Nuvista Energy Ltd T.NVA

Oil bounce

[Carjack]

Price tebounds as a ship is blocking the suez canal.

[Carjack]

The trade monitor TankerTrackers.com tweeted that there were “a lot of fully laden” tankers stuck at either end of the canal carrying Saudi, Russian, Omani and US oil.

[Oldnagger]

Seems the vessel is floating now. At least this may buy some time until crude and product demand increase. 

[Carjack]

Traffic should resume in a day or 2 according to bloomberg. That still means delays for ships waiting to pass through. Delays at ports and reschedulling ships to pass through the canal. It isn't a first in/out it's all achedulled and paid for. 

[Carjack]

Nearly a dozen tugboats worked together to try to nudge the obstruction out of the way as ships hoping to enter the waterway began lining up in the Mediterranean and Red Seas. An earlier report Wednesday suggested that the ship has been "partially refloated," but Ahmed Mekawy, an assistant manager at marine agency GAC, says that report was wrong, and that the

[Carjack]

Salvage crews have been called to help free tbe ship. Maybe Sunday till they get this free.

[Carjack]

23 tankers stuck waiting for the canal to clear

[Oldnagger]

I would guess that would be equivalent to 10 million barrels of crude and products . One effect of the blockage is that freight rates are skyrocketing . Not sure how that will affect the market, but it should tend to increase exports of both crude and product from the USGC. perhaps some west coast oil could even find its way over to Asia This blockage will become increasingly important as it

[borne2run]

More likely closer to 23 million barrels if carrying cargoes.  I would expect most of the tankers to be Suezmaxes, which have a capacity of 1 million barrels.

[Oldnagger]

I am not so sure about the size of the product carriers nor  their percentage . So it should be a little bit lower but growing quickly. This is one more lesson for our politicians about the value of energy security. I am sure there are many nations who have been jotting down notes about how easy it can be to block the Canal !!

[Carjack]

770 tankers in the world and the 23 trapped probably hold 2 million barrels on average each.

[Carjack]

Suezmax. The largest ships that can transit the Suez Canal, these tankers are some 275 metres (900 feet) long and have a capacity of 120,000 to 200,000 dwt. They carry about 800,000 to more than 1,000,000 barrels.

[Carjack]

Egyptian President Abdel Fatah al-Sissi ordered preparations to be made for the unloading of the stranded Ever Given, the head of the Suez Canal Authority said Sunday.