West Asia producers are
pushing ahead with loading oil and liquefied natural gas despite
fresh ship attacks in the Strait of Hormuz and renewed strikes
between the US and Iran in recent days, shipping data showed.
Energy shipping in the strait slowed after attacks on a
container ship on Thursday and an oil tanker on Saturday sparked
fresh tit-for-tat strikes, straining Washington and Iran’s
interim peace deal.
But on Sunday, a US official said the two countries had agreed
to halt recent hostilities and renew talks over the
strategically important waterway.
On Monday, a fourth Very Large Crude Carrier, capable of
carrying 2 million barrels of oil, was seen loading at
Saudi Arabia’s Ras Tanura terminal, LSEG data showed, even after
a helicopter belonging to the company crashed on Sunday, killing
14 people. The cause of the crash was unknown.
Three other VLCCs have loaded oil and gone dark since
leaving the terminal over the weekend, according to the data.
Going dark refers to vessels with their transponders switched
off to reduce the risk of attack while sailing through the Gulf.
One of these supertankers emerged on Monday, having exited
the strait, and is now heading for Japan, the data showed.
Two VLCCs entered the strait on Sunday and have docked at a
United Arab Emirates terminal to load crude, LSEG data showed.
Saudi Aramco declined to comment.
The Abu Dhabi National Oil Co said the company does not
comment on the position, movements and routing of its vessels as
a matter of policy.
IRAN ACCELERATES OIL LOADINGS
Iran is also accelerating oil loadings after Washington
waived sanctions on its exports for 60 days.
Tehran loaded simultaneously at both of its export terminals
at Kharg Island on Saturday for the first time in nearly a week,
according to maritime intelligence firm Windward.
Kpler data showed Iranian-flagged VLCCs Dan and Hawk,
entered the strait on Saturday, while about 8 million barrels of
Emirati and Qatari crude moved out on four VLCCs during the
weekend. The National Iranian Oil Co could not be immediately
reached for comment.
Rising exports from the Gulf, a region that accounts for a third
of the world’s oil supplies, are sending global oil prices
lower, with Brent down 10.6% last week, its third weekly
decline, although the fresh weekend strikes lifted prices on
Monday.
“If you take the view that the Strait will continue with an
uneven re-opening in the weeks and months ahead, then crude oil
right here is reasonably priced with a downward bias,” said IG
markets analyst Tony Sycamore.
“However, if you feel the risks are that one of these
weekend flare-ups leads to the conflict re-igniting more broadly
then crude oil prices here are just way too cheap.”
QATAR, UAE CONTINUE LNG EXPORTS
On liquefied natural gas, two additional ballast tankers
appeared on ship-tracking data in the west of the strait on June
26 after going dark, while two other loaded LNG tankers have
exited Hormuz.
The Al Kharaitiyat is heading to Kuwait after loading at
Qatar’s Ras Laffan terminal while another QatarEnergy-controlled
vessel, the Al Kharsaah, is waiting off Qatar, Kpler
ship-tracking data showed.
Meanwhile, the ADNOC-controlled Mraweh, which loaded at UAE’s
Das Island on June 21, is scheduled to deliver its cargo to the
Dahej terminal on India’s west coast on July 5, according to
Kpler data. Al Hamla, controlled by QatarEnergy, transporting a
cargo loaded at Ras Laffan on June 18, is scheduled to reach
China on July 3, LSEG and Kpler data showed.
QatarEnergy did not immediately respond to an email seeking
comment.