize and oil prices will have a chance to recover.” One influence will be the decision by … [Read more...] about Oil lower as banking turmoil dampens sentiment

Share to Twitter Share to Linkedin The macroeconomic fears in the wake of the latest banking crisis have tripped up oil, leading to a 10% plunge in prices. How worried should investors be about the sell-off spreading? Fears of contagion in markets currently dominate sentiment in oil trading. The macro-environment looks set to weigh heavily on oil this year — just as geopolitics did last year after Russia invaded Ukraine. Oil prices are currently being moved less by supply and demand fundamentals and more by concerns that a banking crisis could spill over into the physical economy, slash consumer spending and prompt a recession that would knock oil demand. That could be problematic for a well-supplied oil market — at least for now —and spell continued pressure on prices. But that’s hardly guaranteed. Benchmark crude prices Brent and West Texas Intermediate (WTI) have already tumbled to 15-month lows at $74 and $69 per barrel, respectively. An … [Read more...] about Oil Oversold After Macro Fears Hit Market

HOUSTON  – Oil prices rose more than 2 percent on Tuesday, extending a retreat from a 15-month low hit the previous day, as the rescue of Credit Suisse allayed concerns of a banking crisis that would hurt economic growth and cut fuel demand. Measures to stabilize the banking sector, including a UBS takeover of Credit Suisse and pledges from major central banks to boost liquidity, have calmed fears about the financial system that roiled markets last week. “Fears of a banking crisis and a recession have eased, brightening the oil demand outlook at least for now,” said Fiona Cincotta, Senior Financial Markets Analyst at City Index. Brent crude settled up $1.53, or 2.1 percent, at $75.32 a barrel, while U.S. West Texas Intermediate (WTI) closed up $1.69, or 2.5 percent to $69.33. On Monday, both benchmarks ended about 1 percent higher after falling to their lowest since December 2021, with WTI sinking below $65 at one point. Last week, they shed more than 10 percent as the banking … [Read more...] about Oil rises 2% in retreat from 15-month low as banking fears subside

UPDATE The smelly, murky water putting off tourists from swimming in the sea at Maenam Beach in Koh Samui , southern Thailand , is not an oil spill but caused by a plankton bloom , which is a natural phenomenon, according to the Director of Koh Samui Harbour Authority, Arun Buppako. The photos circulating of green murky water at the beach show dead plankton floating on the surface of the water, said the director. Officials inspected the area and found no oil spills, he added. According to NaewNa , the director said… “Plankton blooms are a natural phenomena that happen every year. One main contributing factor is that when wastewater from the community is released into the sea, it acts as nutrients for plankton, causing them to multiply quickly. When the oxygen in the water depletes, the plankton dies, turning the seawater green. Related news Three mpox cases found in Thailand 4 hours ago Strikes in Germany force Thai Airways to … [Read more...] about Murky water at Koh Samui beach caused by plankton bloom, not oil spill: officials

SINGAPORE   – Oil prices climbed in early trade on Monday as concerns over turmoil in the banking sector eased, while comments by Russian President Vladimir Putin over the weekend ratcheted up geopolitical tensions in Europe. Brent crude futures gained 33 cents, or 0.4 percent, to $75.32 a barrel at 0040 GMT. U.S. West Texas Intermediate crude was at $69.65 a barrel, up 39 cents, or 0.6 percent. Brent rose 2.8 percent last week, while WTI rebounded 3.8 percent as jitters in the banking sector eased. “There has been a bounce in risk assets on the open this morning, more around the absence of any new bad banking developments over the weekend rather than any positive new developments as such,” IG analyst Tony Sycamore said. The rise in oil prices was more a relief rally and part of a correction after a 16- percent fall in the prior two weeks, he added. Prices were also supported after President Vladimir Putin said he will station tactical nuclear weapons in Belarus, escalating … [Read more...] about Oil prices climb in relief rally as banking concerns ease

SINGAPORE  -Saudi Aramco signed an agreement with Chinese partners on Sunday for an oil refinery and petrochemical project in northeast China that is expected to start in 2026 to meet the country’s growing demand for fuel and chemicals. The project in Liaoning province’s city of Panjin will be Aramco’s second major refining-petrochemical investment in China and follows the world’s top oil exporter reporting a record profit of $161 billion in 2022. Joint venture Huajin Aramco Petrochemical Co (Hapco) will build and operate the complex that will house a 300,000 barrels per day (bpd) oil refinery and a cracker with annual production capacity of 1.65 million tons of ethylene and 2 million tons of paraxylene, state-owned Aramco said in a statement. The project is expected to cost 83.7 billion yuan ($12.2 billion), partner Panjin Xicheng Industrial Group said in a statement on WeChat on Sunday. Construction at the complex will start in the second quarter after the project secures the … [Read more...] about Saudi Aramco inks $12.2-B China oil refinery, petrochem complex deal

TOKYO – Crude prices rose for a third day in early Asian trade on Wednesday as a halt to some exports from Iraqi Kurdistan raised concerns of tightening supply and market sentiment improved as fears of a banking crisis eased. Brent crude futures rose 42 cents, or 0.5 percent, to $79.07 a barrel at 0046 GMT. West Texas Intermediate U.S. crude climbed 59 cents, or 0.8 percent, to $73.79 a barrel. “Worries over reduced supply from Iraq’s Kurdistan region and a relief in financial markets worried about the banking sector turmoil continued to boost investors’ risk appetite,” said Satoru Yoshida, a commodity analyst with Rakuten Securities. “Expectations that the U.S. Federal Reserve will keep a cautious stance in raising interest rates because of banking stress also increased hopes for stronger global economy and oil demand,” he said, predicting the bullish tone would continue this week. Oil prices have been rallying after Iraq was forced to halt exports of about 450,000 barrels per … [Read more...] about Oil gains for 3rd day on Kurdish supply concerns, easing banking fears

Oil prices fell more than $1 on Tuesday, extending the previous day’s slide, as the collapse of Silicon Valley Bank rattled equities markets and sparked fear about a fresh financial crisis. Brent crude futures were down 87 cents, or 1.1 percent, at $79.90 a barrel at 0345 GMT. U.S. West Texas Intermediate crude futures (WTI) dropped 85 cents, or 1.1 percent, to $73.93 a barrel. On Monday, Brent fell to its lowest since early January, while WTI dropped to its lowest since December. The sudden shutdown of SVB Financial triggered concerns about risks to other banks resulting from the U.S. Federal Reserve’s sharp interest rate hikes over the last year. It also spurred speculation about whether the central bank could slow the pace of its monetary tightening. U.S. authorities launched emergency measures on Sunday to shore up confidence in the banking system after fears of contagion from the failure of Silicon Valley Bank led to a sell-off in U.S. assets at the end of last week and … [Read more...] about Oil prices fall $1 as SVB collapse spooks financial markets