Russia's ship classification society, the Russian Maritime Register of Shipping (RS), is suspending all its business activities related to Iran, the company told Platts Friday.
RS said the scale of its services in Iran was "historically insignificant" as it had only certified a small number of Iranian vessels.
"This number had been falling even further recently," RS said.
"This was also a reason for the halt of operations by our inspector in the port of Anzali [on the Caspian Sea]," RS said.
US pressure group United Against Nuclear Iran (UANI) earlier this week said RS had suspended its Iranian activities in response to pressure from the lobby group.
RS suspended "all shipping certification and related services to IRISL vessels (including the MT Tour) and offshore structures including oil rigs," according to a statement posted at the UANI website.
"The process of suspension will be completed as soon as practicable and possible," it said.
The move by the Russian ship classification group follows similar action by other International Association of Classification Societies members.
These include Bureau Veritas, Det Norske Veritas, Germanischer Lloyd, Lloyds Register and Class NK, which have all ceased marine-related activities in Iran, UANI said.
The latest decision comes as Iran faces pressure from EU and US sanctions aimed at depriving Tehran of the revenues with which to fund what the US and its allies suspect is a covert nuclear program.
According to the UANI, the only remaining IACS member class societies still active in Iran are the Korean Register and China Classification Society.
These could not be reached for immediate comment.
Ship classification societies are hired by shipowners to provide maritime services including examining hull structural integrity, checking propulsion systems and meeting international environmental and safety standards. Under international law it is required for all ships to be classed when loading or discharging at major ports.
Friday, September 7, 2012
Platts Petrochemical : Asian benzene up amid higher regional benzene prices
Asian benzene rose $42.50/mt or 3.6% week on week Friday to $1,213/mt FOB Korea, shown in red below, amid higher regional benzene prices and supply tightness.
Day on day, the FOB Korea marker was up $26/mt, or 2.2%.
Market sources said higher US and European benzene prices fueled the positive sentiment.
Prompt benzene in the US was assessed Thursday at $1,297/mt FOB USG, shown in blue below, while European benzene was assessed at $1,341.50/mt CIF ARA, shown in green below, due to tighter pygas supply as crackers ran at low rates amid weak margins.
South Korean benzene producers were likely to send November-loading cargoes to reach the US Gulf early next year, one producer said.
"I think supply will continue to be tight in the US and prices will firm," he added. (See chart 1)
The FOB Korea toluene marker was assessed at $1,162.50/mt Friday, shown in red below, up $29.50/mt from the week before and up $6/mt from Thursday amid buy support and higher downstream benzene, outpacing the rise in crude and feedstock naphtha prices.
October ICE Brent crude futures were assessed at $113.85/barrel at 4:30 pm Singapore time (0830 GMT), up $0.62/b from last week and down $0.37/b from Thursday.
CFR Japan naphtha was assessed at $990.25/mt, up $13.30/mt from last Friday and up $2.25/mt from the day before.
The US toluene price, shown in blue below, was assessed Thursday at $1,255/mt FOB USG.
In Europe, toluene prices remained the highest globally at $1,303/mt FOB Rdam, shown in green below. (See chart 2)
Asian isomer-grade mixed xylenes jumped $26/mt day on day to close the week at a five-month high of $1,295.50/mt FOB Korea, shown in red below, and $1,310.50/mt CFR Taiwan Friday, boosted mainly by supply shortage in Europe. Both the FOB Korea and CFR Taiwan benchmarks were up $52.50/mt or 4.2% from a week earlier.
In the US Thursday, isomer-MX surged $21/mt to $1,293/mt FOB USG, shown in blue below, on the back of a supply shortage in Europe. (See chart 3)
Asian paraxylene spiked $25/mt day on day to be assessed at $1,512.50/mt CFR Taiwan/China Friday, shown in red below, boosted by soaring feedstock isomer-grade mixed xylene, and despite bearish Western crude oil futures.
On a week-on-week basis, the Asian PX market marked a $41.50/mt increase, driven by news that BP had declared force majeure on purified terephthalic acid supply in Europe amid limited PX feedstock as a result of MX supply cuts.
The force majeure did not prompt spot PX demand from Europe, but it tightened MX feedstock supplies from the US to Asia.
BP was reported to be moving MX from the US to Europe in a bid to raise PX plant operations, which indirectly pushed up the Asian PX market.
Some market sources said concerns were again mounting as the PTA margin was squeezed further Friday, while Asian PTA prices increased only $10/mt week on week to $1,061/mt CFR China. (See chart 4)
Asian styrene monomer for H2 October climbed $23 on Friday to $1,463/mt FOB Korea, shown in red below, on tight supply and rising costs.
Spot SM stocks in East China fell to 58,700 mt this week, the lowest level in more than a year, and down 5,500 mt from the previous week.
The last time the inventory was around this level was August 19, 2011, when it stood at 52,500 mt.
The cause of the decline in the inventory is likely run cuts among Chinese SM producers due to a shortage of feedstock benzene in the country, coupled with demand for expandable polystyrene in China's domestic market.
Several Japanese SM producers -- typically big suppliers to China -- will undergo turnarounds over September-October.
The US styrene price, shown in blue below, was assessed Thursday at $1,501/mt FOB USG.
The European price, shown in green below, remained the highest globally at $1,635/mt FOB Rdam. (See chart 5)
Day on day, the FOB Korea marker was up $26/mt, or 2.2%.
Market sources said higher US and European benzene prices fueled the positive sentiment.
Prompt benzene in the US was assessed Thursday at $1,297/mt FOB USG, shown in blue below, while European benzene was assessed at $1,341.50/mt CIF ARA, shown in green below, due to tighter pygas supply as crackers ran at low rates amid weak margins.
South Korean benzene producers were likely to send November-loading cargoes to reach the US Gulf early next year, one producer said.
"I think supply will continue to be tight in the US and prices will firm," he added. (See chart 1)
The FOB Korea toluene marker was assessed at $1,162.50/mt Friday, shown in red below, up $29.50/mt from the week before and up $6/mt from Thursday amid buy support and higher downstream benzene, outpacing the rise in crude and feedstock naphtha prices.
October ICE Brent crude futures were assessed at $113.85/barrel at 4:30 pm Singapore time (0830 GMT), up $0.62/b from last week and down $0.37/b from Thursday.
CFR Japan naphtha was assessed at $990.25/mt, up $13.30/mt from last Friday and up $2.25/mt from the day before.
The US toluene price, shown in blue below, was assessed Thursday at $1,255/mt FOB USG.
In Europe, toluene prices remained the highest globally at $1,303/mt FOB Rdam, shown in green below. (See chart 2)
Asian isomer-grade mixed xylenes jumped $26/mt day on day to close the week at a five-month high of $1,295.50/mt FOB Korea, shown in red below, and $1,310.50/mt CFR Taiwan Friday, boosted mainly by supply shortage in Europe. Both the FOB Korea and CFR Taiwan benchmarks were up $52.50/mt or 4.2% from a week earlier.
In the US Thursday, isomer-MX surged $21/mt to $1,293/mt FOB USG, shown in blue below, on the back of a supply shortage in Europe. (See chart 3)
Asian paraxylene spiked $25/mt day on day to be assessed at $1,512.50/mt CFR Taiwan/China Friday, shown in red below, boosted by soaring feedstock isomer-grade mixed xylene, and despite bearish Western crude oil futures.
On a week-on-week basis, the Asian PX market marked a $41.50/mt increase, driven by news that BP had declared force majeure on purified terephthalic acid supply in Europe amid limited PX feedstock as a result of MX supply cuts.
The force majeure did not prompt spot PX demand from Europe, but it tightened MX feedstock supplies from the US to Asia.
BP was reported to be moving MX from the US to Europe in a bid to raise PX plant operations, which indirectly pushed up the Asian PX market.
Some market sources said concerns were again mounting as the PTA margin was squeezed further Friday, while Asian PTA prices increased only $10/mt week on week to $1,061/mt CFR China. (See chart 4)
Asian styrene monomer for H2 October climbed $23 on Friday to $1,463/mt FOB Korea, shown in red below, on tight supply and rising costs.
Spot SM stocks in East China fell to 58,700 mt this week, the lowest level in more than a year, and down 5,500 mt from the previous week.
The last time the inventory was around this level was August 19, 2011, when it stood at 52,500 mt.
The cause of the decline in the inventory is likely run cuts among Chinese SM producers due to a shortage of feedstock benzene in the country, coupled with demand for expandable polystyrene in China's domestic market.
Several Japanese SM producers -- typically big suppliers to China -- will undergo turnarounds over September-October.
The US styrene price, shown in blue below, was assessed Thursday at $1,501/mt FOB USG.
The European price, shown in green below, remained the highest globally at $1,635/mt FOB Rdam. (See chart 5)
EC studies show shale could help EU meet 40% of own gas needs
Exploration and development of shale gas in Europe could help the EU keep its dependency on gas imports at 60%, according to one of three studies commissioned by the European Commission that were published Friday.
The European Commission is neutral on whether EU member states should develop shale gas potential, but commissioned three reports to help inform the debate and help it ensure an appropriate legal framework is put in place and that any shale gas extraction is carried out in line with EU law.
"The studies look at the potential effects of these fuels on energy markets, the potential climate impact of shale gas production, and the potential risks shale gas developments and associated hydraulic fracturing ("fracking") may present to human health and the environment," the EC said.
The first of three studies, by the EC's Joint Research Centre, examines the potential impact of EU shale gas on the energy market in the light of unconventional gas development in the US rising dramatically to meet over 50% of domestic production in 2010.
It concludes that significant shale gas development in Europe could both lower gas prices and limit the EU's import dependency, but not make Europe self-sufficient, as has been the case in the US.
"Shale gas production will not make Europe self-sufficient in natural gas. The best case scenario for shale gas development in Europe is one in which declining conventional production can be replaced and import dependence maintained at a level around 60%," it said.
Europe's self-sufficiency in gas has fallen to around 40% as conventional sources, for example in the Netherlands and the UK North Sea, have depleted.
And it said that substituting gas imported from far away -- whether by pipeline or as LNG -- could lower the carbon footprint of the gas, even though shale gas production is more carbon intensive.
But it also warned there was still considerable uncertainty over recoverable reserves, technology development, public acceptance and access to land and markets.
Poland is thought to have the EU's largest shale gas reserves, but estimates of total accessible reserves vary widely and some initial exploration has not yielded the expected results -- with UK-based 3 Legs Resources relinquishing one of its Polish licenses in August after disappointing results.
ENVIRONMENTAL RISKS
The two other reports focus on potential climate and environmental risks, with one, by AEA Technology, focusing on the risks brought by fracking, the process used to extract the gas.
"The risks posed by high volume hydraulic fracturing for unconventional hydrocarbon extraction are greater than those of conventional extraction," it concludes.
It highlights the need for large volumes of water and access to land (with an impact on biodiversity), as well as noise pollution, potential chemical spills and releases of gas and pollutants to the air, and potential for surface and ground water contamination.
It said shale gas exploration and production would need to comply with aspects of 19 different pieces of EU legislation, but also identified gaps in current EU legislation especially with regard to environmental impact assessments and the EU's water framework directive. It sets out recommendations for changes and further research and consideration.
CLIMATE IMPACT
The third report, also by AEA, examined the potential impact of shale gas extraction on EU climate goals. It concluded that emissions from electricity generated by shale gas from EU production would be 2-8% lower than emissions from power generated with gas imported by pipeline from Algeria or Russia, and 7-10% lower than imported LNG, because of the transport factor.
"However the conclusion is far from clear-cut," it warned. "Under our worst case shale gas scenario where all flow-back gases at completion are vented, emissions... would be similar to the upper emissions level from imported LNG and from gas imported from Russia."
It said that if emissions from shale gas are not controlled there could be no climate benefits to the EU from using shale and, indeed, using shale could have a more detrimental impact than some pipeline gas imports.
The European Commission is neutral on whether EU member states should develop shale gas potential, but commissioned three reports to help inform the debate and help it ensure an appropriate legal framework is put in place and that any shale gas extraction is carried out in line with EU law.
"The studies look at the potential effects of these fuels on energy markets, the potential climate impact of shale gas production, and the potential risks shale gas developments and associated hydraulic fracturing ("fracking") may present to human health and the environment," the EC said.
The first of three studies, by the EC's Joint Research Centre, examines the potential impact of EU shale gas on the energy market in the light of unconventional gas development in the US rising dramatically to meet over 50% of domestic production in 2010.
It concludes that significant shale gas development in Europe could both lower gas prices and limit the EU's import dependency, but not make Europe self-sufficient, as has been the case in the US.
"Shale gas production will not make Europe self-sufficient in natural gas. The best case scenario for shale gas development in Europe is one in which declining conventional production can be replaced and import dependence maintained at a level around 60%," it said.
Europe's self-sufficiency in gas has fallen to around 40% as conventional sources, for example in the Netherlands and the UK North Sea, have depleted.
And it said that substituting gas imported from far away -- whether by pipeline or as LNG -- could lower the carbon footprint of the gas, even though shale gas production is more carbon intensive.
But it also warned there was still considerable uncertainty over recoverable reserves, technology development, public acceptance and access to land and markets.
Poland is thought to have the EU's largest shale gas reserves, but estimates of total accessible reserves vary widely and some initial exploration has not yielded the expected results -- with UK-based 3 Legs Resources relinquishing one of its Polish licenses in August after disappointing results.
ENVIRONMENTAL RISKS
The two other reports focus on potential climate and environmental risks, with one, by AEA Technology, focusing on the risks brought by fracking, the process used to extract the gas.
"The risks posed by high volume hydraulic fracturing for unconventional hydrocarbon extraction are greater than those of conventional extraction," it concludes.
It highlights the need for large volumes of water and access to land (with an impact on biodiversity), as well as noise pollution, potential chemical spills and releases of gas and pollutants to the air, and potential for surface and ground water contamination.
It said shale gas exploration and production would need to comply with aspects of 19 different pieces of EU legislation, but also identified gaps in current EU legislation especially with regard to environmental impact assessments and the EU's water framework directive. It sets out recommendations for changes and further research and consideration.
CLIMATE IMPACT
The third report, also by AEA, examined the potential impact of shale gas extraction on EU climate goals. It concluded that emissions from electricity generated by shale gas from EU production would be 2-8% lower than emissions from power generated with gas imported by pipeline from Algeria or Russia, and 7-10% lower than imported LNG, because of the transport factor.
"However the conclusion is far from clear-cut," it warned. "Under our worst case shale gas scenario where all flow-back gases at completion are vented, emissions... would be similar to the upper emissions level from imported LNG and from gas imported from Russia."
It said that if emissions from shale gas are not controlled there could be no climate benefits to the EU from using shale and, indeed, using shale could have a more detrimental impact than some pipeline gas imports.
Maintaining Europe's Downstream Industry - Register TODAY!
The European refining market is currently facing tough industry conditions from overcapacity and weak demand to strong competition and stringent emissions legislation.
For a number of years, Platts Annual European Refining Markets Conference has got to the very heart of these issues and explores ways in which the sector can boost competiveness, enhance flexibility and maximize margins now and in the future.
Why should you attend?
Maintaining Europe’s downstream industry
In close cooperation with industry leaders, 2012's event will unite Europe’s leading downstream professionals to discuss and debate the industry's evolving landscape and strength.
Boost competiveness, enhance flexibility and maximize margins - best practice examples in a practical and relevant way
Exclusive insight from major, regional and independent refiners, highlighting key issues affecting long-term strategy and planning while unearthing strategies for boosting plant flexibility, optimizing production cycles and reducing costs.
Meet your key contacts
Attracting 150+ industry professionals from the refining community and its dependents - no other event unites the most influential players in the market!
28 exclusive sessions covering key questions the industry needs to answer including - How viable are the fundamentals long-term? How has the wave of refinery sales in Europe impacted the European downstream sector? Post-Petroplus, where next for the independent refiner?
As Europe's leading event for refining professionals, the 2012 event is packed with learning, inspiration and business opportunities.
Who is presenting?
Keynotes from:
Nathalie Brunelle Senior Vice President, Strategy, Development and Research, Refining & Chemicals Division, TOTAL
Mark Quartermain, Vice President, Downstream Strategy Development v Market Analysis, Shell
Peter Mather, Group Regional Vice President Europe, Head of Country UK, BP
Alois Virag, Senior Vice President, Refining v Petrochemicals, OMV
Dario Scaffardi, General Manager, SARAS
Sukumar Narasimhan, Senior Vice President, Supply Chain, Reliance Industries
Isabelle Muller, Secretary General, Europia
Lars Peter Lindfors, Senior Vice President, Technology and Strategy, Neste Oil
With further insight and analysis from:
Mikhail Antonov, Deputy Director of Refining, LUKOIL Trade and Supply (Litasco)
Robert Mwasaru, Director of Group Planning and Optimization, MOL Group
Toril Bosoni, Senior Oil Market Analyst, Refining, International Energy Agency (IEA)
Alan Gelder, Vice President, EMEA - Downstream Consulting, Wood Mackenzie
Chris Hunt, Director General, UK Petroleum Industry Association
Mechthild Wörsdörfer, Head of Unit, Energy Policy and Monitoring of electricity, gas, coal and oil markets, DG Energy, European Commission
Seth Kleinman, Global Head of Energy Strategy, Citi
Miswin Mahesh, Shipping and Commodities Analyst, Barclays Capital
Michael Lane, Secretary General, CONCAWE
Chris Beddoes, Deputy Secretary General - Energy Policy, Climate Change and Refining, Europia
Eelco Dekker, Chief Marketing Officer, Bio MCN
Robert Turner, Director, PwC
Tim Worledge, Editorial Team Leader, Middle Distillates, EMEA, Platts
Who is already attending?
Afton Chemical
AOT Trading AG
Argus Media
Baker & O'Brien
Barclays Capital
Bank of Tokyo Mitsubishi
BASF
BioMCN
BP
BP Raffinaderij Rotterdam
Byzantine Maritime Corporation
Citi
Citigroup
CLH
Columbian Chemicals Europa
CONCAWE
D/S Norden
DSM Sourcing
E.ON Värmekraft Sverige
E.ON Energy Trading
Essar Oil Limited
European Commission
EUROPIA
Evonik Industries
GDF SUEZ Trading
GEMS2
Glencore
Grace
Grupa LOTOS SA
Gunvor International
H&R Ölwerke Schindler
Haltermann
Infineum
International Energy Agency (IEA)
Japan Petroleum Energy Center
JPMorgan
Klesch Petroleum
Lukoil
Mitsui & Co
MOL Group
Navarik Corp.
Neste Oil
Nynas
Oderbalt OU
Odfjell Terminals Rotterdam B.V.
OMV Refining & Marketing GmbH
OPEC
Opportune
Petrobras
Petrobras Europe Limited
Petroplus Marketing
Platts
Port of Rotterdam
PKN ORLEN
Public Company ORLEN Lietuva
Purvin & Gertz
PwC
Rabobank
Reliance Industries
Repsol
Retitalia SpA
Reuters News
SABIC Petrochemicals
Samir Refinery
Saras
Sasol Oil International Limited
Saudi Aramco Oil Company
Shell
Shell Global Solutions International
SOCAR Trading
Standard & Poor's
Statoil
TNK-BP
TOTAL
TOTAL Bitumen Deutschland
TOTAL Petrochemicals & Refining
Toyota Motor Europe
UK Petroleum Industry Association (UKPIA)
Unipec UK
Vesta Terminals
VTG Deutschland
Wood Mackenzie
Zeeland Refinery
Still need convincing?
"Very informative and lived up to my expectations. Has improved my understanding of the EU refining industry - current & future problems as well as solutions"
Saudi Aramco
"...high quality of speakers. It provides an insightful view of current status of the EU refining sector, and the main challenges which we are currently facing"
Saras
For a number of years, Platts Annual European Refining Markets Conference has got to the very heart of these issues and explores ways in which the sector can boost competiveness, enhance flexibility and maximize margins now and in the future.
Why should you attend?
Maintaining Europe’s downstream industry
In close cooperation with industry leaders, 2012's event will unite Europe’s leading downstream professionals to discuss and debate the industry's evolving landscape and strength.
Boost competiveness, enhance flexibility and maximize margins - best practice examples in a practical and relevant way
Exclusive insight from major, regional and independent refiners, highlighting key issues affecting long-term strategy and planning while unearthing strategies for boosting plant flexibility, optimizing production cycles and reducing costs.
Meet your key contacts
Attracting 150+ industry professionals from the refining community and its dependents - no other event unites the most influential players in the market!
28 exclusive sessions covering key questions the industry needs to answer including - How viable are the fundamentals long-term? How has the wave of refinery sales in Europe impacted the European downstream sector? Post-Petroplus, where next for the independent refiner?
As Europe's leading event for refining professionals, the 2012 event is packed with learning, inspiration and business opportunities.
Who is presenting?
Keynotes from:
Nathalie Brunelle Senior Vice President, Strategy, Development and Research, Refining & Chemicals Division, TOTAL
Mark Quartermain, Vice President, Downstream Strategy Development v Market Analysis, Shell
Peter Mather, Group Regional Vice President Europe, Head of Country UK, BP
Alois Virag, Senior Vice President, Refining v Petrochemicals, OMV
Dario Scaffardi, General Manager, SARAS
Sukumar Narasimhan, Senior Vice President, Supply Chain, Reliance Industries
Isabelle Muller, Secretary General, Europia
Lars Peter Lindfors, Senior Vice President, Technology and Strategy, Neste Oil
With further insight and analysis from:
Mikhail Antonov, Deputy Director of Refining, LUKOIL Trade and Supply (Litasco)
Robert Mwasaru, Director of Group Planning and Optimization, MOL Group
Toril Bosoni, Senior Oil Market Analyst, Refining, International Energy Agency (IEA)
Alan Gelder, Vice President, EMEA - Downstream Consulting, Wood Mackenzie
Chris Hunt, Director General, UK Petroleum Industry Association
Mechthild Wörsdörfer, Head of Unit, Energy Policy and Monitoring of electricity, gas, coal and oil markets, DG Energy, European Commission
Seth Kleinman, Global Head of Energy Strategy, Citi
Miswin Mahesh, Shipping and Commodities Analyst, Barclays Capital
Michael Lane, Secretary General, CONCAWE
Chris Beddoes, Deputy Secretary General - Energy Policy, Climate Change and Refining, Europia
Eelco Dekker, Chief Marketing Officer, Bio MCN
Robert Turner, Director, PwC
Tim Worledge, Editorial Team Leader, Middle Distillates, EMEA, Platts
Who is already attending?
Afton Chemical
AOT Trading AG
Argus Media
Baker & O'Brien
Barclays Capital
Bank of Tokyo Mitsubishi
BASF
BioMCN
BP
BP Raffinaderij Rotterdam
Byzantine Maritime Corporation
Citi
Citigroup
CLH
Columbian Chemicals Europa
CONCAWE
D/S Norden
DSM Sourcing
E.ON Värmekraft Sverige
E.ON Energy Trading
Essar Oil Limited
European Commission
EUROPIA
Evonik Industries
GDF SUEZ Trading
GEMS2
Glencore
Grace
Grupa LOTOS SA
Gunvor International
H&R Ölwerke Schindler
Haltermann
Infineum
International Energy Agency (IEA)
Japan Petroleum Energy Center
JPMorgan
Klesch Petroleum
Lukoil
Mitsui & Co
MOL Group
Navarik Corp.
Neste Oil
Nynas
Oderbalt OU
Odfjell Terminals Rotterdam B.V.
OMV Refining & Marketing GmbH
OPEC
Opportune
Petrobras
Petrobras Europe Limited
Petroplus Marketing
Platts
Port of Rotterdam
PKN ORLEN
Public Company ORLEN Lietuva
Purvin & Gertz
PwC
Rabobank
Reliance Industries
Repsol
Retitalia SpA
Reuters News
SABIC Petrochemicals
Samir Refinery
Saras
Sasol Oil International Limited
Saudi Aramco Oil Company
Shell
Shell Global Solutions International
SOCAR Trading
Standard & Poor's
Statoil
TNK-BP
TOTAL
TOTAL Bitumen Deutschland
TOTAL Petrochemicals & Refining
Toyota Motor Europe
UK Petroleum Industry Association (UKPIA)
Unipec UK
Vesta Terminals
VTG Deutschland
Wood Mackenzie
Zeeland Refinery
Still need convincing?
"Very informative and lived up to my expectations. Has improved my understanding of the EU refining industry - current & future problems as well as solutions"
Saudi Aramco
"...high quality of speakers. It provides an insightful view of current status of the EU refining sector, and the main challenges which we are currently facing"
Saras
China-Russia JV Tianjin refinery gets right to export oil products
China has granted the future Tianjin refinery, a joint project of Russia's Rosneft and China National Petroleum Corporation (CNPC), the right to export its oil products, Russia's President Vladimir Putin said at a conference Friday.
"Today, at a bilateral meeting the leader of the People's Republic of China, Hu Jintao, has informed us that the Tianjin joint venture will receive the right to buy and sell oil products, export them and supply to the domestic market," Putin said at the Asia-Pacific Economic Cooperation CEO Summit in Russia's Vladivostok.
It is the first time Chinese authorities have granted such a right to a project with foreign capital, Putin said, adding that this is another step in further improving economic relations between China and Russia.
The decision is to support efficiency of the joint project, Rosneft CEO Igor Sechin told reporters on the sidelines of the summit.
"Today, at a bilateral meeting the leader of the People's Republic of China, Hu Jintao, has informed us that the Tianjin joint venture will receive the right to buy and sell oil products, export them and supply to the domestic market," Putin said at the Asia-Pacific Economic Cooperation CEO Summit in Russia's Vladivostok.
It is the first time Chinese authorities have granted such a right to a project with foreign capital, Putin said, adding that this is another step in further improving economic relations between China and Russia.
The decision is to support efficiency of the joint project, Rosneft CEO Igor Sechin told reporters on the sidelines of the summit.
Market Data - Natural Gas
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Market Data - Oil
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Singapore Import, Export, Re-Export
ATLANTIC THERMAL COAL : Atlantic spot prices move up on crude oil rally
Two thermal coal spot trades in both the European-delivered and South African FOB markets went through Thursday morning at slightly firmer levels on higher crude oil prices as coal fundamentals remain subdued, sources said.
In the European-delivered CIF ARA market, a 50,000 mt November DES Amsterdam-Rotterdam generic origin cargo traded through London Commodity Brokers at $93/mt with exchange of futures for physical (EFP)terms attached, 20 cents higher than a similar deal Wednesday and up 75 cents on Platts 90-day CIF ARA price Wednesday.
A 75,000 mt Richards Bay November-loading shipment with EFP was done at $89/mt FOB via the globalCOAL screen, 25 cents lower than the last reported trade Monday but 90 cents higher than Platts' 90-day Richards Bay FOB assessment Wednesday.
Sources said both trades involved two northwest European utilities.
Participants said that there are no new developments in the Atlantic basin, with European buyers comfortably supplied with shipments from most origins overshadowing healthy demand for coal.
A utility source said both Colombian and Russian supplies in the Atlantic are abundant, while US-origin coal "hasn't priced in [to Europe] for months and it still doesn't".
Earlier in the week, a source estimated estimated the cost of replacement of US East Coast material at around $5-$6/mt over current CIF ARA spot prices.
At the same time, the Asia-Pacific basin is still struggling to find significant buying demand from main end users China and India, particularly for standard South African RB1 6,000 kcal/kg NAR material.
In the European-delivered CIF ARA market, a 50,000 mt November DES Amsterdam-Rotterdam generic origin cargo traded through London Commodity Brokers at $93/mt with exchange of futures for physical (EFP)terms attached, 20 cents higher than a similar deal Wednesday and up 75 cents on Platts 90-day CIF ARA price Wednesday.
A 75,000 mt Richards Bay November-loading shipment with EFP was done at $89/mt FOB via the globalCOAL screen, 25 cents lower than the last reported trade Monday but 90 cents higher than Platts' 90-day Richards Bay FOB assessment Wednesday.
Sources said both trades involved two northwest European utilities.
Participants said that there are no new developments in the Atlantic basin, with European buyers comfortably supplied with shipments from most origins overshadowing healthy demand for coal.
A utility source said both Colombian and Russian supplies in the Atlantic are abundant, while US-origin coal "hasn't priced in [to Europe] for months and it still doesn't".
Earlier in the week, a source estimated estimated the cost of replacement of US East Coast material at around $5-$6/mt over current CIF ARA spot prices.
At the same time, the Asia-Pacific basin is still struggling to find significant buying demand from main end users China and India, particularly for standard South African RB1 6,000 kcal/kg NAR material.
Oil ends higher on ECB plan, supply report
Prices lose steam, however, as session progressed
Oil ends higher on ECB plan, supply report
Prices lose steam, however, as session progressed
SAN FRANCISCO (MarketWatch) — Crude-oil futures rose Thursday as traders cheered the European Central Bank’s plan to buy bonds from beleaguered euro-zone countries, and after a report showed a larger-than-expected drop in supplies.
Further support came from positive macroeconomic reports from the U.S. With prices getting closer to $98 a barrel, however, oil faced some headwinds and ended just modestly higher.
Crude futures for October delivery CLV2 -0.28% gained 17 cents, or 0.2%, to $95.53 a barrel on the New York Mercantile Exchange. It had traded as high as $97.71 a barrel earlier.
Despite the slew of positive news, it’s unlikely that oil will return to $100 a barrel in the short term, said Matt Smith, an analyst with Summit Energy in Kentucky. “We are nearing the top of the range, there’s not enough strength on the demand side to push us on to triple digits,” he said.
The Energy Information Administration reported a decline of 7.4 million barrels in crude supplies in the week ended Aug. 31, which closely matched a trade group’s report a day earlier.
Analysts polled by Platts had expected a decline of 5 million barrels.
Oil had traded at $97.36 a barrel moments before the data.
The EIA also reported gasoline stockpiles dropped 2.3 million barrels, and supplies of distillates rose 1 million barrels.
Gasoline for October delivery RBV2 +1.28% added 4 cents, or 1.4%, to settle at $2.99 a gallon.
October heating oil HOV2 -0.16% gained 2 cents, or 0.8%, to end at $3.14 a gallon.
The analysts surveyed by Platts had expected to see gasoline inventories down 3.5 million barrels and distillate supplies down 1.5 million barrels.
The EIA report was a day later than usual due to the Labor Day holiday.
The agency also reported on natural-gas supplies on Thursday, showing an increase of 28 billion cubic feet for the week. Analysts had expected an increase around 36 bcf.
October natural gas NGV12 -2.88% declined 2 cents, or 0.7%, to settle at $2.78 per million British thermal units. Prices had seesawed between gains and losses.
Earlier Thursday, ECB President Mario Draghi detailed the bond-buying plan, to counter what he described as “unfounded fears” about the viability of the euro.
A weaker dollar also offered some support for energy commodities. The ICE dollar index DXY -1.12% , which measures the greenback against a basket of six rival currencies, declined to 81.086 from 81.253 late Wednesday.
Oil ends higher on ECB plan, supply report
Prices lose steam, however, as session progressed
SAN FRANCISCO (MarketWatch) — Crude-oil futures rose Thursday as traders cheered the European Central Bank’s plan to buy bonds from beleaguered euro-zone countries, and after a report showed a larger-than-expected drop in supplies.
Further support came from positive macroeconomic reports from the U.S. With prices getting closer to $98 a barrel, however, oil faced some headwinds and ended just modestly higher.
Crude futures for October delivery CLV2 -0.28% gained 17 cents, or 0.2%, to $95.53 a barrel on the New York Mercantile Exchange. It had traded as high as $97.71 a barrel earlier.
Despite the slew of positive news, it’s unlikely that oil will return to $100 a barrel in the short term, said Matt Smith, an analyst with Summit Energy in Kentucky. “We are nearing the top of the range, there’s not enough strength on the demand side to push us on to triple digits,” he said.
The Energy Information Administration reported a decline of 7.4 million barrels in crude supplies in the week ended Aug. 31, which closely matched a trade group’s report a day earlier.
Analysts polled by Platts had expected a decline of 5 million barrels.
Oil had traded at $97.36 a barrel moments before the data.
The EIA also reported gasoline stockpiles dropped 2.3 million barrels, and supplies of distillates rose 1 million barrels.
Gasoline for October delivery RBV2 +1.28% added 4 cents, or 1.4%, to settle at $2.99 a gallon.
October heating oil HOV2 -0.16% gained 2 cents, or 0.8%, to end at $3.14 a gallon.
The analysts surveyed by Platts had expected to see gasoline inventories down 3.5 million barrels and distillate supplies down 1.5 million barrels.
The EIA report was a day later than usual due to the Labor Day holiday.
The agency also reported on natural-gas supplies on Thursday, showing an increase of 28 billion cubic feet for the week. Analysts had expected an increase around 36 bcf.
October natural gas NGV12 -2.88% declined 2 cents, or 0.7%, to settle at $2.78 per million British thermal units. Prices had seesawed between gains and losses.
Earlier Thursday, ECB President Mario Draghi detailed the bond-buying plan, to counter what he described as “unfounded fears” about the viability of the euro.
A weaker dollar also offered some support for energy commodities. The ICE dollar index DXY -1.12% , which measures the greenback against a basket of six rival currencies, declined to 81.086 from 81.253 late Wednesday.
Today's oil price
$95.28 per barrel
Daily change of 0.25 ( 0.26% )
Oil Quote Updated Sep-07-12 10:00 AM
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