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Reliance Industries Ltd, operator of the world’s biggest oil refining complex, has ordered at least 15 million barrels of Russian oil since Russia invaded Ukraine in February, trade sources said. Reliance has bought an average 5 million barrels a month for the June quarter, the sources said. Reliance did not immediately respond to a Reuters’ email seeking comment. Before the Ukraine war, Indian refiners, including Reliance, rarely bought Russian oil owing to high freight costs. But Western sanctions against Russia since its Ukraine invasion, which Moscow calls a “special operation”, ...

Last week, the National Development and Reform Commission said that the crude steel output reduction policy will continue to be implemented in 2022, triggering market concerns about a reduction in iron ore demand and causing iron ore futures prices to plunge. However, iron ore futures prices rebounded after the quarterly reports of major mining firms showed that the supply contracted significantly. Iron ore demand showed no significant growth under the impact of the pandemic. The spot prices of PB fines at ports in Shandong fell by 10 yuan/mt on a ...

China’s steel association urged trading companies on Monday not to ramp up exports to take advantage of soaring global prices, and instead prioritise catering to domestic demand. Steel prices in Europe have surged after Russia’s invasion of Ukraine disrupted logistics, spurred sanctions and boosted energy prices, leading some producers to cut production. Tighter supply and China’s lower prices have created strong overseas demand, Qu Xiuli, vice chairwoman of the China Iron and Steel Association (CISA) told a press conference. CISA is supported by the government, but does not hold any ...

Indonesia’s ban on palm oil exports shocked global edible oil markets that already reached record-high prices this year, and sparked alarm among major importers of the cooking medium. Palm oil is the world’s most widely used vegetable oil and is used in the manufacture of many products, including biscuits, margarine, laundry detergent and chocolate. Below are details on the world’s major edible oils: Palm oil Palm oil is by far the most produced, consumed and traded edible oil in the world, and accounts for roughly 40 per cent of the ...

Energy Covid worries in China weighed heavily on oil prices yesterday. ICE Brent briefly traded below US$100/bbl at one stage, although the market still managed to settle above US$102/bbl, down about 4% from the previous day. The key for the market is how the situation in Beijing develops in the coming days and weeks. In March, apparent oil demand in China came in at around 13.3MMbbls/d, up 2% YoY. It is likely that this has taken quite a big hit over April, but we will need to wait for trade ...

Oil prices bounced on Tuesday, steadying after a sharp fall of 4% in the previous session, as worries over China’s fuel demand were soothed by the central bank’s pledge to support an economy hit by renewed COVID-19 curbs. Brent crude futures were up 59 cents, or 0.58%, at $102.91 a barrel after rising to $103.93 earlier in the session. U.S. West Texas Intermediate contracts were up 34 cents, or 0.35%, at $98.88 per barrel at 0658 GMT after climbing to $99.82 a barrel in early trade. Both contracts had settled ...

While the Organization of the Petroleum Exporting Countries and OPEC+ are monitoring the supply of crude oil, the demand is left at the mercy of numerous market forces. Many international organizations have recently downgraded their economic forecasts for 2022, which will lead to reduced demand for oil. For example, citing the ongoing fallout from the war in Ukraine, inflation, and the COVID-19 pandemic, the World Bank now expects the global economy will grow by 3.2 percent, compared to the annual forecast of 4.1 percent it made the previous month. Similarly, ...

Spot trading activity in the Asia-Pacific LNG market slowed down sharply in the January-March quarter, as global events such as the Russia-Ukraine war, earthquake in Japan and pipeline gas shortage in Europe drove market volatility and lifted prices, market sources said. The first three months of 2022 marked the highest LNG monthly average spot prices in Asia due to strong demand from Japan, supply cuts in Malaysia and Australia, and firm prices in the Atlantic. The Platts JKM monthly average prices for January, February, and March 2022 delivery were assessed ...

European shares breathed a sigh of relief on Tuesday, as earnings from companies including UBS and Maersk boosted sentiment, following an equity sell-off in the previous session driven by global growth fears. The continent-wide STOXX 600 .STOXX rose 0.6% after plunging nearly 2% on Monday over worries of an economic slowdown in China and rapid U.S. interest rate hikes. Miners .SXPP and oil .SXEP stocks were among the biggest gainers after slumping on Monday. Nearly all subsectors and regional markets were in the black. Chinese stocks .CSI300, .SSEC recovered from ...

The dollar roared to a new two-year high on Tuesday and the euro hit its weakest since March 2020 as concerns about the economic impact of China’s COVID-19 lockdowns and aggressive U.S. interest rate hike expectations boosted the greenback. With markets facing a multitude of risks including central banks tightening policy just as economic growth momentum slows, investors have been buying up dollars. The dollar index, which measures the U.S. currency against a basket of rivals, has risen 6.5% so far in 2022. It has gained 3.65% so far this ...

Morgan Stanley said on Monday it had revised down its economic growth forecasts for the euro area this year and the next, anticipating a meaningful slowdown in economic growth in the second half of this year. The investment bank said that while the euro area economy had proved resilient, it faced weakness ahead with energy flows from Russia likely to be significantly reduced and headwinds from China where strict measures to contain COVID-19 are weighing on growth there. In a note published Monday, Morgan Stanley said it had now lowered ...

China will further leverage export tax rebates to provide stronger support for foreign trade enterprises, according to a circular jointly released by the State Taxation Administration and other government organs. The circular outlines measures to improve export tax rebate policies and streamline procedures for applications. Efforts will be made to strengthen the linkage of export credit insurance and export tax rebate policies, and improve rebate policies for processing trade firms, according to the circular. The country will step up efforts to enhance data sharing and smooth the connections among customs, ...

In the following table you will find the total ship sales for last week.

The UP World LNG Shipping Index, the world’s only stock index focused on LNG shipping companies, gained 3.29% last week. U.S. stocks represented by the S&P 500 Index lost 2.13%. LNG shipping stocks continue in gentle movements. Only one company was able to gain double-digit gains – Flex LNG (NYSE: FLNG), which rose 10.5% last week. This company had continued rising since mid-2020 when the price was $5.60. Now the price is above $31.50. The second most successful stock was New Fortress Energy (Nasdaq: NFE). NFE added 6.7% to its ...

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO in the main world hubs) increased on Apr.18: 380 HSFO – USD/MT – 737.82 (+5.75) VLSFO – USD/MT – 957.62 (+10.54) MGO – USD/MT – 1236.39 (+26.79) As of Apr.18, a correlation of MABUX MBP Index (Market Bunker Prices) vs MABUX DBP Index (Digital Bunker Prices Benchmark) in four largest global hubs showed that 380 HSFO fuel grade was overvalued in all selected ports: Rotterdam – by plus $34 (plus $12 the day before), ...