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Trump met with oil firms on possible months-long extension of Iran blockade​

WASHINGTON, April 29 (Reuters) - U.S. President Donald Trump met with top officials from Chevron and other energy companies on Tuesday to talk about possible steps to calm oil markets if the blockade of Iranian ports continues for months, a White House official said on Wednesday.

The talks focused on U.S. oil production, oil futures, shipping and natural gas, the official said.

"They discussed the steps President Trump has taken to alleviate global oil markets and steps we could take to continue the current blockade for months if needed and minimize impact on American consumers," the White House official said.

Chevron's spokesperson said CEO Mike Wirth attended the meeting to discuss global oil markets, which have been roiled by the U.S.-Israeli war with Iran.

More:

https://www.msn.com/en-us/money/mar...of-iran-blockade/ar-AA220nG4?ocid=socialshare
 
www.construction-physics.com

How an Oil Refinery Works

Though wind and solar continue to carve out larger and larger shares of world energy supply, the modern world still runs on petroleum, and will continue to do so for the foreseeable future.
www.construction-physics.com www.construction-physics.com
 
www.thebarentsobserver.com

Arctic oil hub tanker “disappears” from the map

A 346-metre-long tanker that serves as a key hub for Russian Arctic oil exports has effectively “disappeared” from ship tracking systems. The operators of the Kola appear to suggest that the floating storage unit (FSU) has been moved from the Kola Bay to West Africa.
www.thebarentsobserver.com www.thebarentsobserver.com
 
gcaptain.com

Ukrainian Drones Hit Russia's Primorsk Port, Oil Tankers And Military Ships

May 3 (Reuters) – Ukraine launched a wave of drone attacks on targets across Russia on Sunday, hitting the Baltic Sea port of Primorsk and setting it on fire, and striking a number of...
gcaptain.com gcaptain.com

gcaptain.com

Swedish Coast Guard Seizes Suspected False Flag Tanker In Baltic Sea

STOCKHOLM, May 3 (Reuters) – The Swedish Coast Guard said on Sunday it had seized a tanker in the Baltic Sea believed to be part of Russia’s shadow fleet, the latest in a string...
gcaptain.com gcaptain.com
 
  • Oil prices mixed in choppy trade Monday.
  • Trump said the U.S. would attempt to “free” stranded cargo ships affected by the Strait of Hormuz closure.
  • The United Kingdom Maritime Trade Operations said that a tanker was hit by projectiles north of the city of of Fujairah in the United Arab Emirates.
www.cnbc.com

Oil prices rise as Trump plans to 'free' ships stranded due to Mideast conflict

The United Kingdom Maritime Trade Operations agency said Monday that a tanker was hit by projectiles north of the city of of Fujairah in the United Arab Emirates.
www.cnbc.com www.cnbc.com
 
splash247.com

Japanese owners cash in as aframax prices hit record highs - Splash247

Nissen Kaiun is capitalising on surging tanker asset values, offloading modern eco aframaxes at levels rarely seen before. The most talked-about sale in this weekend’s broker reports has been the 2018 Tsuneishi-built Pusaka Borneo, a 109,000 dwt, scrubber-fitted vessel. VesselsValue notes the...
splash247.com splash247.com
 

A fuel shortage 'as big as in the 1970s' may be coming, says Chevron CEO​

Ever since the U.S.-Israeli war with Iran began, the Straight of Hormuz has been closed for business. More than 20% of the world's oil is typically transported through Hormuz, and has been largely at a standstill for nearly two months. On Monday, Chevron CEO Mike Wirth warned that this chokepoint could lead to physical oil shortages for much of the world. Tightening supply will force demand to deflate as people feel the pinch at the pump, with deleterious effects on the global economy. We've already seen Spirit Airlines fail, an early victim of the supply crunch as jet fuel costs exploded. Buckle up, folks, it's about to get bumpy.

More:

https://www.msn.com/en-us/money/mar...says-chevron-ceo/ar-AA22se4B?ocid=socialshare
 

Tankers break down as Iran war unleashes flood of tainted fuel​

Shipping companies already grappling with the Iran war are facing a new threat as unscrupulous fuel suppliers flood the market with tainted oil.

There has been a sharp uptick in incidents of tankers breaking down in recent weeks. Experts have blamed it on marine fuel that has been cut with impure shale oil as suppliers react to surging fuel prices following the closure of the Strait of Hormuz.

More:

https://www.msn.com/en-us/news/worl...-of-tainted-fuel/ar-AA22LuiH?ocid=socialshare
 
splash247.com

VLGC spot rates hit record highs - Splash247

Very large gas carrier (VLGC) spot rates have surged to record levels, with benchmark freight on the Houston-to-Chiba route climbing to $290 per metric tonne and daily earnings spiking to almost $170,000 per day – the highest level ever recorded for the series, according to Clarksons Research...
splash247.com splash247.com
 

Think $6 gas is bad? It’s about to get even worse in California.​

A supertanker docked in Long Beach just delivered California’s last incoming shipment of Middle Eastern oil, a grim milestone for drivers already paying the nation’s highest fuel prices.

After the New Corolla fully discharges its Iraqi oil at the berth, another tanker carrying Middle Eastern crude won’t dock in California until months after the Strait of Hormuz waterway reopens, according to market intelligence firms Vortexa and Kpler.

More:

https://www.msn.com/en-us/money/mar...se-in-california/ar-AA22UoN3?ocid=socialshare
 

It’s not just drivers who hate high gas prices. So do gas station owners​

Chris Bambury’s family has been selling gas in Sonoma Valley, California, for more than 100 years, but never at prices like this.

The price at his two stations was $6.29 for a gallon of regular gas last week, which is actually cheap for his part of California — AAA put the average price in his county at $6.36.

Gas station owners are struggling with rising gas prices just as much as their customers. The overwhelming majority of gas stations are small businesses — not the big oil companies whose brands they sell — and the rise in the wholesale gas price they pay has cut deeply into their already thin profit margins.

More:

https://www.msn.com/en-us/news/us/i...s-station-owners/ar-AA22U9q0?ocid=socialshare
 
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