Energy and commodity highlights: Tanker attacks, biofuels and oil, spiraling naphtha prices

Global oil markets were jolted late in the week by reports of attacks on two oil tankers near the Strait of Hormuz on June 13. Brent crude futures climbed almost 4% immediately after the attacks. ICE Brent eventually settled $1.34 higher at $61.31/b, and was trading higher the morning of June 14. The US was quick to blame the attack on Iran, saying it was orchestrated by the country’s Islamic Revolutionary Guard Corps, in response to US economic sanctions on Iran. Click for full-size infographic Go deeper: S&P Global Platts’ Factbox on the latest attack in the Gulf of Oman It remains to be seen whether the current risks to oil supply in the Middle East will offer sustained support to oil prices. However, Platts Analytics pointed to potential for higher Brent crude levels in the second half of the year. At a briefing in London, Chris Midgley, head of Platts Analytics, pointed to refinery re-starts after maintenance, and a year-end spike in refinery runs due in part to IMO 2020, as bullish demand factors for oil. LISTEN: Novatek’s Mark Gyetvay on LNG, US sanctions and trade tensions Mark Gyetvay, CFO and deputy chairman of the management board at Novatek,… continue reading

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