• 6 minutes Corporations Are Buying More Renewables Than Ever
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 23 minutes Starvation, horror in Venezuela
  • 9 hours Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 2 days Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 1 day Renewable Energy Could "Effectively Be Free" by 2030
  • 1 day Saudi Fund Wants to Take Tesla Private?
  • 2 hours China goes against US natural gas
  • 2 days Mike Shellman's musings on "Cartoon of the Week"
  • 2 days Venezuela set to raise gasoline prices to international levels.
  • 2 days The Discount Airline Model Is Coming for Europe’s Railways
  • 2 days Pakistan: "Heart" Of Terrorism and Global Threat
  • 2 days Are Trump's steel tariffs working? Seems they are!
  • 9 hours Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 3 days Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 1 day Why hydrogen economics does not work
LNG: China’s Biggest Weapon In The Trade War

LNG: China’s Biggest Weapon In The Trade War

The trade war between the…

Iran Sanctions Could Backfire On U.S. Drillers

Iran Sanctions Could Backfire On U.S. Drillers

After the U.S. announced new…

North Sea Floating Oil Stockpiles Almost Halve In Two Weeks

North Sea

Crude oil stored on tankers idling in the North Sea has shrunk from 12 million barrels two weeks ago to just 6.6 million barrels, Paris-based energy data provider Kpler reports, adding that the tankers are shipping the crude to Asia.

There are now two fully loaded Very Large Crude Carriers (VLCC) at the Southwold hub on the British coast, and two VLCC that are partially loaded. Also, loadings at the Hound Point terminal since the start of August have declined, Kpler notes, helping the stockpiles draw. So far this month, one VLCC and three Aframax tankers have been loaded at the port, compared with four VLCCs and three Aframaxes in July. The August loadings are the lowest year-to-date.

Global floating oil storage is also shrinking. In late July, Kpler reported that the 30-day average as of July 27th had fallen to 71.2 million barrels, from some 100+ million barrels in June. The build, which had been consistent since the start of the year, had dampened any hopes that OPEC’s and Russia’s cuts will work. These latest figures, however, suggest that the market may finally be beginning to return to a more balanced state.

Oil markets remain excessively volatile despite these early signs of a possible rebalancing. The latest tailwind for oil was Hurricane Harvey, which is forecast to hit the Texas coast later today, prompting platform operators in the Gulf to evacuate personnel and refineries to brace for possibly serious damage.

While initially the news of Harvey pulled prices up, yesterday WTI closed with a 2-percent drop, to US$47.43 a barrel on the back of worries that damages caused by the hurricane would affect oil demand from Gulf refineries as they shutdown operations in anticipation of the storm. These worries apparently trumped, at least yesterday, the more usual bullish reaction related to the possibility of production disruptions.  WTI is trading up .51% as of 11:04am EST on Friday as the hurricane draws nearer.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News