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Forties strengthens, BP sells cargo

North Sea Forties crude oil differentials strengthened on Friday on stronger bids and offers, while BP sold Petroineos a cargo, according to two trade sources. PLATTS WINDOW Indications are on a free-on-board (FOB) basis unless marked as cost, insurance and freight (CIF) or delivered at place (DAP). Forties: BP sold Petroineos a cargo CIF Rotterdam for Feb. 19-23, at dated Brent plus 75 cents, equivalent to minus 84 cents on a FOB basis, according to Reuters calculations. Forties: Petroineos bid for a cargo loading Feb. 17-22, at dated Brent minus ...

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Crude grades firm after arbitrage ends wider in volatile week

U.S. crude grades broadly strengthened on Friday, dealers said, ending a week that saw high volatility and price swings in West Texas Intermediate crude futures’ discount to Brent. WTI’s discount to international benchmark Brent widened 23 cents to minus $6.20 a barrel. A wider discount, or arbitrage, makes U.S.-linked grades more attractive to foreign buyers. Throughout the week, the discount widened to as much as minus $7.23 a barrel, the widest since Nov. 28, and narrowed to as much as minus $5.62 a barrel. Coastal grade Light Louisiana Sweet gained ...

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Russian revenues to be hit further by caps on its oil products-Yellen

U.S. Treasury Secretary Janet Yellen said on Friday that new price caps by the West on Russian oil products would build on the crude oil cap set in December and further limit Russian oil revenues while keeping global energy markets supplied. “The caps we have just set will now serve a critical role in our global coalition’s work to degrade Russia’s ability to prosecute its illegal war (in Ukraine),” Yellen said in a statement after the agreement was released. “Combined with our historic sanctions, we are forcing (Russian President Vladimir) ...

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U.S. oil & gas rig count falls by the most in a week since June 2020 – Baker Hughes

U.S. energy firms this week cut the number of oil and natural gas rigs by the most since June 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by 12 to 759 in the week to Feb. 3, the lowest since September. Despite this week’s rig decline, Baker Hughes said the total count was still up 146 rigs, or 24%, over this time last year. Overall, U.S. crude production was on ...

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Russian energy minister sees no reason to reduce pertoleum products output

Russian energy minister Nikolai Shulginov on Friday said there was no reason for a sharp reduction in the country’s petroleum products output in repsponse to a European Union embargo, Interfax reported. Interfax cited Shulginov as saying that Russia was not considering rescheduling maintainance works at refineries because of the embargo and that the price of Russian gas supplies to Belarus in 2023 would remain at the same level set in 2022. Source: Reuters (Reporting by Reuters Editing by David Goodman )

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U.S. backs smaller version of ConocoPhillips Alaska oil project

President Joe Biden’s administration said on Wednesday it would support a scaled-back version of ConocoPhillips (NYSE:COP)’ planned $6 billion Willow oil and gas drilling project in Alaska but has not yet made a final decision on the contentious proposal. The Willow project’s fate is being closely watched by both the oil and gas industry and environmental groups as Biden seeks to balance his goal of fighting climate change with calls to increase domestic fuel supplies to keep prices down. The Willow project area holds an estimated 600 million barrels of ...

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U.S. diesel stocks start the year critically low

Slowdowns in manufacturing activity and freight transportation have combined with unusually high refinery run rates to stabilise and rebuild U.S. distillate fuel oil inventories modestly since the start of October. But stocks of diesel and other distillate fuel oils remain very low by historical standards and will come under pressure again quickly if freight volumes accelerate or refineries are forced to undertake more maintenance. Distillate inventories amounted to 118 million barrels on Jan. 27, which was 24 million barrels (-17% or -1.43 standard deviations) below the prior ten-year seasonal average. ...

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Commodities: Milder winter offers some comfort to energy markets

Drastic change in the natural gas outlook A late start to the 2022/23 heating season saw Europe building gas storage almost until mid-November. At a little more than 95% full, storage was essentially maxed out. This was far above the target of 80% by 1 November 2022 set by the European Commission. While there have been some cold spells in the current heating season, it has been largely mild, which has meant storage levels have held up well. In fact, there have been days this winter when storage has seen ...

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Iran’s oil, gas incomes surge 40%: Oji

Iranian Oil Minister Javad Oji has said the country’s incomes from the sales of oil, natural gas, gas condensate, and petroleum products in the first 10 months of the current Iranian year (March 21, 2022-January 20, 2023) increased by 40 percent compared to the same period last year. Addressing an open session of the parliament on Tuesday, Oji said that 70 million barrels of gas condensate were exported in the mentioned time span, Mehr News Agency reported. According to the official, the goals set in the current year’s national budget ...

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Sanctions on Russian crude oil have ‘failed completely,’ oil analyst says

Sanctions imposed on Russian crude oil have so far “failed completely” and new price caps could prove immaterial as well, analysts told CNBC. The European Union is planning to ban imports of refined petroleum products from Russia, including diesel and jet fuel, from Sunday. The 27-member bloc has already banned the purchase and import of sea-borne Russian crude oil since December. In addition, the bloc — along with its allies in the Group of 7 and Australia — has set a price cap on Russian seaborne crude oil, which bars ...

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EU agrees price caps on Russian oil products

EU countries agreed on Friday on a European Commission proposal to set price caps on Russian refined oil products, the Swedish presidency of the European Union said. EU diplomats said the price caps agreed by ambassadors for the 27 EU countries are $100 per barrel on products that trade at a premium to crude, such as diesel, and $45 per barrel for products that trade at a discount, such as fuel oil. The proposal is that they apply from Sunday. Poland and Baltic states Latvia, Lithuania and Estonia had pushed ...

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Benchmarks fall; Jan ESPO loading hits record high

Middle East crude benchmarks Oman, Dubai and Murban edged lower on Friday amid thin trade, while the final plan of the European Union sanction on Russian oil products is under watch. The market is also waiting for top oil exporter Saudi Arabia to publish its official selling prices (OSPs) for March-loading cargoes. The OSPs to Asian buyers are expected to be lowered from the previous month, as the increasing flow of Russian crude into Asia take shares of other suppliers. RUSSIAN OIL SINGAPORE CASH DEALS Cash Dubai’s premium to swaps ...

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ExxonMobil, Chevron’s big cash shows cheap gas isn’t coming back

If you want a quick outlook on whether U.S. gas prices are likely to return to pre-Covid levels, a good place to start is earnings reports from Chevron and Exxon in the last week. The outlook: Don’t count on it. In their fourth-quarter earnings reports, both companies showed clear signs of Big Oil’s renewed focus on managing costs, widening profit margins as oil prices stayed relatively high even after coming down considerably from last year’s highs, and confidence that they will be able to keep passing the rewards back to ...

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NuStar targets to move 600,000 b/d of Permian crude to US Gulf Coast in 2024

NuStar Energy is targeting to move 600,000 b/d of land-locked crude from the Permian basin in 2024 to refineries and export facilities in Southern Texas and along the US Gulf Coast, CEO Brad Barron said Feb. 1. The company’s Permian Crude System delivered 584,000 b/d of WTI barrels in the fourth quarter of 2022, 13% higher compared to the last quarter of 2021, Barron said on an earnings call. In Q4 2021, the pipeline system had a throughput of 508,080 b/d. The Permian Crude System is a series of interconnecting ...

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Indonesia 2023 gasoline demand, imports likely to exceed 2022 records

Gasoline consumption and imports in Indonesia, Asia’s largest importer of the motor fuel, could hit records this year as the nation recovers from COVID-related travel curbs, although growth is expected to slow slightly along with its economy. Indonesia’s gasoline consumption is headed for an all-time high of 670,000 barrels per day (bpd) in 2023, up from a record 635,000 bpd in 2022, consultancy Rystad Energy said. “Post-COVID recovery is the main driver behind the growth of gasoline demand,” said Sofia Guidi Di Sante, a senior oil markets analyst at Rystad ...

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