Ship fuelling activity in Fujairah in the United Arab Emirates, a bunkering and fuel storage hub in the Middle East, fell in May as declining demand was made worse by slowing global trade because of the coronavirus pandemic, four trade sources said. Fujairah's ship refueling, or bunkering, volumes shrank to about 200,000-300,000 tonnes in May, down from average volumes of about 700,000-800,000 tonnes, said the sources with knowledge of the regional trade who declined to be identified. "It's...

SINGAPORE - Traders seeking to store oil have put their plans on hold this week after prompt Brent crude futures surged against future months and made storage uneconomical, despite overwhelming supplies in the market, industry sources said on Tuesday. Front-month Brent crude prices have jumped since Friday on expectations that Saudi Arabia and Russia may strike a deal to cut output and support prices. That has created a growing disconnect with physical markets where traders are struggling...

Supertanker freight rates have fallen after last week's highs as industry participants await the outcome of a meeting of oil producers on Thursday before making further bookings, industry sources said. Freight rates could drop further if the Organization of the Petroleum Exporting Countries, Russia and other producers decide to cut output sharply, reducing transport and storage demand for oil, they said. They could jump again if producers fail to reach an agreement. "From a freight...

SINGAPORE: Supertanker freight rates have fallen from last week's highs as industry participants await the outcome of a meeting of oil producers on Thursday before making further bookings, industry sources said. Freight rates could drop further if the Organization of the Petroleum Exporting Countries, Russia and other producers decide to cut output sharply, reducing transport and storage demand for oil, they said. They could jump again if producers fail to reach an agreement. O/R "From a...

Singapore oil trader Hin Leong held a call with banks on Tuesday after they failed to provide a letter of credit to the firm to purchase at least one cargo of oil products due to load this month, four sources said. The coronavirus pandemic has led to an unprecedented slump in fuel demand and hammered oil prices, making it difficult for trading firms to make a profit. Hin Leong is one of the largest fuel traders in Asia and an operator of a major tanker fleet. Several banks which offer credit...