Trump taps Vance as running mate for 2024
Former president Donald Trump has selected US senator JD Vance (R-Ohio) as his vice presidential pick for his 2024 campaign, elevating a former venture capitalist and close ally to become his running mate in the election.
Vance, 39, is best known for his bestselling memoir Hillbilly Elegy that documented his upbringing in Middletown, Ohio, and his Appalachian roots. In the run-up to the presidential elections in 2016, Vance said he was "a never Trump guy" and called Trump "reprehensible." But he has since become one of Trump's top supporters and adopted many of his policies on the economy and immigration. Vance voted against providing more military aid to Ukraine and pushed Europe to spend more on defense.
Trump said he chose his running mate after "lengthy deliberation and thought," citing Vance's service in the military, his law degree and his business career, which included launching venture capital firm Narya in 2020. Vance will do "everything he can to help me MAKE AMERICA GREAT AGAIN," Trump said today in a social media post.
Like Trump, Vance has pushed to increase domestic oil and gas production and criticized government support for electric vehicles. President Joe Biden's energy policies have been "at war" with workers in states that are struggling because of the importance of low-cost energy to manufacturing, Vance said last month in an interview with Fox News.
Trump made the announcement about Vance on the first day of the Republican National Convention in Milwaukee, Wisconsin, and just two days after surviving an assassination attempt during a campaign event in Pennsylvania.
Earlier today, federal district court judge Aileen Cannon threw out a felony indictment that alleged Trump had mishandled classified government documents after leaving office.
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Francine moves inland as tropical depression
Francine moves inland as tropical depression
New York, 12 September (Argus) — Hurricane Francine weakened to a tropical depression on Thursday after slamming into southern Louisiana as a Category 2 hurricane the previous evening and spurring offshore operators to shut in around 39pc of oil output in the Gulf of Mexico. Francine was last about 30 miles south of Jackson, Mississippi, according to an 8am ET advisory from the National Hurricane Center, with maximum sustained winds of 35mph. The storm will move over central and northern portions of Mississippi through early Friday bringing heavy rains. Offshore oil and gas operators including Shell, ExxonMobil and Chevron evacuated workers and shut in production from some of their offshore operations in advance of Francine, while a number of ports, including New Orleans, Louisiana, shut down. About 674,833 b/d of offshore oil output was off line as of 12:30pm ET Wednesday, according to the Bureau of Safety and Environmental Enforcement (BSEE), while 907mn cf/d of natural gas production, or 49pc of the region's output, was also off line. Operators evacuated workers from 171 platforms. Shell said Wednesday evening that production at its Perdido, Auger, and Enchilada/Salsa facilities in the Gulf of Mexico remained shut in, but it would reassess its position as offshore conditions improve. BP said it temporarily shut down and evacuated personnel from its Castrol lubricants facility in Port Allen, Louisiana. By Stephen Cunningham Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Tanker freight rates expected to rise from 4Q: Appec
Tanker freight rates expected to rise from 4Q: Appec
Singapore, 12 September (Argus) — Tanker freight rates are expected to pick up in October-December and into next year's first quarter on recovering demand for dirty tankers, delegates said at the S&P Global Commodity Insights Appec conference in Singapore. Clean tanker freight rates for Long Range (LR) 2 and LR1 vessels fell in the third quarter because of competition from dirty tankers, Rohit Radhakrishnan, general manager, tanker and gas, Pacific Carriers, said at the conference on 11 September. Rates were dampened on higher competition from increased vessel supply, largely because several dirty tankers such as very large crude carriers (VLCCs) switched to ship clean products. A fully laden VLCC equates to slightly more than three LR2 cargoes, which are the vessels normally used to ship diesel and gasoil from the Middle East to Europe. This was in line with a trend since July when several dirty tankers such as VLCCs were booked to carry clean petroleum products from the Mideast Gulf and Asia to Europe, given weak seasonal demand for VLCCs in the northern hemisphere and higher time-charter equivalent (TCE) rates for clean LR vessels. But the dirty tanker freight market has risen since late last week. With the recent increase in demand for dirty tankers, its $/t discount with clean tankers has decreased, said Peter Kolding, vice president of commercial and pool management at Hafnia, a tanker company. As the winter season is also coming up, demand should increase, lending a general recovery in the fourth-quarter rates, Kolding added. VLCC freight rates have steadily moved higher from about 11 months-low because of active chartering activity late last week, with several freight participants also noting that they have already touched a bottom and should continue rebounding. The Argus -assessed rate for a VLCC carrying a dirty cargo from the Mideast Gulf to southeast Asia rose to $7.52/t on 11 September, from the 11 months-low of $6.49/t on 4 September. Tanker freight rates in 2025 will still be strong compared with past years, Radhakrishnan said, but might be slightly weaker than in 2024. With freight rates in the first quarter being seasonally strong, the market should be off to a good start, Kolding added, but noted that "we still got to keep an eye on geopolitical effects." The Red Sea conflict has played a huge part in freight rates this year because of increased tonne-mile demand and costs as vessels reroute through the Cape of Good Hope, said Kolding, adding that it would take a while for the conflict to be resolved. Rates could also find further support if crude prices continue to fall, attracting charterers to book tankers such as VLCCs as offshore storage for oil, the conference moderator said. By Sean Zhuang Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Production cuts lift Asian seaborne bitumen values
Production cuts lift Asian seaborne bitumen values
Singapore, 12 September (Argus) — Tighter export supplies from production cuts and firmer import demand from southeast Asia has lifted seaborne Asian bitumen prices to their highest level since last year's final quarter. Argus assessed the weekly fob Singapore ABX 1 at $452.50/t on 6 September, the highest since early December 2023 and up by $7/t from the previous week. Argus assessed the weekly fob South Korea ABX 2 at $446/t on 6 September, the highest since the end of October 2023 and up by $3.50/t from a week earlier. Argus assessed weekly fob Thailand and fob Taiwan prices at $450/t on 6 September, up by $7.50/t from the previous week. This was their highest since mid-November and early December respectively. Export supplies have been curbed from Singapore, South Korea, Thailand and Taiwan since this year's second quarter because of strong high-sulphur fuel oil (HSFO) prices and weaker export margins . The daily fob Singapore ABX 1 was trading at a discount of about $75-80/t to 3.5pc 380cst HSFO fob Singapore values in March. The discount widened to $107.75/t to HSFO on 5 July, the widest this year. Enquiries were weak especially from monsoon-hit Vietnam , with higher availability of relatively cheaper Middle East-origin cargoes also depressing domestic values and reducing buying capacity. Import demand from south China continues to be weak from higher inventories and limited consumption. This is despite its existing production cuts. Only Indonesia was seeking some volumes to restock. Some Indonesian importers have been seeking October-December laycan cargoes in advance before Singapore's export supplies dry up, ahead of the year-end peak demand season. At least two importers have issued import tenders to secure October cargoes. But drier weather and the return of some national highway and maintenance projects in central and north Vietnam, along with unusually higher domestic demand in Thailand , increased enquiries for Singapore and Taiwan cargoes this quarter that supported prices. Importers from southeast Asia are also seeking other Asia-origin cargoes. This strengthened enquiries for South Korea-origin cargoes , for which southeast Asia is not a major market. Prolonged weak demand from traditional importer east China because of competitive domestic offers made South Korean cargoes available for southeast Asian buyers but demand continued to outpace supplies. Limited output At least two of three refineries in Singapore were under partial turnaround this quarter. The Singapore Refining Company's 290,000 b/d refinery is expected to return towards the end of September, while Shell's 237,000 b/d Pulau Bukom refinery is estimated to resume around mid-October. A Yeosu-based refiner in South Korea issued a tender to sell about 5-6 cargoes each month for loading across the fourth quarter from its 800,000 b/d refinery. But an Onsan-based 669,000 b/d refiner did not issue an export tender for September-laycan cargoes for unspecified reasons. Market participants are unsure if an export tender for October cargoes will be issued. Export supplies from Taiwan were also limited with refiners mostly catering to their term commitments. Thailand's 275,000 b/d Sriracha refinery and 215,000 b/d Rayong refinery limited production, while the 175,000 b/d Map Ta Phut refinery has opted to produce more fuel oil. A refinery in Malaysia had halted bitumen sales since mid-June because of limited production and is likely to return next month. This increased demand for Singapore-origin tank truck cargoes and some Singapore refiners allocated more volumes for tank truck sales, further limiting export supplies. Export supplies in Asia are expected to be tight in the short term despite seaborne prices currently trading at a premium to HSFO values, market participants close to refiners told Argus , indicating that bitumen production might not increase soon. Bitumen has been at a premium to HSFO values since the end of August. Argus assessed the daily fob Singapore ABX 1 at $460/t on 11 September, at a $48.25/t premium to 3.5pc 380cst HSFO fob Singapore that was assessed at $411.75/t. By Sathya Narayanan, Claire Ng and Chloe Choo Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Taipower settles term coal deals below spot rates
Taipower settles term coal deals below spot rates
Singapore, 12 September (Argus) — Taiwanese state-owned utility Taipower has settled its thermal coal term contracts with Australian producers at $137.44/t fob, below spot market rates, a source close to the matter said. Taiwanese buyers have traditionally referred to the fixed price in the term contracts between Switzerland-based mining and trading firm Glencore and Japanese utility Tohoku Electric Power for their deals. But prolonged stalling in price negotiations between Glencore and Tohoku has prompted Taipower to settle its contracts without the reference price. The settlement has not been officially confirmed by Taipower. Taipower's latest contract deal with its Australian suppliers signals a move away from the long-time practice of using the Glencore-Tohoku price, also known as the Japanese reference price (JRP), as a pricing cue. The price negotiations between Glencore and Tohoku for term contracts that start in April have historically involved the largest volume of coal supplied from Australia to Japan. The JRP serves as a reference for other Australian coal producers and Japanese utilities. It is also followed by other Asian coal buyers including those in Taiwan, Thailand and the Philippines. Taipower and its Australian suppliers agreed to the price of $137.44/t fob in July-August this year for GAR 6,322 kcal/kg coal, the source told Argus . The price applies to term contracts that run from January-December this year. Price negotiations for these contracts usually start in April of the same year, after the contracts have started running. Taipower has a few contracts with Glencore for the supply of Australian coal, but these contracts have not been settled because the two parties have yet to agree on the price, the source said. They expect to conclude price negotiations for these contracts by the end of September. The source did not disclose the volume involved in any of Taipower's term contracts. Taipower's settlement price was lower than the spot market rates at the time when the price was agreed upon. The price of high-calorific value (CV) NAR 6,000 kcal/kg coal rose in August to above $140/t fob, according to Argus' assessment. This was because traders anticipated greater demand for thermal coal on concerns about natural gas supply because of the Russia-Ukraine conflict. The price of high-CV coal rose by 7pc from 2 August to 16 August, to $145.41/t fob Newcastle. It has since pulled back and was last recorded at $140.82/t fob on 6 September. Glencore may have tried to fix the JRP at $145.95/t fob through a smaller deal with a Japanese firm. It had signed a term contract with another Japanese firm that was not Tohoku in March at this price for the supply of high-CV Australian coal, market participants said at the time. Some Japanese utilities, steel mills and industrial users had followed the cue and settled their contracts at the same price. By Jinhe Tan Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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