|SHIPPING RATES & BUNKERS ( 9:40 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+||33,000||90.0||62.0|
|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)||140,000||130,000||78,563|
|138-150M3 Steam turbine (West)||100,000||94,000||56,083|
|160M3 Tri-fuel diesel electric (East)||180,000||177,000||78,479|
|138-150M3 Steam turbine (East)||110,000||114,000||51,729|
|LPG (KT)||LAST POSTED SPOT RATE ($/mt)||SPOT TCE RATE ($/day)||1yr TIME CHARTER RATE ($/day)|
|VLGC, 44 (AG-Japan)||40.89||25,822||21,382|
|BUNKERS ($/mt)||IFO 380||MDO|
Iraq requires two years to free itself from reliance on Iranian gas.
According to an Iraqi energy official, the country needs at least two years to boost its gas production to a level that allows it to stop importing Iranian gas used to feed its power stations. The head of state-run South Gas Co (SGC) said that Iraq's gas output is expected to reach 1.3 McFee/d by the end of 2020, an increase of 400 McFee/d from current levels. This rise in production is expected to come from two new projects, including a $367M natural gas processing deal with GE, expected to begin producing 160 mcf/d in two years. The government will also sign another deal early next year for a gas plant expected to produce around 300 mcf/day by the end of 2019. The US has granted Iraq exemptions, which allow it to continue importing natural gas and other energy supplies from Iran for 45 days as long as the payments are not done in US dollars. Iraq is hoping to extend the exemption.
Novatek to launch small-scale LNG plant in Baltic Sea.
Russia's largest non-state natural gas producer, along with Gazprombank, is building a LNG plant and terminal in the Baltic Sea port of Vysotsk with a capacity of 660,000 tones per year. Capacity could be expanded to 800,000 tonnes in 2021. The project's contractor said the plan is to launch operations and load the first LNG cargo in Feb. 2019.
India to import Iranian oil using rupee payment mechanism.
50% of rupee-based payments will be used for exporting items to Tehran. India's state-owned UCO Bank is expected to announce the payment mechanism in the next 10 days. Government documents indicate that an agreement had been signed by the two governments. Russian and Chinese shipping companies are reportedly pitching to facilitate India-Iran trade.
Traders Vitol, Glencore, and Trafigura face bribery probe.
The commodity traders are being investigated on suspicion of paying bribes to employees of state-controlled oil company Petrobras in exchange for contracts. Brazilian prosecutors speculate that between 2011 and 2014, the three companies paid more than $15.3M in relation to over 160 operations "of purchase and sale of oil products and rental of storage tanks". Other unnamed companies are also being investigated for paying a similar amount in bribes to Petrobras' employees. This is part of a sweeping corruption campaign that has so far resulted in the arrest of 11 people and the questioning of an additional 26. Petrobras this year agreed to pay two large settlements; one for $2.95B in Jan. to end a class-action lawsuit in the US from losses caused by the scandal, as well as another graft-related one for $853.2M in Sept. to Brazilian and US authorities.
|COMMODITIES, (9:55 am ET )|
|CRUDE||SOURCE||UNIT||LAST PRICE||Δ PRIOR DAY CLOSE|
|PRODUCTS||SOURCE||UNIT||LAST PRICE||Δ PRIOR DAY CLOSE|
|NATURAL GAS||SOURCE||UNIT||LAST PRICE||Δ PRIOR DAY CLOSE|
|US Henry Hub||NYMEX||$/MMBtu||4.31||-0.16|
|UK National Balancing Point||ICE||$/MMBtu||8.14||-0.11|
|NATURAL GAS LIQUIDS||SOURCE||LAST PRICE (₵/gal)||LAST PRICE ($/mt)||Δ PRIOR DAY CLOSE(₵/gal)|
|US Mont Belvieu Propane (Spot)||Bloomberg||74.50||388.35||+1.00|
|PRICE SPREADS ($/bbl)||SOURCE||LAST PRICE||Δ PRIOR DAY CLOSE|
|Brent 3-2-1 Crack||ICE||5.62||+0.26|
|MARKETS, ( 9:55 am ET )|
|EQUITIES||REGION/COUNTRY||LAST VALUE||Δ PRIOR DAY CLOSE|
|S&P 500||United States||2,662.60||-37.46|
|FTSE 100||United Kingdom||6,753.68||-168.16|
|CURRENCIES||REGION/COUNTRY||LAST VALUE||Δ PRIOR DAY CLOSE|
DOE US INVENTORY (mb)
|Δ Prior week||Δ Prior year|
EIA US WEEKLY ENDING STOCKS OF CRUDE OIL & PETROLEUM PRODUCTS (Nov. 24, 2017 - Nov. 23, 2018)