Energy: WTI hits YTD highs Oil prices continued to surge yesterday with ICE Brent settling more than 2% higher on the day, leaving prices above US$87/bbl. Meanwhile, NYMEX WTI managed to trade to its highest levels so far this year. US CPI data was supportive with both month-on-month and...
https://www.hellenicshippingnews.com/the-commodities-feed-us-cpi-pushes-oil-higher/
U.S. crude inventories rose unexpectedly last week, the Energy Information Administration said on Wednesday, helped by release of oil from the U.S. government emergency reserve as well as weaker levels of export. Crude inventories (USOILC=ECI) rose by 597,000 barrels in the last week to 470.5...
https://www.hellenicshippingnews.com/oil-stocks-rise-unexpectedly-on-spr-release-weak-exports/
The world’s main manufacturing hubs of Greater China, North America and Europe are set to embark on different paths to lower emissions from industrial heating, which is a critical but highly energy-intensive process for most manufacturers. Heat is vital to transform raw materials into useful...
India’s fuel consumption jumped to a record high in March, data showed on Monday, fuelled by robust economic activity in the world’s third biggest oil consumer. Consumption of fuel, a proxy for oil demand, rose by 5% from a year earlier to 4.83 million barrels per day (20.5 million tonnes), the...
https://www.hellenicshippingnews.com/indias-march-fuel-demand-soars-on-robust-economic-activity/
Spot natural gas prices in the Permian Basin traded into negative territory April 10 as the market braced for another wave of midstream capacity cuts prompted by spring maintenance on two critical intrastate gas pipelines. In early trading, next-day supply at Waha changed hands at minus-33...
Oil prices steadied Wednesday as the market waited for U.S. inflation data later in the day that will likely influence the Federal Reserve’s policy on interest rate hikes. Brent crude gained 14 cents, or 0.2%, to $85.75 a barrel by 0917 GMT, while U.S. West Texas Intermediate rose 10 cents, or...
https://www.hellenicshippingnews.com/oil-steadies-as-market-awaits-key-u-s-inflation-data/
Non-OPEC countries will account for a higher percentage of oil production gains this year and next, a reversal of the last two years, the U.S. Energy Information Administration predicted on Tuesday. Gains by the U.S., Brazil, Canada and Guyana will overshadow OPEC after Saudi Arabia and other...
https://www.hellenicshippingnews.com/opecs-share-of-oil-production-growth-to-shrink-this-year-eia/
Middle East crude benchmarks Oman, Dubai and Murban extended gains on Tuesday, supported by expectations of tight supply and stronger demand after refineries finish overhauls in June. In tenders, Sri Lanka’s Ceylon Petroleum Corp is seeking 700,000 barrels of Murban crude for late July delivery....
Oil prices were on course for a third consecutive weekly gain with WTI trading above the $80 mark while Brent at above $85 on Friday. However, the initial oil price rally sparked by the Opec+ announcement has been capped by worrying economic data out of the US and China suggesting weaker...
https://www.hellenicshippingnews.com/oils-bullish-outlook-to-continue/
Several OPEC+ members are set to tighten global production by an additional 1.16 million barrels per day until the end of the year, further burdening central bank efforts to curtail global inflation — but critically protecting the alliance’s broader output strategy from political pressures....