Oil edges up as summer demand hopes offset downbeat China data
Oil edged higher on Monday as hopes for a boost to demand from the summer driving season in the northern hemisphere offset Chinese data that underscored a bumpy recovery for the world’s biggest crude...
View ArticleChina quietly speeds up oil production to reach peak levels
Iron Man Wang Jinxi, a heroic Chinese oil pioneer, famously jumped into a pit of drilling mud to stop a well blowout. A key figure in the discovery of Daqing, China’s biggest oilfield, Wang died in...
View ArticleOil and LNG supply gluts spell double trouble for Australian LNG producers
In its Oil 2024 report published on 12 June, the International Energy Agency (IEA) forecast that global oil markets are heading for a glut in supply, with global oil capacity in 2030 potentially...
View ArticleRussia’s June idle oil refining capacity raised by 114%, calculations show
Russia’s primary offline oil refining capacity has been raised by 114% from the previous plan to 4.1 million metric tons for June mainly to due to last-month stoppages at the Tuapse and Komsomoslk...
View ArticleIran Oil Ministry signs contracts worth $2b with local firms
The Iranian Oil Ministry has signed four contracts worth $2 billion, including agreements to develop two oil fields. The contracts were signed with Iranian contractors on Sunday at the ministry’s...
View ArticleMiddle East Crude-Benchmarks edge up; two Oman deliveries emerge
Middle East crude benchmarks inched higher on Tuesday following a public holiday in Singapore on Monday, though trading momentum remained largely quiet. Meanwhile, two deliveries for August-loading...
View ArticleFitch Ratings Updates Oil and Gas Price Assumptions
Fitch Ratings has maintained most of its oil and gas price assumptions, reflecting broadly unchanged market fundamentals. Our base-case oil price assumptions have not changed. While Brent crude oil...
View ArticleOil up on Fed comments, geopolitical risk premium in Europe, Mideast
Oil prices increased about 1% on Tuesday following cautious yet positive comments from a New York Federal Reserve policymaker on the future of interest rate cuts, while wars in Europe and the Middle...
View ArticleU.S. refinery capacity increased 2% in 2023
Operable atmospheric crude oil distillation capacity, our primary measure of refinery capacity in the United States, increased by 2%, or 324,000 barrels per day (b/d), in 2023, according to our...
View ArticleThe Commodities Feed: Further European gas disruptions
Energy – Further European gas disruptions Oil markets continued to strengthen yesterday. ICE Brent settled 1.28% higher on the day, taking it back above $85/bbl. This is the market’s strongest close...
View ArticleOil steady amid U.S. stock build but war jitters abound
Oil prices were largely steady on Wednesday, near their highest levels in seven weeks as the market weighed concerns over escalating conflicts against demand worries following an unexpected build in...
View ArticleIndia sees record peak demand for power in north as heatwave persists
Peak demand for power in India’s hot, arid northern plains hit a record on Monday, the government said as it continues to implement measures to meet high energy consumption, although the weeks’ long...
View ArticleAPI shows weekly US crude, distillate stocks rose, gasoline fell, market...
U.S. crude oil and distillate inventories rose last week while gasoline fell, according to market sources citing American Petroleum Institute figures on Tuesday. The API figures showed crude stocks...
View ArticleNorway oil service workers agree wage deal, averting strike
Offshore oil service workers in Norway struck a deal with employers during state-sponsored mediation to avoid going on strike in Western Europe’s largest oil and gas producing nation, the IE&FLT...
View ArticleMiddle East Crude-Benchmarks slide; market eyes Southeast Asia tenders
Middle East crude benchmarks fell on Wednesday, while the market eyed tenders from Southeast Asian refiners. Thailand’s PTT has, on behalf of IRPC, issued a monthly tender to buy sour crude loading in...
View ArticleBrent stable above $85 ahead of US inventory data
Brent oil futures were steady on Thursday, hovering slightly below seven-week highs as the market awaited U.S. inventory data. August Brent crude LCOc1 rose by 32 cents, or 0.38%, to $85.39 per barrel...
View ArticleThe Commodities Feed: Further European gas disruptions
Energy – Further European gas disruptions Oil markets continued to strengthen yesterday. ICE Brent settled 1.28% higher on the day, taking it back above $85/bbl. This is the market’s strongest close...
View ArticleEnergean to sell Med oil and gas assets to Carlyle for up to $945 mln
Energean has agreed to sell its assets in Egypt, Italy and Croatia to private equity fund Carlyle CG.O for up to $945 million, the Mediterranean-focused oil and gas producer said on Thursday. The deal...
View ArticleCanadian oil industry group pulls climate messages over anti-greenwashing rules
A Canadian oil industry group has removed all content from its website, social media pages, and other public messaging about environmental goals, citing “significant uncertainty” over the federal...
View ArticleMiddle East Crude-Dubai dips as selling picks up; tender outcomes emerge
Dubai benchmark dropped on Thursday as more selling activity gathered pace, while outcomes for recent Southeast Asia tenders also emerged. Malaysia’s Petronas has sold an August-loading Labuan crude...
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