US fuel oil production fell to nine-months low in September
Changes in monthly US residual fuel oil from August to September: Supply up 34,000 b/d to 294,000 b/d Production down 24,000 at 279,000 b/d Imports up 21,000 b/d to 107,000 b/d Fuel oil production in...
View ArticleGlobal gas balance still ‘fragile’ on limited LNG output growth: IEA
The global gas balance remains “fragile” as limited LNG production growth keeps supply tight amid rising global demand, the International Energy Agency said. In its annual Global Gas Security Review,...
View ArticleChina’s Oil and Gas Refining and Marketing Margins to Remain Pressured
Fitch Ratings predicts that industry-wide refining and marketing margins in China will remain under pressure over 2H24, driven by slowing demand and modest increases in refinery capacity. National oil...
View ArticlePlentiful oil supply dampens industry reaction to growing Middle East conflict
The oil industry and markets have had a muted reaction to growing conflict inthe Middle East, a sign of just how well stocked oil supplies are as U.S. output grows and OPEC+prepares to lift production....
View ArticleEIA: Distillate fuel oil demand will increase in the fall because of the...
We expect distillate fuel oil consumption to increase in the fall as diesel-powered agricultural equipment is used to harvest and transport crops. The harvest tends to peak in mid-October and continue...
View ArticleJP Morgan expects Brent at $80/barrel in Q4 as Middle East tensions escalate
J.P. Morgan Global Commodities Research maintains Brent oil averaging $80 per barrel (bbl) in 4Q24. Crude prices are set for 10% weekly gains as investors weighed the prospect of a wider Middle East...
View ArticleGoldman eyes Brent outlook rise due to Iranian supply risks
Goldman Sachs said that itexpects its Brent price forecastto peak$10-$20 per barrel in2025 due topotential disruptions in Iranian production. Israel hassworn to strike Iran for launching a barrage of...
View ArticleOil prices dip after strongest weekly rise in over one year
Oil prices fell on Monday, after posting their steepest weekly rise in more than a year last week, as oversupply concerns amid softer demand countered the worries over a wider Middle East conflict...
View ArticleThe Commodities Feed: Saudi Arabia’s divergent views on oil pricing
The oil market eased this morning as it awaits further developments in the Middle East. Meanwhile, Saudi Arabia lowered its official selling price for European buyers and pushed up its prices for Asian...
View ArticleBP drops oil output reduction target in strategy reset, sources say
BP has abandoned a target to cut oil and gas output by 2030 as CEO Murray Auchincloss scales back the firm’s energy transition strategy to regain investor confidence, three sources with knowledge of...
View ArticleIndia prepared to handle oil supply hit from Middle East conflict, oil...
India will be able to navigate through any hit to oil supplies from the potential widening of the Middle East conflict, oil minister Hardeep Singh Puri said on Monday. India, the world’s third-biggest...
View ArticleMiddle East tensions: Oil prices at risk of further increases
The oil markets may continue to rally due to fears of major production disruptions in the Middle East if the conflicts evolve into a wider regional war. Crude oil prices soared nearly 9% last week,...
View ArticleSaudi Arabia raises Arab Light price for Asia to four-month high
Top oil exporter Saudi Arabia raised the November price for its flagship Arab light crude to Asia to its highest since July. The November official selling price (OSP) for Arab Light was set at $2.20 a...
View ArticleEquinor reports on Norwegian development projects
Equinor is the operator of 19 projects currently under development in Norway. In the proposed National Budget for 2025, the Ministry of Energy listed the status of 13 Equinor-operated projects...
View ArticleNorway’s oil production seen rising 5.2% in 2025, gas seen down 1.6%
Norway’s production of oil liquids is expected rise by 5.2% in 2025 compared to 2024, while natural gas output is set to decline by 1.6%, the government projected in its draft budget on Monday. The...
View ArticleChevron Announces US$6.5 bn Sale of Its Interests in the Athabasca Oil Sands...
Chevron Canada Limited, an indirect subsidiary of Chevron Corporation (“Chevron”), announced today that it and a related entity have entered into a definitive agreement to sell their 20 percent...
View ArticleHere’s how oil prices could affect the 2024 election
All eyes are on the Middle East as tensions continue to escalate between Israel and Iran. What is the latest coming out of both countries and how does the United States factor into all of this? On the...
View ArticleOil retreats as investors pare bets on Middle East war risk after sharp rally
Oil prices declined on Tuesday with concerns over potential oil supply disruption easing as the market still awaits an Israeli response to the Iranian rocket attacks last week which triggered the crude...
View ArticleLibya’s NOC says daily production reached 1.13 mln bpd of crude oil and...
Libya’s National Oil Corp. (NOC) said on Tuesday that daily production reached 1,133,133 barrels per day of crude oil and condensate in the last 24 hours, adding that the recovery comes just days after...
View ArticleCrude oil surge caps strong four-week rally for commodities
The commodities sector traded higher for a fourth week last week, and so far this week has started with gains, primarily supported by the energy sector, where the risk of an Israeli retaliation attack...
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