Weilun Soon

Tensions between the US and China may weigh on energy and commodities markets next year, while the outlook remains bright for gold, ING Groep NV said.

Spot rates for hauling crude on the largest vessels from the Middle East to China, a benchmark route, have sunk by a third this year as demand in the top importer slows and OPEC+ delays the restart of idled supply.

The Baltic Exchange's TD3C Index, which reflects rates for VLCCs on the Middle-East-to-Asia route, dropped to so-called Worldscale 39.05 on Dec. 13, according to shipbrokers. That about 33% lower year-to-date, and equivalent to just under $8.50 a ton.

Weilun Soon 1 min read (Bloomberg) -- Former tycoon Lim Oon Kuin has been declared bankrupt in Singapore, following the collapse of his oil trading empire.

Oil slipped in quiet end-of-year trading, as the market focused on the outlook for 2025 while monitoring Middle East developments.

Chinese oil major Cnooc Ltd. and Cosco Shipping Holdings Co., the country’s biggest marine transport line, have been blacklisted by the US government for alleged links with the People’s Liberation Army.

For months, the consensus in the global oil market was that 2025 would be a year marked by a bulky surplus and flat-to-soft pricing. Suddenly — after the boldest package of US sanctions yet against Russia’s energy industry — the outlook is more complicated.

Three tankers carrying more than 2 million barrels of Russian oil are floating in waters off eastern China after they were sanctioned by the US on Friday, according to ship-tracking data.

The cost of shipping Russian ESPO crude to China has more than tripled after the US imposed aggressive sanctions on Moscow’s oil industry last week, with rates expected to climb even higher, according to traders.

An unusually reticent president hasn’t had much to say about sanctions on Russia and Iran’s crude exports since returning to the White House.