Top oil executives and ministers descend on Houston this week for one of the world’s biggest energy conferences emboldened by blockbuster mergers, stable oil prices and less pressure for a large scalemove to clean fuels. Global oil prices LCOc1 have remained in a range between $75 and $85 per...
Oil & Companies News
IEA sees economic headwinds putting damper on demand growth
The settling down of post-pandemic turbulence and a cloudy economic outlook will rein in demand growth this year, the International Energy Agency said on Thursday, even as shipping disruptions provide a short-term boost. “(Growth) reverts towards its historical trend after the extreme volatility of...
https://www.hellenicshippingnews.com/iea-sees-economic-headwinds-putting-damper-on-demand-growth/
Middle East Crude-Benchmarks nudge higher on firm demand
Middle East crude benchmarks Dubai and Oman edged up on Friday, ending the week on a firm note following robust sales of sour grades. Asian refiners snapped up spot cargoes this week as they prepare to ramp up operations in June after maintenance to meet peak summer demand. May-loading Upper Zakum...
https://www.hellenicshippingnews.com/middle-east-crude-benchmarks-nudge-higher-on-firm-demand/
Qatar raises May term price for al-Shaheen crude – sources
QatarEnergy raised slightly the May term price for al-Shaheen crude after selling two cargoes via its monthly tender, trade sources said on Friday. The term price for May-loading cargoes was set at $1.47 a barrel above Dubai quotes, up from $1.40 in the previous month, they said. In the tender, one...
https://www.hellenicshippingnews.com/qatar-raises-may-term-price-for-al-shaheen-crude-sources/
Oil giant Shell waters down its near-term emission cuts in strategy update
British oil giant Shell on Thursday announced plans to moderate its near-term carbon emissions cuts, while maintaining its pledge to become a net-zero company by the middle of the century. In its latest energy transition strategy update, the oil and gas major said it is now aiming to reduce its net...
US pump prices set to jump as refinery outages nip supply, analysts say
U.S. motorists are likely to see gasoline prices turn sharply higher in the coming weeks as major refinery outages have cut supplies ahead of a seasonal jump indemand, analysts said. The national average price for a gallon of gasoline has increased more than 9% from the start of the year to hover...
Middle East Crude-Benchmarks rise on higher demand
Middle East crude benchmarks Oman, Dubai and Murban rose on Thursday due to higher demand on the Platts window. SINGAPORE CASH DEALS Cash Dubai’s premium to swaps rose 15 cents to $1.33 a barrel. NEWS With more ships heading around the Cape of Good Hope due to attacks in the Red Sea region and a …
https://www.hellenicshippingnews.com/middle-east-crude-benchmarks-rise-on-higher-demand/
Nigeria’s oil output hits 1.47 million bpd on crude theft crackdown
Nigeria’s oil production is steadily rising, hitting 1.476million barrels per day (bpd) in February, the highest in more than three years, OPEC data showed, as the military and private security contractors crackdown on crude theft and pipeline sabotage. Nigerianoutput fell to its lowest in decades...
Henry Hub spot gas hits lowest since early 1990s amid oversupplied market
Cash natural gas prices at the US benchmark Henry Hub sank to their lowest since the early 1990s in March 13 trading as mild weather and rising inventory levels keep the Gulf Coast market oversupplied. In mid-session trading, next-day gas prices at the Henry Hub were moving around $1.24/MMBtu, with...
Protracted weakness in spot LNG market will test buyer-seller relationships in 2024
A prolonged period of low spot LNG prices is expected to see the market shift in favor of buyers and seep into broader aspects of the LNG business such as price reviews, contractual terms and long-term deal negotiations in 2024, according to industry experts. Asian spot LNG prices have been under...