Profile picture
, 3 tweets, 3 min read
My Authors
Read all threads
VIDEO: US Coast Guard says it’s keeping an eye on 27 oil tankers anchored off the coast of Southern California. Another great example of floating storage build-up as demand for oil and refined products plunge | #OOTT #Contango video via @USCGLosAngeles
ICYMI: With oil demand in freefall, traders are resorting like never before to using the world’s fleet of supertankers as temporary floating storage facilities, filling them with unsold barrels until better times | #OOTT with @alexlongley1 (from April 4) bloomberg.com/news/articles/…
ICYMI: Oil refiners are hunting for vessels to store gasoline that nobody is buying, sending freight rates sharply higher, an indication that the global refining system is fast approaching a breaking point | #OOTT with @JWittels and @firatkayakiran bloomberg.com/news/articles/…
Missing some Tweet in this thread? You can try to force a refresh.

Enjoying this thread?

Keep Current with Javier Blas

Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

Twitter may remove this content at anytime, convert it as a PDF, save and print for later use!

Try unrolling a thread yourself!

how to unroll video

1) Follow Thread Reader App on Twitter so you can easily mention us!

2) Go to a Twitter thread (series of Tweets by the same owner) and mention us with a keyword "unroll" @threadreaderapp unroll

You can practice here first or read more on our help page!

Related hashtags

#OOTT #Contango

More from @JavierBlas see all

Profile picture
Javier Blas
@JavierBlas
🚨BREAKING 🚨Saudi Arabia is launching the oil market equivalent of a declaration of war: plan for a big production hike, and offering huge discount for its crude | #OOTT #OPEC #SaudiArabia with @A_DiPaola17 bloomberg.com/news/articles/…
How large are the price cuts to the Saudi official selling prices? Huge, really, really huge. In Europe, Aramco has made the largest month-on-month cut for Arab Light in at least 20 years: a hefty $8 to -$10.25 a barrel | #OOTT
The shock-and-awe Saudi strategy could be an attempt to impose maximum pain in the quickest possible way to Russia, in an effort to bring them back to the negotiating table, and then reverse the production surge and start cutting output if a deal is achieved | #OOTT
Read 3 tweets
Profile picture
Javier Blas
@JavierBlas
CHART OF THE DAY: The sudden loss of 5.7m b/d of #oil production is the single largest outage the market has ever sufferes (larger in volume than the loss of Iraqi and Kuwaiti output in the 1990 Gulf War, and the loss of Iranian oil in the 1979 Islamic Revolution) #OOTT
Of course, those other outages lasted for several month, so their cumulative pact was huge. Key here is how quickly Aramco can restart production (either through repairs, bypasses or increasing output elsewhere, notably its offshore fields in the Persian Gulf) #OOTT
Also, important to note that the overall oil market was a lot smaller in 1990 and 1979, so a smaller outage in volume terms (barrels per day) could have a much larger impact when considered as % of global supplies | #OOTT
Read 3 tweets
Profile picture
Javier Blas
@JavierBlas
Saudi Arabia says it has contained a fires after two large #oil facilities were attacked with drones: the Abqaiq processing center and the Khurais oilfield (video is Abqaiq) | #OOTT #SaudiArabia 🇸🇦 ⛽️🛢 bloomberg.com/news/articles/…
Abqaiq is perhaps the *world’s most important* oil installation. According to the @EIAgov, the plant has a capacity of >7 million b/d. “Most of the oil produced in the country [Saudi Arabia] is processed at Abqaiq before export or delivery to refineries” eia.gov/beta/internati…
This what @Aramco says about the Abqaiq plant: “As the company's largest oil processing facility and the largest crude oil stabilization plant in the world, Abqaiq plays a pivotal role in our day-to-day operations.”
Read 4 tweets

Embed code for your website

×
Follow Us on Twitter!

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3.00/month or $30.00/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!