Palm methyl ester exports by main suppliers Malaysia and Indonesia are set to remain bleak in the first half of 2021 as the prevailing POGO spread between palm oil and gasoil futures at a lofty $400-$500/mt, well above the typical range of $50-$200/mt, locks PME exports from both countries out of Europe.
Iran on Monday seized a South Korean-flagged oil tanker in the crucial Strait of Hormuz, further escalating tensions in the Middle East between Tehran and the West.
A South Korean-flagged oil tanker has been seized by Iran in the Strait of Hormuz for alleged environmental pollution, news reports said Monday.
Iranian state television has acknowledged that Tehran seized a South Korean-flagged oil tanker in the Strait of Hormuz.
Iran on Monday began enriching uranium up to 20% at an underground facility and seized a South Korean-flagged oil tanker in the crucial Strait of Hormuz, further escalating tensions in West Asia between Tehran and the West.
Egypt has signed nine oil and gas exploration deals worth one billion dollars with local and international energy companies, the country’s oil ministry said in a statement reported by Emirati newspaper The National.
Global stocks kick off 2021 with a vaccine-driven rally, while Bitcoin trades above $30,000 and gold gets a boost from the dollar
Global stocks rose on Monday, kicking off the new year with a dose of optimism over the economic recovery that many investors hope a COVID-19 vaccine will bring, while Bitcoin traded near record highs above $US30,000 and gold and oil rallied.
In the morning trade on the first trading session of the new year, oil futures on the New York Mercantile Exchange and the Intercontinental Exchange saw mixed results, with international benchmark backing off overnight highs as traders remain uncertain whether the OPEC+ coalition will leave production quotas unchanged next month, skipping a 500,000 bpd increase amid rising COVID-19 cases and slower-than-expected roll-out of immunization campaigns in the U.S. and the European Union.
Asian low sulfur marine fuel market is expected to witness gradual yet steady incremental demand growth in 2021, with sales likely to top pre-pandemic levels going into the second quarter of the year.
Firmer fundamentals are expected to buoy sentiment in the Asian low sulfur fuel oil market in the first trading week of 2021 amid lower arbitrage supply from the West into Singapore and an uptick in demand from North Asian power utilities.