Rotterdam‘s chemical storage tanks were already full at the beginning of the year, a Vopak executive told me at the ICIS Baseoils conference in February, and now Europe‘s largest port is running out of space to store crude oil. Plunging demand for fuel is triggering a growing global supply glut, and Rotterdam‘s storage capacity […]
Tag Archives | crude
There’s a good article in this week’s New Scientist on “Can Oil from Tar Sands be Cleaned Up?” The answer it seems is yes. “Canadian tar sands contain an estimated 170 billion barrels of recoverable oil, second only to Saudi Arabia’s reserves, (and they) … dig up the tarry bitumen in gigantic open pit […]
It’s always good to be proved right. It has been brought to my attention that one of the speakers at our European Aromatics Conference in Cologne in November 2008 made some fairly accurate predictions in his presentation: 1) a prediction of 40 – 53 $/bbl range for WTI Crude2) the banking situation could only […]
The airline Air France-KLM blamed fuel hedging for its heavy third-quarter losses, and announced that it would be scrapping the disastrous strategy in 2009. While crude oil prices fell from the $140s/barrel to $47/barrel, the airline’s fuel hedging policy had cost it €288 million in the third quarter of 2008, according to this article in […]
I saw this on BBC2′s “Have I got a bit more news for you” on Saturday. Surely it is a fake, because the well-known Titan Petrochemicals fleet of very large crude carriers and coastal tankers lists only the Titan Mercury, Titan Aries, Titan Scorpio, Titan Gemini, Titan Chios and Titan Neptune.
Remember US President George W Bush’s “Axis of Evil“? Well now there’s the “Axis of Diesel” – the petro-states of Russia, Iran and Venezuela which were able to take their windfall profits from the peak oil prices of mid-2008 and use them to extend their military spending and foreign assistance, but which are now facing […]
It’s true that in the week I have spent travelling on the X26, the buses have been punctual, clean, empty and have conveyed me faultlessly to my office. It has also been dry, sunny and out of school term-time – all vital factors in determining the quality of the experience. Passengers exiting the bus even thank the driver, something which has not been seen on London buses since I was a child.
However, I am a 4×4 driver. Actually, I’m now a non-4×4 driver since the cost of driving has become astronomical.
A Mercedes ML 320 is good-looking beast, drives like a dream and is safe and comfy for my three small children and me.
I can fit all the food shopping in, plus scooters, bikes, buggies, roller blades, and even the husband from time to time. But with the price of gasoline today, even the shortest of journeys has become incredibly costly.
Dry-cleaners across the US are going out of business at the fastest rate for 40 years due to the recent hikes in prices for perchloroethylene, the cleaning solvent, as well as plastics for garment bags, energy to run the machines, and fuel for their vans, according to this article in today’s Times Online. Not to mention the doubling in the cost of metal coat-hangers, due to the imposition of a tariff on Chinese metal coat-hangers, almost all of which supply American dry-cleaners.
A hedge-fund manager told US congress last week that without traders’ speculation in oil futures, the price of crude would drop to $65-70/barrel, according to this article in yesterday’s London Sunday Times. Congress is considering introducing measures to limit futures speculation, although the Commodities Futures Trading Commission (CFTC) insists it’s nothing to do with the traders and purely a supply/demand issue. US Treasury Secretary, Hank Paulson is in London this week for more talk along these same lines.