Trump approval rating hitting new highs. coup d’état complete. – page 2 wholesale electricity prices by state

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“Floating storage does seem … viable assuming time charter rates of under $20,000 per day,” said Rachel Yew, oil and tanker market analyst at Oceanfreightexchange.Current rates to charter a five-year-old 300,000 DWT for one year are $27,000 per day, according to shipping services firm Clarkson. Rates for VLCCs at least a decade-old are much cheaper.“It makes a lot of sense for a trader to pay $16,000-$19,000 per day to take an older VLCC for 30-90 days to store oil,” said a Singapore-based supertanker broker, asking not to be identified.The festering supply glut comes even as the Organization of the Petroleum Exporting Countries (OPEC) pushes to withhold production until the end of the first quarter of 2018.

A shortage of spare onshore storage in China, as well as an expectation that new Chinese crude import quotas for independent refineries will be announced soon, are also playing a role in putting crude into tanker storage in Southeast Asia.“Once China’s quota are released, you want to have oil close to China. Because onshore storage there is pretty full, the next easiest location is around Singapore and Malaysia,” said one trader.“This expectation of new Chinese orders also helps explain why future crude is more expensive than current crude. That’s why we store it for later sale,” he added.

“Floating storage does seem … viable assuming time charter rates of under $20,000 per day,” said Rachel Yew, oil and tanker market analyst at Oceanfreightexchange.Current rates to charter a five-year-old 300,000 DWT for one year are $27,000 per day, according to shipping services firm Clarkson. Rates for VLCCs at least a decade-old are much cheaper.“It makes a lot of sense for a trader to pay $16,000-$19,000 per day to take an older VLCC for 30-90 days to store oil,” said a Singapore-based supertanker broker, asking not to be identified.The festering supply glut comes even as the Organization of the Petroleum Exporting Countries (OPEC) pushes to withhold production until the end of the first quarter of 2018.

A shortage of spare onshore storage in China, as well as an expectation that new Chinese crude import quotas for independent refineries will be announced soon, are also playing a role in putting crude into tanker storage in Southeast Asia.“Once China’s quota are released, you want to have oil close to China. Because onshore storage there is pretty full, the next easiest location is around Singapore and Malaysia,” said one trader.“This expectation of new Chinese orders also helps explain why future crude is more expensive than current crude. That’s why we store it for later sale,” he added.

That sounds cool but tell that to people trying to get money for gas so they can get back n forth from work. Ya know, you been telling us Donnie is a man of the people and loves the working man…those people aren’t concerned about a stable oil price….they are worried about eating today.

Get out of that stock world view Roy….very few people (trump voters especially) involved in the markets.Trump is good but he ain’t God. The oil market is the largest market in the world. kelly, oil is already stored in rather huge quantities. If it wasn’t it would have a trading range of $1 to $1000. The US typically keeps a 40 day supply. Oil storage is very expensive and limited by the amount of storage units..fyi.

vitty I heard DT the other day say he doesn’t want the price rising and is pressuring the Saudis to cheat a little on OPEC. Luckily this POTUS has a great relationship with them. But longer term we need to give wildcatters incentive to drill. I do agree the working man can’t spend his money in the economy if it’s going in his gas tank.

The 14-member oil producer group raised its forecast for global oil demand in 2018 slightly, pointing to strong growth in developed and emerging economies in the first quarter. It now expects the world to consume 98.85 million barrels a day, up 1.65 million barrels a day from last year.

OPEC anticipates drillers outside its group will pump 59.62 million barrels a day this year, or 1.72 million barrels a day more than last year. U.S. drillers will account for about 89 percent of that growth, with Canada, Brazil, the U.K. and Kazakhstan also pumping more, according to OPEC.

U.S. drillers are producing a record 10.7 million barrels a day, according to preliminary weekly data from the Energy Information Administration. The United States is quickly approaching top producer Russia, which pumps about 11 million barrels daily.

It means the global economy and the US in particular are growing. But there is supply out there. Growth is winning in the near term and problems in Iran have the effect of buyers buying up futures to be safe. My guess is we see $80 and then take a slow ride down to about $60.

The 14-member oil producer group raised its forecast for global oil demand in 2018 slightly, pointing to strong growth in developed and emerging economies in the first quarter. It now expects the world to consume 98.85 million barrels a day, up 1.65 million barrels a day from last year.

OPEC anticipates drillers outside its group will pump 59.62 million barrels a day this year, or 1.72 million barrels a day more than last year. U.S. drillers will account for about 89 percent of that growth, with Canada, Brazil, the U.K. and Kazakhstan also pumping more, according to OPEC.

U.S. drillers are producing a record 10.7 million barrels a day, according to preliminary weekly data from the Energy Information Administration. The United States is quickly approaching top producer Russia, which pumps about 11 million barrels daily.

It means the global economy and the US in particular are growing. But there is supply out there. Growth is winning in the near term and problems in Iran have the effect of buyers buying up futures to be safe. My guess is we see $80 and then take a slow ride down to about $60.All that pumping will result in a surplus? Dropping the price again?

The 14-member oil producer group raised its forecast for global oil demand in 2018 slightly, pointing to strong growth in developed and emerging economies in the first quarter. It now expects the world to consume 98.85 million barrels a day, up 1.65 million barrels a day from last year.

OPEC anticipates drillers outside its group will pump 59.62 million barrels a day this year, or 1.72 million barrels a day more than last year. U.S. drillers will account for about 89 percent of that growth, with Canada, Brazil, the U.K. and Kazakhstan also pumping more, according to OPEC.

U.S. drillers are producing a record 10.7 million barrels a day, according to preliminary weekly data from the Energy Information Administration. The United States is quickly approaching top producer Russia, which pumps about 11 million barrels daily.

It means the global economy and the US in particular are growing. But there is supply out there. Growth is winning in the near term and problems in Iran have the effect of buyers buying up futures to be safe. My guess is we see $80 and then take a slow ride down to about $60.