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Last Updated: October 19, 2018
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Market Watch

Headline crude prices for the week beginning 15 October 2018 – Brent: US$81/b; WTI: US$71/b

  • After settling lower on promises of increased supply, the crude oil markets were rocked this week as it became clearer and clearer that the Saudi Arabian state was involved in the disappearance and alleged assassination of prominent Saudi critic Jamal Khashoggi in Istanbul
  • Internal condemnation has been loud, but US President Donald Trump has ruled out trade sanctions and cancelling of defense contracts with Saudi Arabia; the Kingdom issued veiled threats to use its vast oil reserves as a political weapon if punitive measures are taken against it – the first time it has made such a threat since the 1973 Arab oil war.
  • Grapevine chatter suggests that Saudi Arabia is preparing to admit its involvement of Khashoggi’s disappearance as the result of an ‘investigation gone wrong’, and has activated its diplomatic network to push back against criticism
  • This comes at a fragile time, with Saudi Arabia required to play a key role in balancing the market ahead of the new American sanctions on Iran and the upcoming OPEC meeting on December 3
  • Meanwhile, global oil demand and supply have risen to new records according to the International Energy Agency, with global supply rising to 100.3 mmb/d and demand very close to the 100 mmb/d level, implying a very narrow level of spare supply in the market
  • Fears of the removal of Iranian crude from the market continue to haunt prices, but Saudi Arabia did state that the Kingdom was ready to absorb the shock and supply additional to India to counter their loss of Iranian volumes
  • The level of crude prices is expected to persist at their current levels for a while, with BP now looking to sanction projects that would require crude oil prices at the US$60-65/b level, up from US$50-55/b last year
  • While China hasn't imposed sanctions on US crude imports yet, Chinese importers have largely halted all imports of American crude since August, moving to using West Africa and also tapping into cheap Canadian oil sands crude, which is currently selling for under US$50/b
  • With the American EIA reporting an unexpected decline in US crude inventories, crude prices also got a boost from that early this week
  • After weeks of caution, American drills boosted active rig numbers last week, adding 8 new oil rigs and 4 new gas rigs for a net gain of 11 sites, with all new rigs being onshore ones; this comes as signs are showing that mature wells in the Permian are showing high decline rates
  • Crude price outlook: The Saudi scandal over Jamal Khashoggi is concerning, but there is resistance to taking too harsh an action on the fear that it could lead to a deliberate supply shock. As the market settles, we think Brent and WTI will trend downwards to the US$79-80/b and US$69-70/b this week


Headlines of the week

Upstream

  • BP, Eni and Libya’s National Oil Corporation have agreed to work towards resuming exploration activities on the EPSA production contract in Libya, covering the onshore Ghadames basin and the offshore Sirt basin, with Eni acquiring 42.5% interest in the contract
  • Chevron is fully exiting the Norwegian portion of the North Sea Basin, transferring its 20% stake in the PL859 licence in the Barents Sea to DNO ASA, part of the plan to completely exit the area in search of higher returns elsewhere
  • While others are exiting the North Sea, others are still keen; RockRose Energy has sanctioned FID on the Arran field, expecting to produce 100 mscf/d and 4,000 b/d of condensate at peak production
  • Murphy Oil and Petrobras’ American subsidiary have agreed to enter into a joint venture merging their Gulf of Mexico, with Murphy holding 80% and Petrobras the remaining 20% of a JV covering the St. Malo field and other assets
  • ConocoPhillips has achieved first oil at the Greater Mooses Tooth#1 site on the Alaskan North Slope, with peak output expected to be 25-30,000 b/d

Downstream

  • Hammered by the recent rise in crude prices, India is taking a commercial model for its strategic petroleum reserves, inviting global oil producers and traders to invest US$1.5 billion in storing some 6.5 million tons of crude at two sites
  • Saudi Aramco and Total have signed a new joint development agreement for engineering and design of the giant 1.5 mtpa petrochemicals plant in Jubail, located next to the SATORP refinery and now scheduled for start-up in 2024
  • Fresh off signing an MoU with Italy’s Eni on developing bio-refineries, Indonesia is mulling plans to convert two of its aging refineries – Plaju and Dumai – into biofuels plants producing 100% biodiesel from palm oil
  • The new 200 kb/d SOCAR Star refinery in Turkey – the first in the country in 30 years – will be starting up this month, boosting Turkish capacity by 30%
  • Total has opened up a new state-of-the-art 40,000 tpa lubricants blending plant in Russia’s Kaluga region, aimed at localising production to feed Russia’s growing hunger for top quality lubricants

Natural Gas/LNG

  • The first cargo at Inpex’s Ichthys LNG export project in Australia is ready for loading this week, finally bringing to a fruition a much-delayed project
  • Qatar Petroleum has signed a new mid-term supply agreement with China’s Oriental Energy, providing 600,000 tpa of LNG over a five year period
  • Egypt’s plan to import natural gas from Israel is accelerating, with partners now evaluating the condition of the East Mediterranean Gas pipeline, expecting the first gas to flow in March 2019 at 100 mscf/d
  • Shell is reportedly dropping plans to purchase a stake in Kazakhstan’s KazMunayGas National Co, after the results of a due diligence study into the role of the Kazakh state in the natural gas firm
  • ExxonMobil has signed a long-term, 20-year deal to supply Zhejiang Provincial Energy Group with LNG, as the Chinese power utility player expands on its role in energy after agreeing to a joint venture with Glencore this year
  • Novatek has made a massive 11 tcf gas discovery in the Ob Bay area of the North Obsk licence area, expected to feed into a future Arctic LNG project

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October, 04 2022
Propane Bullet Tank: What Is It?


A Propane Bullet Tank, also known as LPG Above Ground Tanks, is used for storing liquid natural gas. The tanks have components that best fit your company's needs and are available in various sizes.


The size of a propane bullet tank can be anything from 6,000 and 30,000 gallons, with an 18,000 tank generally the most popular. Tank fill levels should not exceed 70–80% for liquid natural gas to expand inside the vessel.


For holding trucks to reach the site and collect liquids, a tank's average pressure should be approximately 250 psi. This will keep liquid natural gas contained and under low pressure.

What & Where Is Propane Bullet Tank Used?


You're undoubtedly wondering, "Where should I utilize or keep them?" A propane bullet tank is linked to the cold separator drain on a Joule Thomson System (JTS) or mechanical refrigeration devices for the collection and short-term storage of the recovered natural gas liquids.


These tanks are also utilized in refineries and other end-use facilities for the bulk storage of goods that can be sold, such as propane or butane.


LPG is kept in propane bullet tanks because the liquid gas needs to be kept under intense pressure to remain fluid. Bullet tanks effectively do this because of their evenly dispersed, consistent pressure. Since there are no edges, there is also no possibility of a variable pressure region.



What Can a Propane Bullet Tank Do?

  1. A channel called a bulkhead stanchion prevents unintentional vehicle pull-away.

  2. The most important valve on any tank is the pressure relief valve. It is intended to release too much pressure. 

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October, 03 2022
Where To Buy Nitrogen Gas?

Nitrogen in liquid form is a colorless, odorless, nonflammable, inert cryogenic liquid. It has a boiling point of less than -130 °F (-196 °C). Although this product is freezing, Nitrogen is widely used in chemical analysis during sample preparation. It is employed in the concentration and condensing of liquid sample volumes. It is used in the production of explosives, nylon, nitric acid, fertilizers, and color-safe operation precautions must be taken when handling or using it in Dubai.

Buy Liquid Nitrogen Cylinder in the UAE from GasNtools and improve the display of your frozen items!

Ways To Deliver Nitrogen

You must be wondering where to buy nitrogen gas. GasNtools is one of the best liquid nitrogen suppliers that can meet your needs for nitrogen gas no matter what they are. They provide nitrogen to:

  • Compressed nitrogen is offered in a variety of cylinder sizes:

40-liter nitrogen cylinder with a 6 m3 capacity at 140 bar and a 10 m3 capacity at 200 bar.

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Food Industry

It has spread throughout the industry and is now widely used in restaurants to quickly freeze liquids to ice creams and desserts for live food displays. Because liquid nitrogen has a temperature of -196 °C, the liquid ice cream mixture can be quickly cooled and frozen. Any remaining nitrogen escapes as a gas. Another advantage of freezing is that it reduces dehydration losses, which can reach crucial economic tiers with these items under ambient air. The cost of liquid nitrogen in Dubai is completely inexpensive. As a result, many customers approach GasNtools to obtain this nitrogen gas quickly and affordably.


Warnings

Although liquid nitrogen is safe in food and beverages, it should not be consumed immediately. Before providing it to the customer, it must have vanished entirely from the food or drink. Because it can be highly hazardous or devastating if not handled properly, this product is only maintained by trained chefs.

When managing liquid Nitrogen, wear dielectrics gloves and carefully made PPEs (Personal Protective Equipment).

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October, 01 2022