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Yemen’s Houthis renew attacks on shipping

  • : Crude oil, Freight
  • 24/08/05

Yemen-based Houthi militants targeted the cargo vessel Groton in the Gulf of Aden with ballistic missiles, said Houthi spokesperson Yahya Saree on 4 August.

The attack is part of a "fourth round of escalation", Saree said, adding that "the hit was accurate". The Houthis targeted the Groton because of a "violation of ban decision of access to the ports of occupied Palestine by the company that owns the ship".

This matches reports from the UK Maritime Trade Operation (UKMTO) of an attack on an unnamed merchant vessel that was hit by a missile in the Gulf of Aden. All crew are safe and there are no observed fires, water entry or oil leaks, UKMTO said on 4 August, adding that the vessel is proceeding to the next port of call.

The latest attack marks the Houthis' first since Israel on 20 July struck the Houthi-controlled Red Sea port of Hodeidah in Yemen, in retaliation for the Houthis' drone attack on Tel Aviv. Saree had vowed an "inevitable" and "huge" retaliation to Israel's assault.

Crude prices rose in response to the renewed Houthi attacks. The Ice front-month October Brent contract on 5 August was at $77.20/bl at 03:21 GMT, up by 0.51pc from its previous settlement. The Nymex front-month September crude contract was at $73.81/bl, up by 0.39pc from its previous settlement.


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Mideast crisis puts Iran’s energy facilities at risk


24/10/04
24/10/04

Mideast crisis puts Iran’s energy facilities at risk

Dubai, 4 October (Argus) — Iran's large-scale missile attack against Israel on 1 October pushed the Mideast Gulf region another step closer to all-out war, with Israel vowing to retaliate hard for what it saw as "a severe and dangerous escalation." But unlike previous exchanges, which have largely targeted military assets, critical energy infrastructure including oil facilities appear this time to be in Israel's crosshairs. President Joe Biden on 3 October said the US and Israel are discussing possible strikes on Iranian oil facilities as part of consultations on a response. The Biden administration would not provide any details and the only objection it has voiced publicly is against the prospect of an Israeli strike on sites associated with Iran's nuclear programme. The escalating conflict in the region, which began with a surprise cross-border attack by Gaza-based Hamas militants on Israel almost one year ago, has had a limited impact on oil prices, because the effect on physical supply has been almost non-existent despite the scale of the fighting and destruction in Gaza, northern Israel and southern Lebanon. Attacks by Iran-backed Houthi militants in Yemen on oil tankers in the Red Sea rerouted some oil trade without affecting global supply. That could change if Israel makes good on its threat to directly target Iranian oil infrastructure and, especially, if Iran retaliates — as it did in 2019 to a US attempt to cut off its exports — with indiscriminate attacks on oil tankers and infrastructure in the Mideast Gulf. But the extent of the effect on global supply and price will ultimately depend on Israel's intentions, and what kind of facilities are hit. "If the objective is to hurt the country economically, then the most obvious target would be Iran's oil export terminals," said Vortexa senior oil risk analyst Armen Azizian. Despite US sanctions, Iran continues to be a major crude producer — the third biggest in Opec — and a notable exporter. Oil exports averaged around 1.55mn-1.6mn b/d in the first half of this year, rising to 1.65mn-1.7mn b/d in July-August. Early indications suggest September exports were higher still. Iran has several terminals from where it exports its crude and condensate, all on its Mideast Gulf coast. But one, on Kharg Island, dwarves all others in terms of importance. "About 90-95pc of Iran's oil exports typically come out of Kharg, with the other 5-10pc coming out of considerably smaller terminals, such as Soroush, Sirri or Lavan," Azizian said. "Hitting one of those smaller streams wouldn't impact Iran too much, operationally. But if they decide to take Kharg offline, we're talking about a hit of around 1.5mn b/d to its export capacity." Knock-on effects When Iran was struggling to sell its oil because of sanctions the US imposed in 2018, it had upwards of 60mn-70mn bl in floating storage. But these have fallen to just shy of 40mn bl, which would only sustain exports of about 1.3mn b/d for a month, Azizian noted. Iran has onshore storage, but many of the biggest tanks are at Kharg, which could be at risk of damage should the terminal be targeted. An attack on Kharg Island would strike at the heart of the Iranian economy, given how big a chunk of Iran's foreign exchange revenues come from the sale of its oil. Nearly all Iran's exports are absorbed by refiners in China's Shandong province. But the effect of potentially removing 1.5mn b/d from global supply would be felt far beyond Iran and China, as global markets would be forced to adapt. Crude futures moved higher this week on the prospect of Israeli strikes against Iran. The Biden administration for the past year has worked to keep the conflict from escalating, in part because of the potential knock-on effects on oil prices — a key consideration in the US election campaign where Biden's vice-president, Kamala Harris, is facing former president Donald Trump. If the confrontation results in an Iranian outage, avoiding a price rise would require a co-ordinated move by the US and other large consumers and, possibly, by the wider Opec+ group, to ensure supplies can be brought to the market. Opec+ is holding back close to 6mn b/d of production under a series of formal and voluntary cuts, which it could bring back sooner than currently planned. But doing so in response to an attack on Iran could stoke tensions within Opec and between Iran and its Mideast Gulf Arab neighbours, which improved relations with Tehran in recent years. The US would be hard pressed to again guarantee the security of key oil infrastructure facilities across the region. The tepid initial US response to a 2019 attack on Saudi state-controlled Aramco's Abqaiq complex and to a 2022 attack on UAE energy facilities prompted regional producers to consider Washington's military security guarantee as falling short. Kpler senior oil analyst Homayoun Falakshahi sees the the probability of an attack on Kharg Island as low, given China's relations with Israel and Iran. "I imagine China will put as much pressure on Israel not to target Iran's exports," Falakshahi said. Refining plans Alternatively, Israel could opt to target one or more of Iran's 10 oil refineries or condensate splitters that are largely concentrated in the west of the country. Discussion at an industry conference in Fujairah this week about a possible Israeli retaliation centred on Iran's largest refinery, the recently expanded 630,000 b/d capacity Abadan in Khuzestan province. Targeting Abadan was seen as a less provocative move, while still providing a warning to Tehran that energy installations are ‘in play' and hitting Iran's domestic products supply. A hit to Abadan would be significant, but not impossible to navigate for Iran, according to Falakshahi, who notes it produces mostly fuel oil, a product primarily consumed domestically with some exported to Fujairah in the UAE, China and Singapore, among other destinations. Abadan produces other products such as gasoline, which Iran has recently had to begin importing again to meet demand, but output is only enough to meet around 12-13pc of consumption. "It will primarily impact the local market, but little else," Falakshahi said. "But not to the same extent as if, say, the 360,000 b/d Persian Gulf Star condensate splitter was targeted, as that alone delivers enough to meet around 20-25pc of local gasoline demand." Gasoline is a politically-sensitive issue in Iran, with even minor changes in the price of the road fuel sometimes sparking charged demonstrations and riots. More than 200 people were killed in riots in November 2019 triggered by a sudden cut to subsidies that resulted in a sharp increase in gasoline prices. Israel has so far not given any public hints as to when it plans to retaliate or how. But with tensions in the region already at the highest they have been for some years, Iran will be on high alert, and upping security where it can. A trading source told Argus that Iran's state-owned NIOC has in recent days moved many of its empty tankers away from Kharg Island. By Nader Itayim Iran’s oil refineries and terminals Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Экспортная пошлина на нефть в Казахстане в октябре снизилась


24/10/04
24/10/04

Экспортная пошлина на нефть в Казахстане в октябре снизилась

Riga, 4 October (Argus) — Ставка экспортной пошлины на нефть в Казахстане в октябре уменьшилась до $77/т с $82/т — в сентябре. Среднее значение котировок сорта Kebco (cif Аугуста) и Североморского датированного в период мониторинга цен с 20 июля по 20 сентября составило $77/барр. по сравнению с $82/барр. — в период предыдущего мониторинга, по данным министерства финансов Казахстана. С сентября 2023 г. ежемесячная ставка пошлины на экспорт нефти и нефтепродуктов в Казахстане меняется при изменении средней мировой цены на $1/барр. вместо прежних $5/барр. в пределах диапазона $25—105/барр. При средней рыночной цене нефти $25—105/барр. размер ставки вывозной таможенной пошлины рассчитывается по следующей формуле: ВТП=Ср*К, где ВТП — размер ставки вывозной таможенной пошлины на нефть и нефтепродукты в долларах США за тонну; Ср — средняя рыночная цена нефти за предшествующий период; К — поправочный коэффициент 1. При значении средней рыночной цены на нефть до $25/барр. размер ставки вывозной таможенной пошлины равен нулю. При цене свыше $105/барр. применяются ставки вывозной пошлины в диапазоне от $115/т до $236/т. Средняя рыночная цена определяется министерством финансов Казахстана ежемесячно на основании мониторинга котировок Kebco и Североморского датированного в течение двух предыдущих месяцев. Полученный результат мониторинга в соответствии с поправками математически округляется до целого числа. По условиям действующих контрактов от уплаты пошлины освобождены крупнейшие экспортеры сырья: Тенгизшевройл (ТШО), Karachaganak Petroleum Operating (KPO) и акционеры NCOC, разрабатывающего месторождение Кашаган. Экспорт сырья из Казахстана в январе — августе снизился до 46 млн т с 47,1 млн т — годом ранее, по данным Ситуационно-аналитического центра топливно-энергетического комплекса Республики Казахстан (САЦ ТЭК). ТШО, КРО и NCOC за указанный период отправили за рубеж 38,7 млн т без уплаты экспортных пошлин. Пошлина на вывоз из Казахстана бензина, дизтоплива, авиакеросина и других дистиллятов в октябре также уменьшится до $77/т с сентябрьских $82/т. Ставка экспортной пошлины на экспорт мазута из Казахстана с 8 сентября составляет $30/т. Согласно внесенным в сентябре изменениям в приказ министерства национальной экономики Казахстана, указанный размер вывозной пошлины на мазут будет действовать в течение всего года. Ставка экспортной пошлины на экспорт вакуумного газойля из Казахстана в октябре составит $60/т. ________________ Больше ценовой информации и аналитических материалов о рынках нефти и нефтепродуктов стран Каспийского региона и Центральной Азии — в еженедельном отчете Argus Рынок Каспия . Вы можете присылать комментарии по адресу или запросить дополнительную информацию feedback@argusmedia.com Copyright © 2024. Группа Argus Media . Все права защищены.

Dockworkers end US port strike


24/10/03
24/10/03

Dockworkers end US port strike

Houston, 3 October (Argus) — US dockworkers have ended a port strike that had shut container terminals from Maine to Texas, after their union late Thursday struck a tentative agreement on wages. The International Longshoremen's Association (ILA) has agreed to extend its contract with the United States Maritime Alliance (USMX) until 15 January to provide time for negotiating the remaining outstanding issues, the ILA said in a statement. The USMX includes containership owners, terminal operators and port associations. "Effective immediately, all current job actions will cease and all work covered by the master contract will resume," the ILA said. The strike, which started on 1 October, had forced containership operators to queue up outside US east coast ports. Major container shipping agencies such as Maersk had initiated surcharges for US east coast and Gulf coast-bound containers later in October. By Jack Kaskey Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

US light vehicle sales surged in September


24/10/03
24/10/03

US light vehicle sales surged in September

Houston, 3 October (Argus) — Domestic sales of light vehicles rebounded in September, increasing to a seasonally adjusted rate of 15.8mn on the strength of greater truck purchases. Sales of light vehicles — trucks and cars — rose from a seasonally adjusted annual of rate 15.3mn in August, the Bureau of Economic Analysis reported today. Sales have whipsawed the previous four months, but September's rate largely was in line with the 15.7mn unit rate in September 2023. The US Federal Reserve last month cut its target rate for the first time since 2020, bringing it down by 50 basis points from its 23-year highs as inflation has been easing. Lower inflation and Fed easing, which ripples across credit markets, make it more affordable for people to purchase new vehicles. Fed policymakers have penciled in another 150 basis points worth of cuts through 2025, as they hope to head off any weakening in the labor market that could scuttle the wider economy. Higher overall sentiment about the US economy, fueled by a robust 3pc growth in gross domestic product (GDP) in the second quarter, healthy labor conditions and consumer spending also have encouraged consumers to spend. Sequentially, light truck sales increased by 3.1pc to a 12.8mn unit rate in September, while sales of cars rose by 4.4pc to a 3mn unit rate in the same time period. By Alex Nicoll Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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