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Egypt’s GASC believed to have bought two wheat cargoes in tender, traders say

Egypt’s state grains buyer, the General Authority for Supply Commodities, is believed to have bought two wheat cargoes in an international tender on Wednesday, traders said. The purchase is yet to be officially announced by GASC. Source: Reuters (Reporting by Sarah El Safty and Michael Hogan, Editing by Chris Reese)

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India’s GSPC seeks LNG cargo for April delivery, sources say

India’s Gujarat State Petroleum Corp (GSPC) is seeking a liquefied natural gas (LNG) cargo for delivery in April, two industry sources said on Thursday. It is seeking the cargo for delivery to the Chhara LNG terminal on India’s west coast between April 9-12, added one source. The tender closes on March 26. The Chhara LNG import terminal has a planned capacity of 5 million metric tons per year (tpy), and is developed by Hindustan Petroleum Corp Ltd HPCL.NS. Source: Reuters (Reporting by Emily Chow; Editing by Himani Sarkar)

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U.S. residential gas consumers bear brunt of LNG exports

In 2016, the United States began shipping liquefied natural gas (LNG) exports via LNG carriers, allowing domestic producers to profit from low-priced natural gas. By 2023, amidst increasingly chaotic market conditions, residential prices increased by 9% for U.S. consumers. The continued failure by the U.S. Department of Energy’s (DOE) impact analysis to consider the inflationary impact of LNG exports on U.S. consumers and producers is a major weakness in its economic assessments. It’s time for a reality check. Previous DOE studies have argued that LNG exports have little influence on ...

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Kuwait’s KPC offers more high sulphur fuel oil for April-June

Kuwait Petroleum Corp (KPC) has issued a semi-term tender offering more high sulphur fuel oil (HSFO) for loading between April to June, trade sources said on Wednesday. This marks its second semi-term tender in just a week, after it closed another semi-term tender for March to June loading during the previous week. The refiner is offering four 380-cst HSFO cargoes of 60,000 metric tons each for lifting from Kuwait during the period, the sources said, with the latest tender closing on Wednesday. The first cargo is expected to load between ...

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Bangladesh’s HSFO imports to climb in March as rising temperatures boost demand: BIPPA

Bangladesh’s high sulfur fuel oil imports are set to jump 33.3% on the month in March as rising temperatures boost power demand, Faisal Khan, president of the Bangladesh Independent Power Producers’ Association, told S&P Global Commodity Insights March 15. Bangladesh would import around 200,000 mt of 180 CST high sulfur fuel oil with 3.5% sulfur in the current month, compared with 150,000 mt in February, Khan said. Meanwhile, the halting of LNG regasification at one of the country’s floating storage and regasification units owned by Summit Group was also prompting ...

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Russian oil exports from its western ports revised up 13% amid refinery outages, sources say

Russia will increase oil exports through its western ports in March by almost 260,000 barrels per day (bpd) against an initial monthly plan to 2.22 million bpd after a fall in processing at refineries hit by Ukrainian drones, two trade sources said on Tuesday. The increase – which follows an upward revision reported by Reuters on Monday – means Russia’s oil shipments on a daily basis will rise by 13% in March from the initial plan, Reuters calculations show. The sources told Reuters that two 730,000-barrel Urals oil cargoes were ...

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India’s crude oil imports drop, product exports jump in Feb

India’s crude oil imports in February dipped 6.6% year-on-year, government data showed on Wednesday, as the Red Sea attacks disrupted crude inflows into the world’s third-biggest oil importing and consuming nation. India’s crude oil imports stood at 18.02 million metric tons or 4.55 million barrels per day (bpd) last month, as per data from the Petroleum Planning and Analysis Cell’s (PPAC) website. That compares with 21.66 million tons or 5.47 million bpd in January. “The drop on a daily basis is even larger as February this year had 29 days ...

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China’s Jan-Feb fuel oil imports rise 21% y/y

China’s fuel oil imports for the January and February period rose by a fifth from a year ago, data from the General Administration of Customs showed on Wednesday. Imports for the first two months of the year were at 3.59 million metric tons, up 21% from the corresponding period in 2023. China’s fuel oil imports firmed in line with a trend that emerged last year when independent refineries ramped up purchases of fuel oil for use as lower-cost feedstocks. While imports for January rose month-on-month, February shipments fell quite sharply ...

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Europe requires greater infrastructure to cut reliance on Russian gas

Europe will need to come up with more infrastructure if it is to replace Russian gas as thoroughly has it has crude oil, oil and gas executives said at an energy conference on Tuesday. Europe’s pipeline gas imports from Russia have dropped since Moscow’s 2022 invasion of Ukraine, and the European Commission has called for nations to end its reliance on Russian fossil fuels by 2027. But European Union countries have avoided sanctioning or banning imports of Russian gas or its liquefied natural gas (LNG). Some countries including Austria and ...

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India’s sponge iron producers seek duties to curb iron ore exports

Indian sponge iron producers have urged the government to impose duties on exports of low-grade iron ore to stave off shortages of the main raw material in the world’s second-biggest crude steel producer. “We have urged the government that there is a shortage of iron ore, (so) please intervene and levy export duty,” Rahul Mittal, chairman of the Sponge Iron Manufacturers Association, told Reuters in an interview. India, the world’s biggest sponge iron producer, has about 336 sponge iron plants spread across the country. India produces around 50 million metric ...

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Russia remains China’s top crude supplier in Jan-Feb

Russia remained China’s top oil supplier in the first two months of this year, data showed on Wednesday, as Saudi supply cuts continued. China’s imports from Russia, including supplies via pipelines and sea-borne shipments, rose 13% on the year to 17.72 million metric tons, or 2.16 million barrels per day (bpd) over the January and February period, according to data from the General Administration of Customs. Russia was China’s top supplier throughout 2023, shipping more than 107 million tons, or 2.14 million bpd despite Western sanctions and a price cap ...

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India’s Feb Russian oil imports edged up from Jan- trade

India’s import of Russian oil edged up in February over January, reversing declines seen in the past two months, data from industry sources showed on Wednesday, as refiners received some parcels of Russian light sweet Sokol grade. The world’s third biggest oil importer and consumer, India has been gorging on Russian oil since the West imposed sanctions on Moscow for its invasion on Ukraine in February 2022. The South Asian nation emerged as the top buyer of Russian oil in 2023 after some entities and nations retreated from purchases in ...

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China’s soybean imports from Brazil jump 211% in first two months

China’s soybean imports from Brazil surged 211%in the first two months of 2024 compared with a year ago, data showed on Tuesday, as strong harvest and competitive pricing in the South American producer outpaced the United States’ market share. The world’s top buyer of soybeans, China brought in 6.96million metric tons of the oilseed from Brazil, up from 2.24million tons in the same period last year. Imports from the U.S. fell to 4.96million tons from 9.71million tons in 2023. Total imports in the Jan-Feb period recorded a five-year low of ...

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Brazil extends dominance over US as China’s top corn, soy supplier

Brazil extended its dominance over the United States as the largest corn supplier to China in the first two months of the year, and also raised its soybean exports, Chinese customs data showed on Wednesday. The surge in Brazilian supplies to China, the world’s largest agricultural importer, comes just over a year after Beijing approved Brazilian corn exports in an attempt to diversify its suppliers and reduce dependence on U.S goods. China imported 4.1 million metric tons of corn from Brazil of a total 6.19 million tons that arrived during ...

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India: As domestic LNG output rises, imports will decline to 45% by FY26

With increasing local production, the import dependency of natural gas in general and LNG in particular, is likely to come down to 45 per cent by FY26, says a report. According to a Care Ratings analysis, with the rise in domestic natural gas production, the dependency on imported LNG (liquefied natural gas), which stood at 53 per cent in FY21, has gradually declined over the past three years and is expected to remain at around 45 per cent by FY26, the agency said. Higher demand for natural gas is also ...

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