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Klaipeda port posts 4% growth in January cargo traffic y-o-y

Cargo traffic at the Lithuanian seaport of Klaipeda grew to 3.881 million tons in January 2018, up 13.9% from 3.406 million tons in the same month last year, informs LETA/BNS. The port said it was its highest ever overall result for January, with new records for the month also set in the oil product, containerized and ro-ro cargo groups. Year-on-year, liquid cargo volumes jumped by 21.9% to 1.149 million tons, general cargo volumes rose by 19.6% to 1.143 million tons and bulk cargo volumes were up by 5.4% to 1.589 ...

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Venezuela turns to ally Russia for crude oil imports

Venezuela is increasingly turning to its ally Russia for crude oil, as a dramatic fall in its crude output is pushing the country to import crudes for its refineries. State-owned PDVSA is resorting to importing Russian Urals crude for its 335,000 b/d Isla refinery in the Caribbean island of Curacao as the country’s production has fallen to its lowest in almost two decades. PDVSA is said to have bought almost 3 million barrels of Urals crude this year from trading house Glencore, trading sources told S&P Global Platts. Three crude ...

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Kuwait Petroleum seeks LNG cargo for March – sources

Kuwait Petroleum Corp has issued a tender seeking a liquefied natural gas (LNG) cargo for delivery in March, market sources said on Tuesday. It is seeking a cargo for delivery over March 24 to 25, one of them said. The tender closes on Feb. 15. Source: Reuters (Reporting by Jessica Jaganathan; editing by Richard Pullin)

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China’s ESPO crude imports via China-Russia pipelines grow 66% on year in Jan

China has received around 2.41 million mt of Russian ESPO crude via two 15 million mt/year China-Russia crude pipelines in January, up 66% on the year, according to a local media report Monday, citing data from the Heilongjiang Entry-Exit Inspection and Quarantine Bureau. This was up 960,000 mt from January 2017, after the second China-Russia crude pipeline started operations in January 2018. It was also part of PetroChina’s plan to raise the ESPO crude imports from 20 million mt/year to 30 million mt/year from 2018. The total transmission volume of ...

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Russia’s Gazprom to reorganise export operations

Russian energy giant Gazprom said it planned to reorganise its export operations to create an integrated international distribution unit responsible for all of its export deliveries, trading and marketing. Gazprom said in a statement the reorganisation would take place in two stages over two years. It said the first stage would involve merging and streamlining the assets and activities of Gazprom Germany, which handles a large proportion of the group’s exports. The second stage would see Gazprom Germany operationally merged with Gazprom Export, it said. Source: Reuters (Reporting by Andrew ...

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Shortage of coal caused power generation loss in 2017-18, acknowledges Indian govt

Acknowledging that coal shortage hit power generation in the current year, and that coal supply still was a sore point, the power ministry has said that the sector would need 615 million tonnes of coal supply in the coming financial year. This would also entail an increased demand of railway rakes of 288 per day to meet the demand. In an inter-departmental meeting of power, coal, railways, along with NTPC and Coal India, held in January, Power Minister R K Singh said efforts should be made to ensure that there ...

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Wheat hits 6-mth high as dry weather threatens U.S. crop

U.S. wheat futures rose on Tuesday to hit a six-month high as dry weather across a major producing region stoked concerns about potential shortfalls in output. Corn edged lower, retreating after posting gains of more than 1 percent in the previous session, while soybean prices extended their two-day advance to 2 percent. The most active wheat futures on the Chicago Board of Trade were up 0.6 percent at $4.66-3/4 a bushel at 0350 GMT, after earlier touching their highest since Aug. 8 at $4.67-1/4 a bushel. Wheat closed up 3.3 ...

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India’s Oil Consumption Grows at Fastest Pace in 14 Months

Oil demand in India rose 10.3 percent in the first month of 2018, the fourth straight monthly gain. Total oil consumption expanded at the fastest pace in 14 months to 16.9 million tons from 15.3 million a year ago, according to the oil ministry’s Petroleum Planning and Analysis Cell. Improvement in road freight transport following the stabilization of the new nationwide sales tax and growing use of cars and scooters boosted the consumption. The growth in demand came over a low base as in January last year the nation’s oil ...

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Qatar’s Condensate Tender Result To Set Market Tone; Asia To Wind Down Ahead Of Lny Holidays

Qatar Petroleum is due to close a low sulfur condensate tender on February 14 for April to September shipments. This result will be closely watched by the market, as it will help set the tone for the region’s ultra-light crude spot differentials in coming months. In thermal coal, US exports to Asia are starting to gather pace as Australian thermal coal prices remain high. Utah coal was heard being shipped via Mexico to a customer in South Korea. The upcoming Lunar New Year break has sharply reduced buying interest in ...

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Oil Steady Near $59 as IEA Says Shale May Derail OPEC Cuts

Oil steadied near $59 a barrel in New York as the International Energy Agency warned that rising U.S. supply may counter OPEC’s success in clearing a glut. Production cuts by the Organization of Petroleum Exporting Countries and Russia have shrunk a surplus in oil inventories by about 80 percent, a report from the Paris-based IEA showed on Tuesday. Yet the decline in stockpiles will slow as rising shale-oil output puts America on track to surpass both Saudi Arabia and Russia, the agency predicted. “There are good reasons for the price ...

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Enhanced oil recovery may offer climate solution: Fuel for Thought

As counterintuitive as it may sound to those who want to transition away from fossil energy to combat climate change, the US government has long supported research into technology that could potentially slow or even halt the growth of industrial carbon emissions while expanding the recovery of oil from existing fields. Many in the oil industry support the concept—and have been implementing commercial projects based on it for decades, in the US and abroad. In using this technology to enhance the recovery of oil (EOR), the oil industry has developed ...

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Big Oil takes stage for post-austerity beauty contest

With years of austerity in their rear-view mirrors, the world’s biggest oil companies are locked in a beauty contest to lure investors with promises of growth and greater rewards. Royal Dutch Shell and Total are emerging as frontrunners after a three-year slump thanks to strong growth projections but Exxon Mobil, the biggest publicly traded oil company, has largely disappointed with a weaker outlook. Major oil companies slashed spending and cut costs after oil prices collapsed in 2014 and can now generate as much cash with crude at $50-$55 a barrel ...

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LNG market strength adds upward pressure to east coast gas prices

The unexpectedly tight liquefied natural gas market in Asia is complicating Australian regulatory efforts to prioritise the domestic market for east coast gas, helping drive up local prices for the fuel in January despite soft demand. Imports of LNG by Japan, the world’s biggest user, hit their highest in at least five years in January amid freezing weather and an outage for maintenance work at a nuclear reactor, according to consultancy EnergyQuest. Chinese LNG demand has been surging on government-mandated coal-to-gas switching to improve air quality. Temporary production shutdowns at ...

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Analysts Embrace Pound Strength Versus Euro as Parity Calls Fade

And to think that analysts were calling for the pound to reach parity against the euro. The Bank of England’s hawkish rhetoric on Thursday has caused Toronto Dominion Bank Ltd. to double down on its call for a rate increase in May and bet on more strength in the pound versus the euro. It is a trade the Canadian bank is sticking to even after sterling slid on Friday as the European Union’s chief negotiator Michel Barnier said a Brexit transition deal wasn’t a given. Governor Mark Carney’s comments last ...

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Dalio Says ‘We’re Past the Top’ in Bonds, Sees Rising Risks of a U.S. Recession

Billionaire hedge fund manager Ray Dalio said the risks of a recession in the next 18 to 24 months are rising and bonds are past their peak. In a LinkedIn post on Monday, Dalio said the U.S. is further along in the business cycle than he thought and that it’s difficult to make a call on equities. “We don’t know exactly how far we are from the top in the stock market and then the economy, though it is clear that we are past the top in the bond market,” ...

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