Middle East crude benchmark Dubai gained for a fourth straight session on Wednesday following strong bids from Vitol, Equinor and Mitsui on Platts window. DME Oman rose to $2.65 a barrel above Dubai quotes, the highest premium since October, supported by robust demand amid a tight supply of medium,...
US sanctions on Russian oil and natural gas are working and the US is going to keep tightening sanctions to stymie Russia’s efforts to develop new ways to export fossil fuels, US Assistant Secretary of State for Energy Resources Geoffrey Pyatt said April 23. The Biden administration’s sanctions are...
Middle East crude benchmark Dubai rose for a third straight session on Tuesday, buoyed by tight supply of heavier oil. Spot premiums for Upper Zakum crude continued to climb amid tight supply of the Abu Dhabi grade. Trafigura bought a June-loading Upper Zakum crude cargo from Unipec at $2.65 a...
European oil refinery output fell 4% in March from the previous month to 9.457 million barrels per day (bpd), but was nearly 1% higher than the same time last year, Euroilstock data showed on Monday. Total crude intake was 9.443 million bpd last month, 2.7% lower than in February, but 5.4% higher...
https://www.hellenicshippingnews.com/europes-oil-refinery-output-falls-in-march-euroilstock-says/
Prompt LNG prices have eased, despite ongoing global risks factors, particularly around the Middle East. Platts, part of S&P Global Commodity Insights, assessed the June JKM, the benchmark price for LNG cargoes delivered to Northeast Asia, at $10.332/MMBtu on April 22, down 35.9 cents/MMBtu on the...
https://www.hellenicshippingnews.com/key-market-indicators-april-22-26/
European diesel futures spreads are flashing signs of oversupply and slow demand with the three-month contango LGOc1-LGOc4 trading on Monday at its widest since August 2021. Contango is a market structure in which a current contract trades at a discount to a contract for a later date and usually...
https://www.hellenicshippingnews.com/sluggish-demand-and-oversupply-sap-european-diesel-markets/
Oil prices gained on Tuesday after stronger economic data out of Europe, as investors also weighed the potential fallout from any fresh U.S. sanctions on Iran’s oil exports with tensions remaining high in the Middle East. Global benchmark futures traded 80 cents or 0.9% higher at $87.80 a barrel by...
https://www.hellenicshippingnews.com/oil-rises-on-robust-eu-data-as-mideast-tensions-linger/
US power sector natural gas demand set another record in the first quarter and has remained higher year over year into April, although it could come under pressure from renewable generation and coal this summer. Demand from the power sector totaled 32.7 Bcf/d in the first quarter of 2024, up 2...
Brazil’s LNG competitiveness versus Europe and the Mediterranean has narrowed as Brazil’s premium weakens despite an expected uptick in imports this month. Platts, part of S&P Global Commodity Insights, assessed DES Brazil for deliveries 15-to-45 days forward at $9.722/MMBtu, or at a 2.2 cent/MMBtu...
Oil settled slightly higher on Friday, but posted a weekly decline, after Iran played down a reported Israeli attack on its soil, a sign that an escalation of hostilities in the Middle East might be avoided. Brent futures settled up 18 cents, or 0.21%, at $87.29 a barrel. The front month U.S. West...