Oil Market News, OPEC+, sanctions and price shocks

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The surprise winners from record-high diesel prices​

No one seems happy about record-high diesel prices.

Farmers complain about the cost to harvest their crops. Truckers say they’re getting squeezed. Retailers such as Kroger have warned that it’s driving up costs.

The pressure has led President Donald Trump to float a diesel export ban, while some in Congress want to suspend fuel taxes.

But in a few places, the galloping price of diesel is seen as an opportunity — albeit a tricky one to navigate.

Railroads are taking business from truckers, while alternative fuel trucks are getting a fresh look. Big oil extractors and refiners are benefiting too, of course. But so are smaller operations that have gotten an indirect boost.

Read the full story:

https://www.msn.com/en-us/money/gen...gh-diesel-prices/ar-AA2cXs2r?ocid=socialshare
 

Ministers vow to help motorists as diesel hits record high​

Labour has given its strongest hint to date that it will intervene on a planned rise in fuel duty after the price of diesel hit a record high.

Emma Reynolds, the chief secretary to the Treasury, said the Treasury had “levers to pull” that could give families and businesses relief from rising prices at the pump.

Fuel duty is in line to rise by 3p a litre in January and a further 2p in March, the first increases in more than a decade and a half. Pump prices would rise by 6p due to VAT.

More:

 

Texas declares diesel price emergency; other states are paying more​

Texas Republican Governor Greg Abbott declared a statewide disaster over skyrocketing diesel prices, allowing the use of dyed diesel on the state’s roads in an attempt to bring down costs for drivers.

Normally, cheaper dyed diesel is banned for use on the road, but the Republican governor’s proclamation suspends state restrictions and associated penalties for 30 days so operators can use it freely on Texas roads. While Abbott suspended the penalties for using dyed diesel on public roads for 30 days, he did not waive the underlying fuel tax liability.

Under the declaration, some restrictions on the use of dyed-diesel for commercial transportation are also lifted, including: raising the allowable weight for fuel, agricultural, and timber loads; suspending Texas Low Emission Diesel (TxLED) rules to the extent authorized by EPA; suspending state oversize and overweight permitting requirements for vehicles loaded with fuel, agricultural, or timber products, allowing those loads at a gross weight of up to 95,000 pounds.

More:

https://www.msn.com/en-us/news/othe...-are-paying-more/ar-AA2dbhrS?ocid=socialshare
 
gcaptain.com

Old Hulls, New Money: Why the VLCC Market Has Stopped Counting Years

For most of shipping history, the valuation equation has been straightforward. A ship leaves the yard, begins ageing and progressively loses value. New steel commands the premium. Older steel trades at a discount.
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gcaptain.com

Russian Crude Exports Boom Blunted by Kremlin’s Diesel Sales Ban

Russia shipped the most crude in a month-and-a-half, while a jump in prices propelled the value of those cargoes close to the highest since the start of the invasion of Ukraine in 2022. But the benefits to the Kremlin are being undermined by its ban on overseas diesel sales.
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gcaptain.com

Cheniere Signs 22-Year LNG Supply Deal With Petrobras

Cheniere Energy has signed a 22-year agreement to supply Brazil’s Petrobras with U.S. liquefied natural gas, adding another long-term customer as the company looks to support further expansion of its...
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Tanker Congestion Shunts Vital Oil Transfers Farther From Hormuz

Persian Gulf oil producers are shifting critical cargo transfer operations even farther out of the war-hit region as waters just outside the Strait of Hormuz become congested with tankers.
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gcaptain.com

UK Sanctions Five LNG Carriers in New Russia Package

The United Kingdom has sanctioned five liquefied natural gas carriers as part of a new package of measures targeting Russia's efforts to expand a maritime "shadow fleet" for LNG exports, including three Russian-built Arc7 ice-class vessels intended to support the Arctic LNG 2 project.
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Russia 'building new shadow fleet' to avoid sanctions​

Russia is attempting to build a “dangerous new shadow fleet” of tankers to avoid British sanctions, the Foreign Office has said.

Vladimir Putin is thought to be expanding his armada of civilian ships that transport fuel illegally to fund his war in Ukraine.

Moscow has built at least two new 984ft tankers to carry liquefied natural gas (LNG) through the Arctic, with the pair entering service earlier this year.

More:

https://www.msn.com/en-us/news/othe...-avoid-sanctions/ar-AA2dmFXX?ocid=socialshare
 
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