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Dirty Fuel Clampdown Risks Nosedive for Middle East Crude

The global push for cleaner-burning ship fuel is threatening to drive the value of Middle East crude to a record low even as supplies are squeezed. The discount of Middle East’s Dubai crude to London’s Brent could widen beyond $8 a barrel from current levels around $4, according to Citigroup Inc. That would be the largest discount on record in data back to 2006, according to PVM Oil Associates. The spread is growing even as physical demand for Gulf grades rises as buyers try to replace barrels lost to Iranian ...

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Summer U.S. Oil Demand Won’t Save Bulls

Although prices were down 6% today to below $58 per barrel, upside geopolitical risks have been dominating the oil market for a while now. Crude though is down more than 8% from the monthly highs registered last week. Farther out, the 2020 IMO sulfur rule could push prices to above $90 per barrel, while an all out U.S.-China trade war could drop them to $50 or below. As we move into the more immediate summer months, Bulls are banking on higher demand as the travel season enters full swing U.S. ...

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Traders indicate preliminary discounts for Kazakh crude tainted in Russia

Oil traders from Kazakhstan have been seeking big discounts from producers for Urals crude oil that has been tainted in a Russian pipeline, trading and industry sources said. One of Kazakhstan’s oil exporting routes goes via the Atyrau-Samara pipeline and further through the Russian pipeline network to the Baltic Sea port of Ust-Luga. Russia’s oil exports have been disrupted since April after high levels of organic chloride were found in crude pumped via a large pipeline. Six tankers with 600,000 tonnes of tainted oil were loaded at Ust-Luga, Kazakh Deputy ...

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Non-OPEC oil supply development

In 2018, non-OPEC oil supply experienced a robust growth of 2.91 mb/d, amounting to more than three times the increase seen in the previous year, and was led by the y-o-y gains of 2.26 mb/d in the US. In addition to the US, other non-OPEC countries, such as Canada, Russia and UK contributed to the gains. Indeed, the recovery in oil supply in 2017 and 2018, following the contraction in 2016, was driven by improving oil market conditions and rising oil prices, with NYMEX WTI increasing by around $14/b, or ...

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Shanghai crude oil futures close lower

Crude oil futures closed lower Friday on the Shanghai International Energy Exchange. The most active crude oil contract for July delivery was down 26 yuan (about 3.77 U.S. dollars) to close at 472.5 yuan a barrel. On Friday the total trading volume for 13 listed crude oil futures contracts on the exchange was 424,224 lots, with a turnover of about 200.4 billion yuan. China launched the crude oil futures trading, which is open to overseas investment, on March 26 last year. Source: Xinhua

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NOC National Oil : to develop North Hamada oil field

National Oil Corporation (NOC) is keen to develop the North Hamada oil field, operated by Nafusa Oil Operations. This field is located in concession 47 of the Ghadames basin in the Northwest of Libya. A technical team held a workshop on May 20, 2019, to discuss proposals submitted for the development of the field. Discussions focussed on the use of early production facilities, and the most appropriate ways to deal with associated produced gas. The team further considered other production challenges related to the field’s complicated geology, as well as ...

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Brent/Dubai EFS jumps to near 1-year high amid US-China trade tensions

The Brent/Dubai Exchange of Futures for Swaps spread jumped to a near 1-year high in Asian morning trade Friday, on what trade sources said was active bidding in the ICE Brent crude futures market amid ongoing geopolitical tensions between the US and China. The EFS was notionally valued by S&P Global Platts at $3.97/b as of 10 am Singapore time Friday (0200 GMT), up more than $1/b from the start of the week; it was assessed at $2.93/b at 4:30 pm Singapore time Tuesday. There was no Asian assessment Monday ...

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With US offshore plan likely scrapped, industry pursues changes to federal lease terms

A Trump administration plan to expand offshore oil and natural gas leasing to nearly all federal waters will likely be scrapped and redrawn, with the industry instead pushing for more favorable leasing terms and drilling approval in the eastern Gulf of Mexico over a larger opening of US waters, sources told S&P Global Platts this week. “We would like to see a concerted effort to make the Gulf of Mexico really economical,” said Randall Luthi, president of the National Ocean Industries Association. “We want [the Trump administration] to look at ...

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Oil rises more than 1% but sets biggest weekly loss of 2019

Oil prices climbed more than 1% on Friday ahead of long U.S. and UK holiday weekends, but posted the biggest weekly drop of the year, pressured by rising inventories and worries about the global economy. Brent crude rose 93 cents, or 1.4%, to settle at $68.69 a barrel, but the global benchmark notched a weekly decline of about 4.5%. U.S. West Texas Intermediate crude rose 72 cents, or 1.2%, to end at $58.63 a barrel. It notched a weekly decline of about 6.4%, its steepest since December. U.S. crude was ...

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Oil Pares Biggest Weekly Loss of 2019 as Supply, Trade Fears Mix

Oil rose, paring its biggest weekly loss of the year, as signs that global crude markets are tightening jostled with fears that the U.S.-China trade feud will hurt fuel demand. Futures plunged 5.7% in New York on Thursday as investors fled riskier assets following the White House’s blacklisting of Huawei Technologies Co. and several Chinese surveillance companies, moves that have been met with defiance by Beijing. But on Friday, prices in London increased by 1.1% as tightening spreads between monthly crude contracts reinforced expectations that U.S. sanctions on Iran, and ...

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US rig count adds nine on week, despite Permian drop: Platts Analytics

US oil and natural gas rigs totaled 1,074 for the week ended May 22, according to data by S&P Global Platts Analytics. This represents a net increase of nine from the prior week’s 1,065 and down 89 from the same week a year ago. US oil and gas rigs permits, an indicator of future activity, totaled 965 for the week ended May 22, down five from the prior week and up 17 from the same week a year ago. While the rig count is up versus the prior week, one-third ...

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Asian spot heavy naphtha volume grows ahead of Taiwan’s FCFC restart: sources

More spot heavy naphtha is expected to emerge in Asia, amid ongoing repair works at Taiwan’s Formosa Chemicals and Fibre Corp’s No. 3 complex, market sources said. Taiwan’s FCFC No. 3 complex upstream reformer unit is expected to restart at the earliest in August, a company source familiar with the matter said. Already, the petrochemical producer has been offering heavy naphtha for lifting on a spot basis after the No. 3 aromatics plant was hit by fire early this month, several market sources said. The petrochemical producer has around two ...

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Oil rises toward $69, but set for 2019’s biggest weekly loss

Oil rose toward $69 a barrel on Friday after two sessions of losses, but remained on track for its biggest weekly drop this year due to rising inventories and concerns of an economic slowdown. U.S. crude inventories rose to hit the highest since July 2017, suggesting ample supplies in the world’s top consumer. Meanwhile, worries that the U.S.-China trade is developing into a more entrenched dispute have also hit prices. “Clearly, bargain hunters are back in town,” Naeem Aslam, chief market analyst at TF Global Markets, said of the bounce. ...

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Russian Economy Gives Putin Reasons Not to Extend OPEC+ Deal

The OPEC+ pact is hurting the Russian economy, potentially giving President Vladimir Putin a reason not to agree on an extension of the deal. While higher crude prices can bring the Kremlin additional revenue, production cuts are weighing on one of the country’s biggest industries. As the Russian leader decides whether to prolong the curbs into the second half, he may have to weigh his desire for faster economic growth against the benefits of his alliance with Saudi Arabia. “The OPEC+ deal was one of the factors behind slower economic ...

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U.S. fills in on oil where OPEC refuses to go

President Donald Trump has from time to time lobbed tweets toward OPEC, imploring it to open the spigots and boost supply to lower the price of oil. The cartel has largely ignored the pleas, but U.S. producers seem to have responded in one of the few positive developments for the economy and markets. West Texas Intermediate crude futures tumbled as much as 3.11% in their biggest decline since February after the U.S. Energy Department said weekly American crude inventories swelled to the highest in almost two years. The report rekindled ...

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