Wednesday, February 8, 2023
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA
Oil Market News Today
Advertisement
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
Oil Market News Today
No Result
View All Result
Home Market

In the Physical Oil Market, Sour Barrels Trade at Sweet Prices

July 7, 2020
in Market
In the Physical Oil Market, Sour Barrels Trade at Sweet Prices
Share on FacebookShare on Twitter


Latest Oil MArket NewsPosts

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

(Bloomberg) — Leaving behind the waters of the Caribbean Sea, the 1,100-feet long oil tanker Maran Apollo is emblematic of the wider petroleum market.

Steaming at 11.5 knots, she’s heading toward China, where oil demand is fast recovering, hauling a cargo of two million barrels of U.S. crude. But her voyage didn’t start a few days ago. She loaded in early May, and with no buyers during the worst of the coronavirus outbreak, the supertanker stood floating in the U.S. Gulf of Mexico for almost two months, waiting for better times.

Only a few days ago, she weighed anchor and left for the Chinese port of Rizhao — a sign that refiners are starting to pull in crude that went unwanted for months.

It’s not any kind oil on board, though. Refiners are competing for barrels in one corner of the market known as medium-heavy sour crude — barrels with a higher content in sulfur and relatively dense. It’s the kind of oil that Saudi Arabia and its allies pump. And also the type of crude that’s pumped offshore in the U.S. Gulf of Mexico — and that’s what’s in the Maran Apollo’s tanks.

Like the wine industry, the oil market has its own vintages: global refiners seek their barrels much like connoisseurs covet bottles of Bordeaux and Burgundy. Urals of Russia and Arab Light from Saudi Arabia are normally two of the most widely consumed — think Cabernet Sauvignon, maybe a Merlot. But in today’s oil market, such crude is in increasingly short supply due to record output cuts by the two nations and their allies.

“Deep OPEC+ cuts and demand recovery have tightened balances and this has been reflected in improvements in physical differentials,” said Bassam Fattouh, director of the Oxford Institute for Energy Studies. “But the recovery has not been even, with medium-sour crudes faring better than light-sweet crudes.”

In normal times, medium-sour crude is usually cheaper than other streams, particularly those known as light sweet crude that have a lower sulfur content and are less dense.

But OPEC, which pumps mostly medium-sour crude, has cut output to the lowest since 1991, and Russia has also implemented brutal reductions. On top of that, medium and heavy sour crude accounts for the bulk of the supplies from Iran and Venezuela, where production has collapsed under the weight of U.S. sanctions and lack of investment.

The market is reflecting the under supply. The price of Urals, Russia’s flagship grade, has surged to a record premium to the Brent crude benchmark. Last week, it briefly changed hands at $2.40 a barrel above Dated Brent, a regional benchmark, compared with a discount of more than $4.50 a barrel in April, according to traders. S&P Global Platts, a price-reporting agency, assessed the grade at a premium of $1.90 for delivery to Rotterdam on June 29, matching a prior record high.

The surge means that Urals is selling in Rotterdam, the main oil refinery hub in northwest Europe, at roughly $45 a barrel, compared with a low point of about $15 a barrel in early April.

The price pattern is similar for other sour crude streams,…



Read More: In the Physical Oil Market, Sour Barrels Trade at Sweet Prices

Tags: BarrelsmarketoilPhysicalpricesSourSweettrade

Related Posts

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field
Middle East

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

by Oil Market
July 31, 2020
0

China National Petroleum Corp. is in talks to acquire part of BP Plc’s stake in a key gas field...

Read more
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact
Russia

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

by Oil Market
July 31, 2020
0

Global Ginger Essential Oil Extract Market Size, Status and Forecast 2020-2026 now available with Magnifier Research shows a compilation...

Read more
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact
Russia

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

by Oil Market
July 31, 2020
0

Global Ginger Essential Oil Extract Market Size, Status and Forecast 2020-2026 now available with Magnifier Research shows a compilation...

Read more
Construction of Dangote oil refinery Africa’s largest nears completion
Africa

Construction of Dangote oil refinery Africa’s largest nears completion

by Oil Market
July 31, 2020
0

Dangote oil Refinery, which is expected to be Africa’s largest oil refinery and the world’s biggest single-train facility upon...

Read more
Oil rises further from 3-week lows, but headwinds loom amid pandemic
Europe

Oil rises further from 3-week lows, but headwinds loom amid pandemic

by Oil Market
July 31, 2020
0

TOKYO (Reuters) - Oil prices recovered further ground on Friday, after touching three-week lows in the previous session, responding...

Read more
TC Energy says new U.S. permit to boost Keystone pipeline oil exports by
US

TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

by Oil Market
July 31, 2020
0

The CEO of TC Energy Corp. says the company will begin moving more oil from Western Canada into the...

Read more
Next Post
Brazil’s Oil Giant Has A Creative Solution For Its Gas Flaring Problem |

Brazil's Oil Giant Has A Creative Solution For Its Gas Flaring Problem |

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Today Oil Markets

Oil And Gas Upstream Activities Market COVID -19 Impact

Strawberry Seed Oil Market COVID -19 Impact

3 years ago
Minister Al Kaabi: flooding oil market was a very big mistake

Minister Al Kaabi: flooding oil market was a very big mistake

3 years ago
Oil falls as worsening coronavirus pandemic threatens recovery

Oil falls as worsening coronavirus pandemic threatens recovery

3 years ago
Winners of Japan Olive Oil Prize competition announced

Winners of Japan Olive Oil Prize competition announced

3 years ago
Shell posts $18billion loss in second quarter – News for the Oil and Gas

Shell posts $18billion loss in second quarter – News for the Oil and Gas

3 years ago
Artificial Intelligence (AI) in Oil and Gas Market 2026| FuGenX

Artificial Intelligence (AI) in Oil and Gas Market 2026| FuGenX

3 years ago

Oil Market

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Construction of Dangote oil refinery Africa’s largest nears completion

Construction of Dangote oil refinery Africa’s largest nears completion

July 31, 2020

Russia Oil Market

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

July 29, 2020
Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

July 28, 2020

Europe Oil Market

Oil rises further from 3-week lows, but headwinds loom amid pandemic

Oil rises further from 3-week lows, but headwinds loom amid pandemic

July 31, 2020
Shell posts $18billion loss in second quarter – News for the Oil and Gas

Shell posts $18billion loss in second quarter – News for the Oil and Gas

July 30, 2020
Path to net zero: European oil majors outpace US companies on climate goals

Path to net zero: European oil majors outpace US companies on climate goals

July 29, 2020
Oil price holds near four-month high amid bearish signals – News for the

Oil price holds near four-month high amid bearish signals – News for the

July 28, 2020
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA

© 2020 MarketFor Oil.com

No Result
View All Result
  • Home
  • Market
    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas

© 2020 MarketFor Oil.com