December was not only a record month for shale crude exports from the US Gulf Coast but also for exports of offshore produced-crude, which at 262,000 barrels per day reached the fastest monthly pace in a year.
Markets shrugged off recent events in Libya as oil prices barely moved on the news. This could point to a saturated market with plenty of spare capacity, or could reflect expectations of quick resolution to the disruptions.
The flow of Urals to Northwest Europe suffered a blow with the start-up of production at the Johan Sverdrup field in the North Sea.Plummeting prices for HSFO, a direct result of the IMO 2020 regulations, led several refiners in Northwest
A slow-moving storm started to approach the US Gulf Coast last week, making landfall as Hurricane Barry on Saturday. The storm caused a short-lived halt to offshore production, tanker lighterings and port traffic.