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04.11.26 - 20:33
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UAE Planning Third Oil Pipeline To Bypass Hormuz Chokepoint Mess (ZeroHedge)
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UAE Planning Third Oil Pipeline To Bypass Hormuz Chokepoint Mess
The United Arab Emirates currently operates one crude export pipeline that bypasses the Strait of Hormuz and announced earlier this year that it was building a second. A third pipeline is reportedly being planned to further expand crude capacity and reroute energy flows around Hormuz, reducing exposure to Iranian disruption and weakening Tehran's leverage over the critical maritime chokepoint.Bloomberg reported Wednesday morning that Abu Dhabi's state-owned energy giant, Abu Dhabi National Oil Co., is weighing plans for a third pipeline from the UAE's western coast to Fujairah on its eastern coast that could supply Asian customers and bypass Hormuz."Adnoc has been telling some customers in Asia about the pipeline, other people familiar with the matter said. The plans haven't been finalized and could still change, including the route, a number of the people said," the outlet reported.The new pipeline would build on t...
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03.11.26 - 20:48
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Dubai Benchmark Slips Into Contango For The First Time Since July (ZeroHedge)
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Dubai Benchmark Slips Into Contango For The First Time Since July
The curve of the Dubai benchmark is showing signs that rising oil flows from the Middle East are exceeding demand for the first time since early July, when the three-week U.S.-Iran ceasefire allowed millions of barrels to leave unhindered the Strait of Hormuz.Physical flows have been gradually rising for the past two months as Gulf producers accelerated shuttle-shipping through Hormuz with ship-to-ship (STS) transfers in the Gulf of Oman, once tankers have cleared the chokepoint.As a result, the November contract of the Dubai benchmark traded at the start of this week at a discount of about $2 per barrel to the December contract, traders and brokers told Bloomberg on Tuesday.This price curve, known as contango, is the first sign since July that current supply is abundant in the Middle East.The contango structure, in which prices for contracts dated further out in time are higher than the prompt contracts, suggests that concerns ...
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