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China robust commodity imports confound weak economy narrative

In stark contrast to the ongoing weakness in China’s key manufacturing index, the imports of key commodities by the world’s second-biggest economy are roaring ahead. China’s imports of crude oil, liquefied natural gas (LNG), coal and iron ore were all stronger in the first two months of 2024 than for the same period last year, according to data from commodity analysts Kpler and LSEG Oil Research. Yet, though robust commodity imports appear at first glance to be out of alignment with soft property construction and manufacturing data, they can be ...

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US funding bill blocks China from buying oil from Strategic Petroleum Reserve

A measure in the U.S. funding legislation unveiled by congressional leaders on Sunday would block China from buying oil from the Strategic Petroleum Reserve. The desire for a hard line on China is one of the few truly bipartisan sentiments in the deeply divided U.S. Congress, and lawmakers have introduced dozens of bills seeking to address competition with China’s government. The issue of SPR sales to China heated up after President Joe Biden, a Democrat, announced in 2022 a sale of 180 million barrels of SPR oil to tame gasoline ...

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Vietnam’s PV Gas to supply LNG to replace piped gas in power plant

Vietnam’s state-controlled PV Gas and PV Power are poised to agree a principal contract for supplying LNG from the Thi Vai terminal to PV Power’s Nhon Trach 1 combined cycle power plant, PV Gas said in a statement March 2. PV Gas has supplied natural gas through pipelines to feed the 450-MW Nhon Trach 1 plant since 2009 and the 750-MW Nhon Trach 2 since 2011. Both are located in the southern province of Dong Nai and owned by PV Power, the power unit of PetroVietnam. The gas supplier did ...

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Iran’s SLAL tenders for corn, barley and soymeal, traders say

Iranian state-owned animal feed importer SLAL has issued international tenders to purchase up to 180,000 tonnes of animal feed corn, 120,000 tons of feed barley and 120,000 tons of soymeal, European traders said on Monday. The deadline for submission of price offers in the tenders is March 6, they said. The soymeal can be sourced from Brazil or Argentina only. The corn can be sourced from Brazil, Europe, Russia, Ukraine or elsewhere in the Black Sea region. The barley can be sourced from the European Union, Russia, Ukraine or elsewhere ...

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Algeria tenders to buy nominal 50,000 T soft milling wheat, traders say

Algeria’s state grains agency OAIC has issued an international tender to buy soft milling wheat to be sourced from optional origins, European traders said on Sunday. The tender sought a nominal 50,000 metric tons but Algeria often buys considerably more in its tenders than the nominal volume sought. The deadline for submission of price offers in the tender is Tuesday, March 5, with offers having to remain valid until Wednesday, March 6. The wheat is sought for shipment in 2024 in two periods from the main supply regions including Europe: ...

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Kurdish oil/gas companies say no deal to resume oil exports through Turkey

The Association of the Petroleum Industry of Kurdistan on March 2 said there was no deal to resume oil exports through northern Iraq into Turkey, dashing hopes after reports that Baghdad had reached an agreement with the Kurdistan Regional Government and international oil companies. “We have not even seen any proposals” as required if Baghdad and the KRG had reached any agreement, APIKUR said in a statement. The group represents most international upstream oil and gas companies based in the Kurdistan region of northern Iraq, including DNO, Genel Energy, Gulf ...

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China buys more than 20 cargoes of foreign grain, Bloomberg reports

China snapped up more than 20 cargoes of feed grain on the international market in the past two weeks, Bloomberg News reported on Monday. The country secured shipments of corn, sorghum and barley from suppliers including Ukraine and the United States, the report said, citing people familiar with the transactions. The purchases amount to more than 1.2 million tons of grain on the basis of each cargo being 60,000 tons, Bloomberg said. Source: Reuters (Reporting by Shreya Biswas in Bengaluru; Editing by Jacqueline Wong)

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Russia’s ultra low-sulphur diesel exports from Primorsk to fall in March -traders

Russia’s exports of ultra low-sulphur diesel (ULSD) from the Baltic Sea port of Primorsk are set to fall by 13% month on month to 1.73 million metric tons in March, down from the 1.86 million tons scheduled for February, two traders said on Friday. Source: Reuters (Reporting by Reuters; Editing by Jan Harvey)

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Kuwait fuel oil exports rise for second month as Al Zour ramps up

Kuwait’s fuel oil exports rose for a second month in February, according to shiptracking data from Kpler and LSEG, as the Al Zour refinery powered towards full capacity. Since bringing Al Zour online in late 2022, Kuwait has become a major exporter of refined products, especially very low sulphur fuel oil (VLSFO) used in shipping. Consultancy FGE said Al Zour runs reached full capacity of 615,000 barrels per day for the first time in February, although further testing could see this ease again. “We anticipate Al Zour’s average runs in ...

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Exports from Ukraine via sea shipping corridor amounts to 8 mln tonnes in Feb – Restoration Ministry

A record amount of 8 million tonnes of cargo was exported in February via the Black Sea shipping corridor unilaterally declared by Kiev, Ukrainian Deputy Prime Minister and Restoration Minister Alexander Kubrakov said. “Record 8 million tonnes has been exported via the Ukrainian corridor in February. The agroexport of the ports of Big Odessa during the shortest month of the year was 5.2 million tonnes,” Ukrainian media quoted Kubrakov as saying on his social account. He described this as a record amount of exports not only through the sea shipping ...

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US Gulf Coast fuel oil imports hit five-year low as domestic supplies jump

Imports of fuel oil bound for the U.S. Gulf Coast fell to a five-year low last month as refiners ran more cheap, heavy Canadian crude and geopolitical tensions in the Middle East pressured fuel oil flows. Fuel oil deliveries to the Gulf Coast dwindled in February to just318,000 barrels per day (bpd), a 20% drop from the prior monthand marking their lowest level since February 2019, data from tanker tracking firm, Kpler showed. Heavy fuel oil feedstocks like high sulfur fuel oil and other heavy residuesare used to make higher ...

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Exports of four key Nigerian crude oil grades to dip in April

Exports of four main Nigerian crude oil grades in April are set to average 654,700 barrels per day (bpd), according to preliminary programmes, a dip versus March. The scheduled loadings of Bonny Light, Bonga, Qua Iboe and Forcados crude oil streams stood at 750,000 bpd for March, according to Reuters calculations. Source: Reuters (Reporting by Natalie Grover in London; Editing by Hugh Lawson)

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US LNG supply continues to dominate European imports in 2024

The United States continues to dominate European LNG imports market share in 2024 after contributing the most volumes toward European imports in 2023, according to S&P Global Commodity Insights data. European delivered LNG imports stand at 21.67 million mt in 2024 as of Feb. 29, which represents around 17% of the volumes delivered in 2023, according to S&P Global data. The main supply sources in 2024 were the US, Russia, Algeria and Qatar. Of the current total in 2024, around 54% originated from the US. This compares with the US ...

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US LNG exports fall in February on outage and fewer calendar days

A month-long closure at Freeport LNG plant in Texas and fewer days in the month pushed February U.S. liquefied natural gasexports 7% lower than in January, preliminary date from financial firm LSEG showed on Friday. The drop followed record shipments last year that propelled the U.S. to the world’s largest exporter, above Qatar and Australia, a rank it is expected to retain this year. U.S. exports of the superchilled gas fell to 7.73 million metric tons (MT)in February, down from 8.3 MT in January and a record 8.6 MT shipped ...

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Russia boosts fuel exports to Senegal on shipping sector demand – traders, LSEG data

Russia has significantly increased its fuel exports to Senegal this year on rising bunker demand, as more companies are diverting cargoes around Africa instead of using Red Sea routes, traders said and LSEG data showed. Russian fuel oil supplies to Senegal in the first two months of 2024 reached 550,000 metric tons compared with 1.08 million tons in the whole of 2023 and 0.37 million tons in 2022, replacing oil product supplies from Rotterdam, the data showed. “Senegal has strong growth in bunkering,” one trader said. “The bunker fuel suppliers ...

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