• 4 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 7 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 11 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 15 minutes Wonders of Shale- Gas,bringing investments and jobs to the US
  • 12 hours Apartheid Is Still There: Post-apartheid South Africa Is World’s Most Unequal Country
  • 4 hours Visualizing How Much Oil Is In An Electric Vehicle (Hint: a heckuva lot)
  • 4 hours Theresa May to Step Down
  • 5 hours Look at the LONGER TERM bigger picture of international oil & gas. Ignore temporary hiccups.
  • 15 hours Total nonsense in climate debate
  • 15 hours IRAN makes threats, rattles sabre . . . . U.S. makes threats, rattles sabre . . . . IRAQ steps up and plays the mediator. THIS ALLOWS BOTH SIDES TO "SAVE FACE". Then serious negotiations start.
  • 15 hours Evil Awakens: Fascist Symbols And Rhetoric On Rise In Italian EU Vote
  • 18 hours Will Canada drop Liberals, vote in Conservatives?
  • 19 hours Trump needs to educate US companies and citizens on Chinese Communist Party and People's Liberation Army. This is real ECONOMIC WARFARE. To understand Chinese warfare read General Sun Tzu's "Art of War" . . . written 500 B.C.
  • 19 hours Canada's Uncivil Oil War : 78% of Voters Cite *Energy* as the Top Issue
  • 15 hours Apple Boycott in China
  • 11 hours Australian Voters Reject 'Climate Change' Politicians
  • 2 hours Why is Strait of Hormuz the World's Most Important Oil Artery
Washington Targets Russia With Yet More Sanctions

Washington Targets Russia With Yet More Sanctions

Washington is preparing yet another…

The Fear Factor Is Back For Oil

The Fear Factor Is Back For Oil

While fundamentals suggest lower oil…

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