News Headlines:
OIL DAYBOOK EUROPE: China Confirms Sale of Reserves; Ida Impact (Bloomberg)
China made an unprecedented intervention in the global oil market, releasing crude from its strategic reserve for the first time with the explicit aim of lowering prices. The announcement comes amid surging energy costs in China, not just for oil but also for coal and natural gas.
* OIL FUTURES: Oil Trims Weekly Loss as Investors Assess China Reserves Release
Shell Declares Force Majeure on Oil Contracts After Storm (Bloomberg)
Royal Dutch Shell Plc declared force majeure on “numerous contracts” as it assesses damage caused by Hurricane Ida in the Gulf of Mexico. The Anglo-Dutch major has sent personnel offshore to inspect the damaged facilities, including a site that serves as a transfer station for crude from the Mars field in the Gulf, according to the company.
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FIS Tankers Daily Report 2021-09-10
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