Sources from Reuterscho or conflict interrupted shipments from major Middle Eastern providers passing through Hormberg Channel that made the cargo difficult. Fuel oil (fuel oil) is the heavy oil collected from raw oil filtering, often used as fuel for marine ships, electric plants, industrial boilers.
"People are struggling to find oil for the late half of March", a businessman in Singapore said. The man stated that the ship's lease price was too expensive and the opportunity to take the cargo from the Western alternative supply to the country was almost gone.
According to Kpler's data, fuel exports through the Hormuz Channel averaged 3.7 million tons per month. About 1.2 million of these tons are headed to Asia, which is equivalent to 246,000 barrels per day, with about 70% heading to Southeast Asia.
However, the tanker's operation at the Hormuz Channel has now declined by about 90% over the previous week. The deficit forecast caused the price to increase dramatically, especially the high sulfur (HSFO)-based type of function from the Middle East.
Get out! [PDF taken from oil on the phone screen and the map displays the Hormberg Channel: Photo: AFP] (httts
- The "splash" keyword on the phone screen along the map displays the Hormberg Channel: Image: AFP*
In Singapore - the largest marine refueling centre in the world, the price of marine fuel levels increased by over 40% since the war began last weekend. Low sulfur fuel prices also increased by over 30%.
"As much of the global HSF market depends on the only blockage point, just interrupting part of the supply is enough to make the supply - the quick bridge tightening and leading to the high-volume maritime fuel market", Mr. Sumit Ritolia, the analyst at Kpriler, remarked.
The alternative sources may come from the US and Mexico, but the mass is not large enough. Another potential source is Venezuela, but the shipments from this country this year remain mainly in the Western market. "An obvious source is Russia, but oil from Russia remains sensitive to many buyers", a businessman said.
The fuel from Iran that China still purchased also stopped due to conflict. According to sources, Beijing is negotiating for Tehran to allow ships to travel safely in the Hormuz Channel.
Some traders are moving to buy from oil refineries in Asia, but production can be reduced because many places have to cut the capacity due to lack of crude oil from the Middle East. The track data of Parsonsa reported that only four tankers passed through the Hormuz Channel on March 1/3, compared to the average of 24 ships per day since January. There are currently about 300 tankers anchoring inside the Channel.
On the low sulfur oil market, the goods from Kuwait's al-Zour oil refinery in the Bay Area have "January". Even so, the current prices are not so strong due to some sources still coming from Brazil and Nigeria. Singapore also has large reserves that can be heavily reduced in the coming weeks, according to traders. When that happens, scarcity can greatly increase the cost.
Angell An (2010)
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