High levels of gas storage, lower energy prices and new sources of fuel mean Europe is heading into a second winter with scarce Russian gas in a more comfortable position than a year ago. After decades of relying on Russia to supply cheap gas, resuming that dependency became more unlikely than ever following the unexplained explosions a year ago today that hit the Nord Stream pipelines running under the Baltic Sea from Russia to Germany. Before Russia’s invasion of Ukraine, the Nord Stream 1 pipeline had accounted for 15% of ...

China’s largest liquefied natural gas (LNG) reserve, located in Jiangsu province, achieved a cumulative unloading volume exceeding 3.5 billion cubic meters during its first year of operation, with a design load utilization rate of over 80 percent, said its operator China National Offshore Oil Corp (CNOOC) on Wednesday. This sets a record for the highest load utilization rate in the first year of operation for domestic LNG receiving terminals, this ensures the stable supply of natural gas in the East China region, therefore making it an important source of gas ...

The Review of Maritime Transport 2023 urges swift action and system-wide collaboration to decarbonize maritime transport amid growing carbon emissions and regulatory uncertainty. UNCTAD has called for a “just and equitable transition” to a decarbonized shipping industry in its Review of Maritime Transport 2023 launched ahead of World Maritime Day (28 September). The agency highlights the pressing need for cleaner fuels, digital solutions and an equitable transition to combat continued carbon emissions and regulatory uncertainty in the shipping industry. The shipping industry accounts for over 80% of the world’s trade ...

Asia’s fuel oil market strengthened on Wednesday with firmer bids for spot cargoes and wider backwardation timespreads. The 380-cst high sulphur fuel oil (HSFO) cash premium rose to $6 a metric ton, while the 380-cst HSFO Oct/Nov timespread widened by $3.25 day-on-day to $12 a ton at the Asia close. The tight availability of fungible and merchantable fuel in the market may provide support to the term structure should Russian fuel oil volumes contract, analysts from LSEG Oil Research said in a report this week. The lower Russian fuel oil ...

Northwest Europe HSFO availability is said to be normal in Rotterdam and the rest of the ARA, a source says. Availability of the high-sulphur grade has improved now, but securing stems on very prompt dates (0-2 days) can still be difficult, a trader says. Lead times of 5-7 days are recommended for grade to ensure full coverage from suppliers, a source says. VLSFO has been in ample supply in the ARA hub, two sources say. Unlike HSFO, the low-sulphur grade is much easier to secure for prompt delivery dates. Rotterdam’s ...

China’s oil products exports are set to rise in October as state-owned refiners capitalise on lucrative margins and some western demand, while international flights recover, industry sources and analysts said. The boost in Chinese exports follows Beijing issuing a third batch of fuel export quotas earlier this month. The world’s second-largest oil refiner is importing lower-priced sanctioned oil from Russia, Iran and Venezuela and maximising output to ramp up exports that have helped ease tight gasoline and diesel supplies globally and capped prices. China’s gasoline, diesel and jet fuel exports ...

Dutch and British wholesale gas prices fell on Wednesday morning as the end of maintenance at some Norwegian gas infrastructure boosted supply and as high gas storage levels weighed on the market. The Dutch October contract fell by 1.15 euros to 38.50 euros per megawatt hour (MWh) by 0804 GMT, while the November contract was 0.15 euros lower at 43.15 euros/MWh, according to LSEG data. In the British market, the day-ahead contract fell by 2.25 pence to 97.50 pence per therm while the October contract was down 1.08 pence at ...

Equinor has signed a new long-term gas sales agreement with Austria’s major energy company OMV. The agreement is for 5 years starting 1 October this year and with an annual volume of 12 TWh. The gas will be delivered at Germany’s virtual trading hub THE (Trading Hub Europe) for the OMV European portfolio. The new bilateral agreement builds upon the long-standing relationship between the two companies and adds to the volumes under already existing contracts. The contract is priced at market terms. “Equinor prides itself on being a long-term, reliable ...

Asia’s 10-ppm sulphur gasoil margins rose to $29.60 a barrel on Wednesday after two sessions of losses, tracking recovery in the futures market and a rise in spot liquidity trading momentum in the open market. Ample supplies for end-October shipments, however, placed a cap on recovery, as more Asian refiners sought to sell spot lots via private negotiations. At least two northeast Asian sellers were in the market. Cash differentials for 10 ppm sulphur gasoil rose by 1 cent a barrel as some buying interest resumed for prompt mid-October loading ...

Asia’s gasoline refining profit margin plunged to the lowest since December 2022 on Wednesday amid thin trade and tracking the persisting weakness in global markets. The crack GL92-SIN-CRK slipped to $5.23 per barrel over Brent crude, the lowest level since Dec. 22 last year, compared with $7.67 a day earlier. The naphtha crack NAF-SIN-CRK also plummeted by about $8 to $2.73 a metric ton as crude prices rose by $1. In tenders, Bahrain’s BAPCO should 50,000 tons of naphtha for Nov. 1-4 loading from Sitra at a premium of about ...

Russia said on Sept. 21 it had temporarily banned gasoline and diesel exports to all but four ex-Soviet states in response to domestic shortages, a move that will disrupt global trade that has already had to adjust to Western sanctions on Russian fuel exports. Russia eased some of the restrictions on Sept. 25, saying it would allow the export of bunkering fuel for some vessels and diesel with high sulphur content. But analysts say importers will still have to find alternative sellers until Russia can replenish its own stocks. WHAT ...

Vale informs that it signed a MOU with the Port of Açu to study the development of a Mega Hub at the port located in São João da Barra in the state of Rio de Janeiro, to produce HBI (hot briquetted iron) using the direct reduction route. The Mega Hub will initially receive pellets from Vale and could, in the future, include an iron ore briquette plant at site to supply the direct reduction route at the industrial complex. According to the agreement, both companies will seek to attract investors ...

U.S. crude oil stockpiles fell more-than-expected last week, with inventories at the key Cushing, Oklahoma, storage hub dropping to the lowest in over a year, while gasoline and distillate inventories rose, the Energy Information Administration said on Wednesday. Crude inventories fell by 2.2 million barrels in the week to Sept 22 to 416.3 million barrels, compared with analysts’ expectations in a Reuters poll for a 320,000-barrel drop. Crude stocks at the Cushing, Oklahoma, delivery hub for U.S. crude futures fell by 943,000 barrels in the week to just under 22 ...

U.S. crude stockpilesat the key Cushing, Oklahoma, storage hub are at their lowest in 14 months due to strong refining and export demand, prompting concerns about the quality of the remaining oil and the potential to fall below minimum operating levels, traders and analysts said. Further drawdowns at Cushing, the delivery point for U.S. crude futures,could alsoprovide new upward pressure on oil marketsas it would compound supply tightness stemming from OPEC+ supply cuts. Brent crude LCOc1was already trading near $94 a barrel on Tuesdayon strong global demand, while West Texas ...

Oil prices surged 3% on Wednesday, after U.S. crude stocks fell more than expected, adding to worries of tight global supplies. Brent crude futures breached $97 a barrel, and were up $2.70 to $96.66 a barrel by 12:11 p.m. ET (1611 GMT). U.S. West Texas Intermediate crude futures (WTI) climbed $3.25 to $93.63. The session high for both benchmarks was a 2023 peak. U.S. crude stocks fell by 2.2 million barrels last week to 416.3 million barrels, government data showed, far exceeding the 320,000-barrel drop analysts expected in a Reuters ...