|SHIPPING RATES & BUNKERS ( 9:15 am ET )|
|DIRTY TANKER (KT - $/day)||VOYAGE||SPOT TCE EARNINGS||2018 AVG. RATE|
|CLEAN TANKER (KT - $/day)||VOYAGE||SPOT TCE EARNINGS||2018 AVG. RATE|
|TIME CHARTER (KDWT)||1YR ECO RATE ($/day)||NEWBUILD PRICE ($M )||SECONDHAND 5YR PRICE ($M)|
|VLCC , 200+||26,000||88.0||61.5|
|US FLAG (KT - $/day)||VOYAGE||WEEKLY SPOT RATE||2018 AVG. RATE|
|LNG ($/day)||WEEKLY SPOT RATE||CURRENT MONTH RATE||2018 AVG. RATE|
|160M3 Tri-fuel diesel electric (West)||76,000||76,000||65,185|
|138-150M3 Steam turbine (West)||58,000||58,000||44,481|
|160M3 Tri-fuel diesel electric (East)||65,000||65,000||54,222|
|138-150M3 Steam turbine (East)||45,000||45,000||35,407|
|LPG (KT)||LAST POSTED SPOT RATE ($/mt)||SPOT TCE RATE ($/day)||1yr TIME CHARTER RATE ($/day)|
|VLGC, 44 (AG-Japan)||38.93||18,092||16,447|
|BUNKERS ($/mt)||IFO 380||MDO|
Natural gas-fired electricity generation to near record highs this summer.
According to the EIA, natural gas-fired power plants are expected to provide 37% of domestic electricity generation in the US during June through Aug. Meanwhile, the share of generation from coal-fired plants will continue its declining trend with a slight drop to 30% in the summer. These trends are primarily a result of sustained natural gas prices, increases in natural gas-fired capacity and retirement of coal-fired generating capacity. In 2015-2017, the cost of natural gas delivered to electric generators averaged $3.16 MMBtu, compared to $7.97 MMBtu in 2006-2008. Power plant operators added 5.4 GW of new natural gas-fired generating capacity during the first four months 2018 with an additional 15 GW to come online by year-end.
Libyan NOC announces reopening of key oil export terminals.
The company said four export terminals were being reopened after eastern factions handed over the ports. This marks the end of a standoff that had shut down most of the country's oil output. However, the restart at key terminals Es Sider and Ras Lanuf, where workers were evacuated and storage tanks damaged will be gradual. The disruption caused by political turmoil threatened to keep offline as much as 850,000 bpd of Libyan oil, from previous production of a little over 1 mbpd.
India cuts oil imports from Iran in June, ahead of US sanctions.
India's oil imports from Iran fell to 529,000 bpd in June, a 16% decline from May. However, India's overall oil imports last month are up 10% from a year ago. After the US announced its planned pull-out of the nuclear deal, the Indian government, being Tehran's second biggest customer, asked refiners to prepare for drastic reduction or even zero Iranian oil imports. This signifies the seriousness of US efforts to pressure countries into reducing their Iranian oil imports to zero. In order to maintain their access to the US financial system, the refiners will want to comply with the limits.
Turkey faces energy loans of $51B.
Turkish power producers are quickly becoming one of the country's biggest risks to domestic banks following significant spending over the last 15-years on new power generation, distribution projects and deals. But, with the lira depreciating faster than they can raise electricity prices, some utilities earn less annually than what they have to repay in foreign-currency loans. Since 2010, the lira has fallen 69% against the dollar. Ultimately, of the $95B invested in the power sector since 2003, slightly more than 50% still needs to be repaid. This is 15% of the $340B owed by non-financial companies in foreign liabilities.
|COMMODITIES, (9:21 am ET )|
|CRUDE||SOURCE||UNIT||LAST PRICE||Δ PRIOR DAY CLOSE|
|PRODUCTS||SOURCE||UNIT||LAST PRICE||Δ PRIOR DAY CLOSE|
|NATURAL GAS||SOURCE||UNIT||LAST PRICE||Δ PRIOR DAY CLOSE|
|US Henry Hub||NYMEX||$/MMBtu||2.80||0.02|
|UK National Balancing Point||ICE||$/MMBtu||7.77||-0.06|
|NATURAL GAS LIQUIDS||SOURCE||LAST PRICE (₵/gal)||LAST PRICE ($/mt)||Δ PRIOR DAY CLOSE(₵/gal)|
|US Mont Belvieu Propane (Spot)||Bloomberg||97.88||510.22||1.75|
|PRICE SPREADS ($/bbl)||SOURCE||LAST PRICE||Δ PRIOR DAY CLOSE|
|Brent 3-2-1 Crack||ICE||12.54||0.30|
|MARKETS, ( 9:21 am ET )|
|EQUITIES||REGION/COUNTRY||LAST VALUE||Δ PRIOR DAY CLOSE|
|S&P 500||United States||2,793.84||9.67|
|FTSE 100||United Kingdom||7,596.96||-95.08|
|CURRENCIES||REGION/COUNTRY||LAST VALUE||Δ PRIOR DAY CLOSE|
VESSELS ON ORDER KDWT (2018-2019+ delivery)
|VESSEL||Share of current fleet||Vessel||Share of current fleet|
|VLCC, 200+||15%||Panamax, 60-80||6%|
|Suezmax, 130 - 200||9%||LR1, 60-80||6%|
|Aframax, 80-130||11%||MR, 42-60||10%|
|LR2, 80-130||9%||Handymax, 30 - 42||3%|
5-YEAR OLD VESSEL PRICES (July 2014 - June 2018)