Houston CeraWeek energy conference cancelled
The annual CeraWeek energy conference in Houston, Texas, scheduled for later this month has been cancelled over mounting concerns about the spread of the coronavirus, the organizer said today.
The event hosted by consultancy IHS Markit brings tens of thousands of visitors to Houston every year to network and hear from heads of state, Opec representatives, company executives and others.
The 9-13 March event was cancelled because of the raised threat level by the World Health Organization (WHO) on 28 February, travel bans by companies, border health checks and growing concerns about large conferences with people coming from different parts of the world, IHS Markit said. Delegates from over 80 countries were expected to participate in the event this year.
The US is expanding travel restrictions as the virus spreads, including advising against travel to parts of Italy and South Korea as those countries see a rapid increase in the number of diagnosed coronavirus infections.
The US is also considering closing the border with Mexico in response to the virus, President Donald Trump said during a press conference yesterday. Mexico has reported four cases of coronavirus so far.
There have been more than 85,000 coronavirus cases documented globally and 2,900 fatalities, most of them in China. The US reported its first coronavirus related death this weekend.
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Citgo auction result delayed by last-minute motions
Citgo auction result delayed by last-minute motions
Houston, 20 September (Argus) — The US court-appointed special master who has been tasked with overseeing the auction of Venezuelan state-owned PdV's US refining subsidiary, Citgo, Robert Pincus, plans to object to a last-minute motion by the Venezuelan government to delay the sale process by four months. Caracas and PdV filed a motion on 17 September looking to pause the sale of Citgo, which is being auctioned off to settle debts owed by PdV. Pincus is also dealing with last-minute legal challenges outside of the Delaware courts overseeing the sale by "alter-ego" claimants looking to "circumvent" the sales process and "jump the line" for enforcing claims against PdV, he said. Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Libya blockade pushes European buyers to other crudes
Libya blockade pushes European buyers to other crudes
London, 20 September (Argus) — Libya is still exporting crude nearly a month after its eastern-based administration imposed a blockade on oil fields and terminals, but a significant reduction in loadings has prompted key European customers to turn to alternative grades. Libya exported around 389,000 b/d of crude in the 1-19 September period, according to Argus tracking data, a sharp drop from 932,000 b/d during the same period in August when Libya's pre-blockade crude output was close to 1mn b/d. Assuming Libya is keeping some crude for domestic refining and power generation, current production may now be closer to 500,000 b/d — up from previous Argus estimates of around 300,000 b/d . The September exports are largely occurring under state-owned NOC's crude-for-products programme. This potentially bypasses the central bank, which has been at the centre of the political impasse that sparked the blockade . Nearly half of Libyan loadings so far this month, or 189,000 b/d, have headed to Italy, according to Argus tracking. But Italy's Libyan intake averaged 329,000 b/d over January-August, so the country has sought alternatives to replace the shortfall this month. Two cargoes of Algeria's light sweet Saharan Blend amounting to 67,000 b/d arrived in Italy in the 1-19 September period, after no cargoes in August and just one in July. Exports of Caspian light sour CPC Blend to Italy have jumped to 561,000 b/d so far this month, up from 410,000 b/d over 1-19 August and 520,000 b/d over 1-19 July, according to port reports. Availability of CPC Blend was constrained in August by maintenance at Kazakhstan's 600,000 b/d Tengiz field. Around 92,000 b/d of Libyan crude headed for Spain in the first eight months of this year, but none has loaded for the country so far in September. Exports of CPC Blend to Spain rose to 96,000 b/d over 1-19 September, up on the 37,000 b/d shipped during the same periods in each of August and July. By Melissa Gurusinghe Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Iraq’s Somo sells rare Qayara crude cargo in tender
Iraq’s Somo sells rare Qayara crude cargo in tender
Singapore, 20 September (Argus) — Iraq's state-owned oil marketer Somo sold a rare cargo of heavy sour Qayara crude via tender to US firm Valero Energy for loading in October. Somo had offered up to 2mn bl of Qayara (Qaiyarah) crude, to load between 25 September to 15 October, through a tender on the platform of price reporting agency Platts on 19 September. US firm Valero Energy was awarded 500,000 bl of Qayara for loading on 8-10 October at a $28.30/bl discount to the average of Dubai and Oman assessments, traders said. It was unclear if Valero intends to process the cargo at one of its refineries in northern America or the United Kingdom, or if the firm plans to resell the cargo. The Qayara volumes offered by Somo had been marked as free-destination and available for resale. Details of the cargo's specification was not listed in Somo's latest tender, but in a previous tender issued by Somo in 2023, the grade was specified as being of about 15.6°API and with sulphur content of about 6.3pc. By YouLiang Chay Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
LNG-burning vessels well positioned ahead of 2025
LNG-burning vessels well positioned ahead of 2025
New York, 19 September (Argus) — Vessels outfitted with dual-fuel LNG-burning engines are poised to have the lowest marine fuel expense heading into 2025 when the EU will tighten its marine EU emissions trading system (ETS) regulations and add a new regulation, " FuelEU", from 1 January 2025. Considering both regulations, at current price levels, fossil LNG (also known as grey LNG) will be priced the cheapest compared with conventional marine fuels and other commonly considered alternative fuels such as biodiesel and methanol. The EU's FuelEU maritime regulation will require ship operators traveling in, out and within EU territorial waters to gradually reduce their greenhouse gas (GHG) intensity on a lifecycle basis, starting with a 2pc reduction in 2025, 6pc in 2030 and so on until getting to an 80pc drop, compared with 2020 base year levels. The FuelEU GHG intensity maximum is set at 85.69 grams of CO2-equivalent per MJ (gCO2e/MJ) from 2030 to 2034, dropping to 77.94 gCO2e/MJ in 2035. Vessel pools exceeding the FuelEU's limits will be fined €2,400/t ($2,675/t) of very low-sulphur fuel oil (VLFSO) energy equivalent. GHG emissions from grey LNG vary depending on the type of marine engine used to burn the LNG, but ranges from about 76.3-92.3 gCO2e/MJ, according to non-governmental environmental lobby group Transport & Environment. This makes a number of LNG-burning, ocean-going vessels compliant with FuelEU regulation through 2034. The EU's ETS for marine shipping commenced this year and requires that ship operators pay for 40pc of their GHG generated on voyages within, in and out of the EU. Next year, the EU ETS emissions limit will increase to 70pc. Even with the added 70pc CO2 emissions cost, US Gulf coast grey LNG was assessed at $639/t VLSFOe, compared with the second cheapest VLSFO at $689/t, B30 biodiesel at $922/t and grey methanol at $931/t VLSFOe average from 1-18 September (see chart). "In 2025, we expect [US natural gas] prices to rise as [US] LNG exports increase while domestic consumption and production remain relatively flat for much of the year," says the US Energy Information Administration. "We forecast the Henry Hub price to average around $2.20/million British thermal units (mmBtu) in 2024 and $3.10/mmBtu in 2025." Provided that prices of biodiesel and methanol remain relatively flat, the projected EIA US 2025 LNG price gains would not affect LNG's price ranking, keeping it the cheapest alternative marine fuel option for ship owners traveling between the US Gulf coast and Europe. LNG for bunkering global consumption from vessels 5,000 gross tonnes and over reached 12.9mn t in 2023, according to the International Maritime Organization (IMO), up from 11mn t in 2022 and 12.6mn t in 2021. The maritime port authority of Singapore reported 111,000t of LNG bunker sales and the port authorities of Rotterdam and Antwerp reported 319,000t in 2023 from all size vessels. Among vessels 5,000 gross tonnes and over, LNG carriers accounted for 89pc of LNG bunker demand globally, followed by container ships at 3.6pc, according to the IMO. The large gap between LNG global and LNG Singapore, Rotterdam, and Antwerp bunker demand, is likely the result of most of the demand taking place at the biggest LNG export locations where LNG carriers call, such as the US Gulf coast, Qatar, Australia, Russia and Malaysia. By Stefka Wechsler USGC bunkers and bunker alternatives $/t VLSFOe Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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