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Iran seizes two UK tankers, ratchets up Strait of Hormuz oil flow risks

2 days ago DieselGasoil Comments Off on Iran seizes two UK tankers, ratchets up Strait of Hormuz oil flow risks
Highlights Stena Impero chemical tanker seized, VLCC Mesdar released Iran’s IRGC says it seized Stena Bulk for shipping violation: state TV UK foreign secretary ‘extremely concerned’ by incidents Washington — Iran seized a UK chemical tanker and briefly detained a UK-owned VLCC in the Strait of Hormuz Friday, ratcheting up regional tensions and risks to Read More

Oil surplus blunting price impact of sanctions, tanker attacks: US State Department’s Iran envoy

3 days ago DieselGasoil Comments Off on Oil surplus blunting price impact of sanctions, tanker attacks: US State Department’s Iran envoy
Washington — A global oil surplus has prevented a price spike from both the full reimposition of US sanctions on Iranian oil exports and from Iranian attacks on oil tankers in the Strait of Hormuz, Brian Hook, the US State Department’s special representative for Iran, said in an interview Thursday with S&P Global Platts. Not Read More

Union Pacific cost cuts sheltered profit amid freight slowdown

3 days ago DieselGasoil Comments Off on Union Pacific cost cuts sheltered profit amid freight slowdown
(Reuters) – Union Pacific Corp (UNP.N) on Thursday reported a quarterly profit that beat Wall Street estimates, as the U.S. railroad operator cut costs and raised rates to overcome disruptions from record floods in the Midwest and ongoing U.S.-China trade tensions. FILE PHOTO: Locomotives at Union Pacific’s Engelwood rail yard wait to return to service Read More

Trump’s tariffs trip up the all-American RV industry

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ELKHART, Ind. (Reuters) – Carrie Gray points to a stack of unwelcome mail on a conference table at the offices of Renegade RV, one of the leading U.S. manufacturers of high-end recreational vehicles. She’s buried in bad news from most of her about 350 suppliers. An assembly line worker works on the production line at Read More

China to boost imports of Russian soybeans, cutting out US crop exports

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China’s Commerce Ministry said on Thursday that Beijing and Moscow are discussing ways to increase bilateral trade, particularly by increasing imports of Russian soybeans and other agricultural products. Commerce Minister Zhong Shan met with Russian Minister for Economic Development Maxim Oreshkin this week. They agreed to “deepen trade in soybeans” as China looks to diversify Read More

Japan-South Korea gloom spurs worries of ‘never seen before’ chip price spike

4 days ago DieselGasoil Comments Off on Japan-South Korea gloom spurs worries of ‘never seen before’ chip price spike
SEOUL (Reuters) – Memory chip spot prices have risen for the first time this year, indicating grim warnings of “never seen before” spikes and a supply disruption could come to pass as a dispute between South Korea and Japan drags on. FILE PHOTO: Memory chip parts of U.S. memory chip maker MicronTechnology are pictured at Read More

Crude futures steady after fall on U.S. oil products stocks gain

4 days ago DieselGasoil Comments Off on Crude futures steady after fall on U.S. oil products stocks gain
TOKYO (Reuters) – Oil prices steadied on Thursday after falling in the previous session when official data showed U.S. stockpiles of products like gasoline rose sharply last week, suggesting weak demand during the peak driving season. FILE PHOTO: The sun sets behind an oil pump outside Saint-Fiacre, near Paris, France March 28, 2019. REUTERS/Christian Hartmann Read More

FEATURE: Canadian oil traders see IMO 2020 risk easing on demand, changing market

4 days ago DieselGasoil Comments Off on FEATURE: Canadian oil traders see IMO 2020 risk easing on demand, changing market
Houston — A surging differential for Western Canada’s benchmark heavy crude has traders and analysts wondering if predictions that tighter sulfur requirements for marine fuel will devalue the country’s oil assets are overblown. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now “Nobody is talking about IMO 2020 anymore,” one Read More

Canadian heavy crude surges as rail shipments increase

5 days ago DieselGasoil Comments Off on Canadian heavy crude surges as rail shipments increase
By Robert Tuttle and Kevin Orland on 7/17/2019 CALGARY (Bloomberg) –Heavy Canadian crude prices narrowed to the smallest discount against U.S. benchmark futures since April as crude-by-rail shipments were forecast to increase. Western Canadian Select, an oil sands benchmark, shrank $1.30 to $9.20/bbl below West Texas Intermediate crude Tuesday, data compiled by Bloomberg show. Prices Read More