LATEST NEWS

Why Are Oil Markets Suddenly So Volatile?

2019-12-02

The newsfeed this week has been inundated with updates on Aramco’s IPO developments. On the retail side, the Aramco IPO has reached $7.21 billion in subscriptions, bringing the total value for the IPO to somewhere near $25.6 billion. For the institutional side, which was a little slower going, it is possible it is oversubscribed. Abu Dhabi is considering a $1 billion to $1.5 billion stake, and Kuwait is planning to invest $1 billion. Other institutional investors have been less interest.....

Read more
Tankers: VLCCs Under Pressure

2019-12-02

VLCC
Owners’ expectations were firm at the start of the week with the market for 270,000mt Middle East Gulf to China peaking at Worldscale (WS)120. Rates then came under downward pressure with WS115 and WS117.5 agreed for China discharge, and now we understand levels have slipped further with brokers now seeing market closer to very low WS100S. Going west, 280,000mt to US Gulf Cape/Cape was fixed at around WS62, though pressure is building on owners. For 260,000mt from West Afric.....

Read more