Today is going to be a very, very busy news day.
Of all the stories that were posted overnight, I think this is the most interesting, posted by S&P Global: Fujairah -- "fu-ja-irah" -- oil product stocks dropped after a fuel oil shipment to the US. There are so many story lines here. Link here.
- background, wiki entry.
- UAE
- largest port on the eastern seaboard of the UAE
- world's second largest bunkering hub
- bunkering: supply of fuel for use by ships including the logistics required, wiki entry;
- back to the S&P Global story:
- Fujairah total inventory down 25% this past year
- a three-week low as of April 25 after a rare fuel oil shipment to the US
- 1.06 million bbls of fuel oil to the US; only the second such shipment since at least June 2020
- heavy distillates are needed at this time of year as Saudi Arabia looks to use more fuel oils instead of crude oil to burn for power generation as demand for air conditioning ramps up with summer weather:
Much more at the link. May require a login but registration is free.
In the big scheme of things, it may simply be "business as usual" with changing seasons, changing geopolitical events, etc., but it speaks volumes about US energy independence (or not).
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