Oil steadied on Friday after prices spiked earlier on reports that Israel had attacked Iran, as market fears of a major escalation to hostilities in the Mideast appeared to ease and a build-up of global oil stocks weighed. The benchmark contracts surged more than $3 before dipping back down. At...
The EU would be able to rebuild stocks to 90% of capacity — or even 100% — this summer under all demand scenarios given the high starting point of storage fill, grid operator group ENTSOG said in its annual summer outlook. But ENTSOG warned that lower LNG imports this summer and a potential halt in...
Market analysts expect net injections to US natural gas storage nearly doubled in the second week of April but could still undershoot the five-year average, helping to narrow the US inventory surplus. The US Energy Information Administration is expected to report a 44 Bcf injection to US gas...
China’s petroleum refining capacity is entering a new expansion phase with 85 million metric tons expected to be added from 2024 to 2027, experts said. Around 35 million tons of outdated petroleum refining capacity will be optimized to boost high-quality development of the industry, they added. The...
https://www.hellenicshippingnews.com/china-oil-consumption-back-to-2019-levels/
Markets kept their cool on Monday amid a fast-moving and volatile geopolitical landscape in the Middle East — but the longer-term risk premium has likely risen, while oil prices remain on edge, analysts said. Iran launched more than 300 drones and missiles against military targets in Israel on...
Japanese oil refiners see no immediate impact from escalating tensions in the Middle East on their crude procurement, but will use the country’s reserves in case of contingencies to ensure stable oil supplies, the industry group’s head said. “We don’t believe that there are any obstacles to the...
Oil prices extended losses on Thursday after a 3% drop in the previous session, as investors switched focus to signs that a wider conflict in the key Middle East could be avoided, as well as demand concerns. Brent futures were down 63 cents, or 0.72%, at $86.66 a barrel, while U.S. West Texas...
U.S. President Joe Biden will do what he can to ensure affordable gasoline prices, White House senior adviser John Podesta said at an industry conference on Tuesday, when asked about future releases of crude oil from the Strategic Petroleum Reserve (SPR). The Biden administration in 2022 sold 180...
Middle East crude benchmarks Dubai and Murban slipped for a fourth session on Wednesday even as Upper Zakum’s premiums strengthened on tighter supply. The trading arm for Abu Dhabi National Oil Co (ADNOC) has snapped up several June-loading cargoes of Abu Dhabi’s Upper Zakum crude in the spot...
https://www.hellenicshippingnews.com/middle-east-crude-upper-zakums-premiums-rise-on-tighter-supply/
A few hours before the expiration of a temporary oil and gas sanctions relief license, the governments of Venezuela and the United States continue to negotiate without success its renewal under the requirement of holding competitive presidential elections on July 28, Venezuelan officials said....