- — China’s surplus crude oil hits nearly 1 million bpd for September
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at 10/21/24 3:00pmThe weak position of Chinas crude oil sector was underlined by September data showing a sixth consecutive monthly drop in refinery processing, leading to nearly 1 million barrels per day of oil being available for storage. Chinas refineries processed 14.29 million bpd of crude in September, up slightly from 13.91 million bpd in August, but ...- — North American midstream companies to report higher earnings for Q3 2024
- at 10/21/24 3:00pmMost of the big North American natural gas midstream operators were projected to report higher revenues for the third quarter compared to the second quarter and higher revenues year over year. Seven of the 10 largest midstream companies by market capitalization will likely report higher EBITDA for the third quarter compared to the previous quarter, ...
- — Oil demand may witness long plateau, but no abrupt fall seen: Aramco’s CEO Nasser
- at 10/21/24 3:00pmGlobal oil demand may witness a long plateau, but it is unlikely to witness an abrupt fall, Saudi Aramcos CEO Amin Nasser said Oct. 21, adding that crude demand would still be hovering above 100 million b/d by 2050. Most analysts agree that even when the growth in global oil demand stops, at some point, ...
- — ‘’Age of electricity’ to follow looming fossil fuel peak’’: Analysis or Science Fiction?
- at 10/21/24 3:00pmIn launching its World Energy Outlook 2024 (WEO), the IEA stated that “the future of the global energy system is electric.” This follows its assertion that demand for coal, oil and gas will peak by the end of the decade. Furthermore, the IEA’s Executive Director stated, “In energy history, we’ve witnessed the Age of Coal ...
- — Oil prices gain, recouping some of last week’s 7% loss
- at 10/21/24 3:00pmOil prices rose on Monday, recouping some of last weeks more than 7% decline, with no let up of fighting in the Middle East and the expectation of retaliatory Israeli attacks on Iran worrying markets about supply from the region. Brent crude futures were up 58 cents, or 0.79%, at $73.63 a barrel at 11:02 ...
- — Middle East Crude-Benchmarks fall, Dubai near two-month low
- at 10/21/24 11:00amMiddle East crude benchmark premiums for Oman, Dubai and Murban declined on Monday, with the Dubai premiumhitting a near two-month low. SINGAPORE CASH DEALS Cash Dubais premium to swaps declined 15 cents to $1.54 a barrel, the lowest since Aug. 27. ExxonMobil will deliver two December Upper Zakum crude cargoes, one to Mitsui and the ...
- — IEA sets up new office in Singapore to strengthen energy collaboration in Southeast Asia
- at 10/21/24 11:00amThe International Energy Agency (IEA) and Singapore inaugurate the IEA Regional Cooperation Centre today the IEA’s first office outside of its Paris headquarters in its 50-year history. IEA Executive Director Dr Fatih Birol, Singapore’s Deputy Prime Minister Gan Kim Yong, Singapore’s Second Minister for Trade and Industry Dr Tan See Leng, IEA Governing Board ...
- — Oil prices steady after 7% weekly drop
- at 10/21/24 4:00amOil prices steadied in early trading on Monday, following a more than 7% drop last week on worries about demand in China, the worlds top oil importer, and an easing of concerns about potential supply disruptions in the Middle East. Brent crude futures LCOc1 rose 8 cents, or 0.11%, to $73.14 a barrel by 0120 ...
- — Return of Libyan exports weighs on European crude market
- at 10/21/24 4:00amA resumption of Libyan crude output after a political crisis over the central bank slashed the OPEC members exports to a four-year low, has led to a surplus in crude supplies in Europe, forcing competing sellers to cut their prices, trading sources and analysts say. Libyas National Oil Corporation (NOC) announced the restart of production ...
- — Asian refiners expect slower oil price decline as Middle East tensions aid hedging, stockpile valuations
- at 10/21/24 4:00amAsian refiners generally expect oil prices to continue their downtrend for the remainder of the year; however, geopolitical tensions in the Middle East could slow the pace of decline, enabling them to better manage their price hedging positions and protect their inventory valuations. The downtrend in oil prices so far this year has hurt refiners ...
- — China’s September refinery output falls for the sixth straight month
- at 10/21/24 4:00amChinas refinery output fell 5.4% last month versus a year earlier, official data showed, declining for a sixth consecutive month even with the start-up of a new plant as weak fuel consumption and skinny refining margins curbed processing. Refiners processed 58.73 million metric tons of crude oil last month, data from the National Bureau of ...
- — Russia’s oil and gas revenue to leap in October by 52% m/m, Reuters calculations show
- at 10/21/24 4:00amRussias oil and gas revenue in October is set to jump to 1.17 trillion roubles ($12.16 billion), up 52% from September thanks to the once-a-quarter payment of oil profit-based tax, Reuters calculations showed. At the same time, the revenue is likely to have declined this month by 28% from October 2023 because oil prices fell, ...
- — OPEC: Winter oil market outlook
- at 10/20/24 3:00pmThe global refinery intake has witnessed a gradual rising trend so far in 2024 and reached a year-to-date (y-t-d) high of 82 mb/d in August, albeit this was 600 tb/d lower, y-o-y. In September, however, this trend reversed, with the global refinery intake declining by 1.4 mb/d, m-o-m, (Graph 1) due to the start of ...
- — Asia spot diesel discounts narrow amid tightened supply
- at 10/20/24 3:00pmNortheast Asian refiners sold November-loading ultra low-sulphur diesel at the narrowest discounts since the start of the year as supply has tightened due to lower regional output, trade sources said on Friday. Deals for mostly first-half November-loading 10ppm sulphur gasoil have largely been sealed at discounts of 30-70 cents a barrel to Singapore quotes, the ...
- — Asian spot prices inch up amid emerging demand
- at 10/20/24 3:00pmAsian spot liquefied natural gas (LNG) gained for the first time since end-August this week, supported by emerging spot demand across the region. The average LNG price for December delivery into north-east Asia LNG-AS rose to $13.50 per million British thermal units (mmBtu), industry sources estimated, its first weekly gain in six weeks. Active buyers ...
- — Russia’s ESPO Blend oil premiums rise above $1/bbl in China on supply worries
- at 10/20/24 3:00pmSpot premiums for Russias Far East ESPO Blend crude oil have firmed to more than a $1 per barrel premium as worries of possible supply disruption from Iran and firmer prices for Abu Dhabis Murban oil fuelled Chinese refiners demand, trade sources said. ESPO Blend cargoes loading at the end of November early December ...
- — CHINA DATA: Sep crude throughput rebound unlikely to sustain
- at 10/20/24 3:00pmChinas crude throughput rebounded to a five-month high of 14.35 million b/d in September, National Bureau of Statistics data showed Oct. 18, but refining sources said the level is unlikely to sustain. Oil product consumption picks up in September and October the peak demand season in China as fishing, harvesting and constructing activities ...
- — Med crude-Urals diffs unchanged in quiet trade
- at 10/20/24 3:00pmUrals crude oil differentials to dated Brent remained unchanged on Friday in a quiet trading day. Urals oil loading plan for November is expected to emerge by the end of the next week, traders said. PLATTS WINDOW No bids or offers were shown for Urals, Azeri BTC or CPC Blend in the Platts window on ...
- — North Sea Crude-Ekofisk rises, WTI Midland steady
- at 10/20/24 3:00pmNorth Sea Ekofisk crude differentials rose on Friday after a deal, while U.S. WTI Midland and other North Sea grades were steady. PLATTS WINDOW Indications are on a free-on-board (FOB) basis unless marked as cost, insurance, and freight (CIF) or delivered at place (DAP). Ekofisk: Total bought from BP, CIF Rotterdam, Nov. 1-3, dated Brent ...
- — US Cash Crude-Grades mixed as future output and demand set to rise
- at 10/20/24 3:00pmU.S. crude grades pulled in different directions on Friday, dealers said, after the domestic rig count edged up while refining demand is expected to tick higher. The U.S. oil rig count, an early indicator of future output,rose by one to 482 this week, rising for a second week in a row, energy services firm Baker ...
- — W. Africa Crude-Nigerian grades finding buyers, Angolan offers awaited
- at 10/20/24 3:00pmNigerian crude cargoes were heard to be finding homes after a drop in differentials while price discussions had yet to begin for Angolas December cargoes. A lot has moved this week, a trader said of Nigerias November cargoes, estimating that as few as 10 were still unsold. Another trader had put the number at around ...
As of 10/22/24 5:22am. Last new 10/21/24 4:48pm.
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