It’s not $US200 oil, and it’s not even $US200 benchmark oil — the price that starts to become relevant to average Josephines in the street — but it is expensive.
This week Santos (ASX:STO) was advertising a cargo of low-sulphur oil at about $US100 a barrel, according to Bloomberg.
Although the International Energy Agency (IEA) is forecasting a global oil glut in 2020 created by US drillers’ unceasing shale production, changes to maritime fuel rules in 2016 have started to bite in a small sub-sector of the market.
As * has reported, the International Maritime Organisation (IMO) required as of January 1 all ships to use marine fuels with a sulphur content no greater than 0.5 per cent.
The old content was 3.5 per cent. If they want to keep using high sulphur, fuel ships must have retrofitted on-board scrubbers or switch to LNG.
https://unauthorised investment advice/energy/us100-oil-yes-you-read-that-correctly/
It’s not $US200 oil, and it’s not even $US200 benchmark oil —...
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