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According to Intermodal’s, Alex Christakoudis, Tanker Operations, “nothing about this is particularly worrisome for products still plagued by refinery issues. The news of a fire at Garyville’s facility contributed significantly to Friday’s rally and the recent increase in sentiment. Although the fire has been extinguished and was likely the cause of this morning’s decline in product prices, such incidents will continue to be catalysts for price increases as the oil industry is currently extremely sensitive to disruptions at any refinery, anywhere in the world. Literally and figuratively, bears will be swept away if one of these poetically named ‘spinners’ makes landfall in a product-sensitive area”.
“Quite peculiar, worth mentioning, the erst ‘dark side’ of Iranian nuances, which despite depicting US to continue stringently in an enforcement of a robust framework of oil and other sanctions against Iran, figures shows that story merely may change as two-parts have made cautious diplomatic motions, but a return to their lapsed nuclear agreement remains remote”, Christakoudis added.
“However, a global energy market agreement is already in effect as prisoner exchanges, the unblocking of restricted assets, and possibly even Iran’s uranium enrichment have advanced because of covert diplomacy between the two countries which appeared to have also reached an informal agreement in respect to the energy flows.US officials concede in private that they have gradually loosened sanctions on Iranian oil sales. Since the moratorium went into effect five years ago, Tehran’s crude exports to China have increased to their highest level in a decade, and production has been restored to its highest level. Officials in Iran are confident that they will shortly increase production as this supply flood is helping to moderate oil prices, which have been dropped lately, providing respite to consumers and central banks after years of inflation”, Intermodal’s analyst concluded.
Nikos Roussanoglou, Hellenic Shipping News Worldwide
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