|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||90.0||61.0|
|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)||86,000||86,000||68,083|
|138-150M3 Steam turbine (West)||68,000||68,000||47,972|
|160M3 Tri-fuel diesel electric (East)||78,000||78,000||57,278|
|138-150M3 Steam turbine (East)||60,000||60,000||38,278|
|LPG (KT)||LAST POSTED SPOT RATE ($/mt)||SPOT TCE RATE ($/day)||1yr TIME CHARTER RATE ($/day)|
|VLGC, 44 (AG-Japan)||38.36||17,599||17,763|
|BUNKERS ($/mt)||IFO 380||MDO|
Hurricane Florence likely to affect Southeast US electric power, transportation fuels.
The storm's high winds and heavy rainfall are likely to impact energy infrastructure as it makes landfall in the Carolinas region. Evacuation has been ordered, which could disrupt normal business operations and affect electricity supply and demand patterns for transportation fuels. Demand for transportation fuels typically surges in the days preceding a hurricane in the affected areas, adding pressure on available local inventories. For the week ending Sept. 7, Lower Atlantic inventories of gasoline in the primary supply chain were 27.9 mb, 19% higher than the previous five-year average for that time of year.
Supply uncertainty from Iran and Venezuela could tighten markets, warns IEA.
A supply squeeze could send prices well above $80 bbl should global producers fail to offset falling production from Venezuela and Impeding US sanctions on Iran's energy exports, said the International Energy Agency. Exports from Iran have already fallen by about 500,000 bpd since May as large consumers cut their purchases in compliance with US demands. OPEC has stepped in to make up for the shortage, with output rising to a nine-month high of 32.6 mbpd in Aug. However, it remains unclear how much more output from Venezuela and Iran could slip and how quickly other countries can offset that. According to the agency, OPEC has 2.7 mbpd of spare capacity, 60% of which is in Saudi Arabia.
Iranian crude floats as demand falls ahead of US sanctions.
Two tankers carrying Iranian condensate have been floating off the UAE for nearly a month due to falling demand. The tankers carrying a total of 2.4 mbpd of South Pars condensate have been floating since Aug. after South Korea halted imports from Iran and China's demand weakened in the summer. Emirates National Oil Company, another buyer of Iranian crude, has been asked by the government to replace Iranian volumes.
Saudi Arabia ramps up efforts to counter NOPEC.
The kingdom has hired former Solicitor General Ted Olson as a lobbyist to campaign against the act. The Saudi embassy contracted with Olson's law firm to develop a white paper opposing the "NO Oil Producing and Exporting Cartel's Act" legislation. It would also prepare a legal analysis of the bill and write an op-ed against it. The firm could also be tasked with lobbying members of Congress and their staffs. In previous attempts by congress targeting OPEC, Presidents George W. Bush and Barack Obama threatened to use their veto power to prevent it becoming law. President Trump, however, has repeatedly criticized the group. The proposed US legislation could expose the organization, which is pumps about one-third of the world's crude, to antitrust lawsuits.
|COMMODITIES, (9:45 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||2.84||+0.01|
|UK National Balancing Point||ICE||$/MMBtu||9.19||-0.20|
|NATURAL GAS LIQUIDS||SOURCE||LAST PRICE (₵/gal)||LAST PRICE ($/mt)||Δ PRIOR DAY CLOSE(₵/gal)|
|US Mont Belvieu Propane (Spot)||Bloomberg||107.50||560.37||-0.25|
|PRICE SPREADS ($/bbl)||SOURCE||LAST PRICE||Δ PRIOR DAY CLOSE|
|Brent 3-2-1 Crack||ICE||8.51||+0.16|
|MARKETS, ( 9:45 am ET )|
|EQUITIES||REGION/COUNTRY||LAST VALUE||Δ PRIOR DAY CLOSE|
|S&P 500||United States||2,888.92||+1.03|
|FTSE 100||United Kingdom||7,295.86||-17.50|
|CURRENCIES||REGION/COUNTRY||LAST VALUE||Δ PRIOR DAY CLOSE|
DOE US INVENTORY (mb)
|Product||Week ended Sept. 7||Δ Prior week||Δ Prior year|
EIA US WEEKLY ENDING STOCKS OF CRUDE OIL & PETROLEUM PRODUCTS
(Sept. 8 , 2017 - Sept. 7, 2018)