Med Crude-Urals steady, swaps weaker on expected export jump Middle East Crude-Qatari oil slumps into wide discount Commodities traders' costs soar with Swiss franc's leap I am curious how this move in CHF will affect the physical volume of cargoes. My initial thought is that more expensive currency means fewer buyers in the market. Today's curves:
The fall in Brent is stimulating US demand for WAF cargoes priced against Brent. There is such a glut off Lagos/Lome that it has become economical to buy Qua Iboe or Bonny Light instead of WTI. The new trade is also tightening VLCC and Suez tonnage on the market. The TD5 route should remain strong if the Brent/WTI spread remains narrow. Oil traders to store W.African crude in U.S. until prices recover
Med Crude-Urals firms in Mediterranean on lower early Feb exports Urals is strong in the Med while lights are coming off slightly.
This is supposedly current day rates FRO is getting. I have no clue if this is authentic or not came across it on Stocktwits http://charts.stocktwits.com/production/original_31577759.jpg?1421876344
I think those rates are accurate. They have come off the highs this week, but still in the mid/high 70s/d for VLCCs and 50/d for Suez. Primorsk is due to slow in Feb on account of maintenance; large tonnage list in WAF put a ceiling on rates and less demand for WAF/West routes as the WTI/Brent spread widens. Euronav and Tankships Int'l are setting up US-listed IPOs in coming weeks. BP: Low Oil Prices Could Last 3 Years Western Canadian output to grow in 2015, despite 33% cut in spending: CAPP Kinder Morgan entering Bakken with $3 billion deal Kinder Morgan buys Bakken assets from Hamm After months of resilience, US cash crude market on the brink
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