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Kazakhstan says it will offset May oil overproduction in June

Kazakhstan was 45,000 barrels per day above its OPEC+ quota in May and will compensate that overproduction and be fully compliant in June, the country’s energy ministry said on Wednesday. It also said Kazakhstan would fully offset all of this year’s overproduction by September 2025 and would submit a revised offset schedule to the OPEC+ secretariat within days. Source: Reuters (Reporting by Mariya Gordeyeva, Writing by Olzhas Auyezov; Editing by Jacqueline Wong)

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Prices edge up on re-emerging supply concerns, Asia LNG demand

Dutch and British gas prices edged up on Wednesday morning amid supply concerns due to outages at some liquefied natural gas (LNG) facilities and growing Asian demand pulling cargoes from Europe. The benchmark front-month contract at the Dutch TTF hub TRNLTTFMc1 inched up by 0.90 euro to 35.18 euros per megawatt hour (MWh), or 10.99 USD/mmBtu, by 0849 GMT, according to LSEG data. In the British market, the day-ahead contract TRGBNBPD1 was up 2.00 pence at 84 pence per therm and the front-month TRGBNBPMc1 contract was up 1.52 pence at ...

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Asia Naphtha/Gasoline-Gasoline refining margin lingers below $7/bbl

Asia’s gasoline refining profit margin continued to hover below $7 per barrel on Wednesday even as U.S. inventories declined, as high supplies weighed on market sentiment. The crack traded at $6.21 per barrel over Brent crude. U.S. gasoline inventories fell by 2.549 million barrels last week, according to market sources citing American Petroleum Institute figures on Tuesday. Global oil demand will peak by 2029 and begin to contract the next year, the International Energy Agency said on Wednesday, while oil supply capacity is due to vastly outpace demand by the ...

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Europe’s gas surplus narrows as LNG redirected to Asia

Europe’s gas storage has got off to an unusually slow start to the refill season, narrowing the record seasonal surplus inherited from last winter and boosting prices back well above the long-term average. Inventories in the European Union and the United Kingdom have accumulated by just 148 terawatt-hours (TWh), or 2.1 TWh per day, since March 31, data from Gas Infrastructure Europe (GIE) show. The refill was the second-slowest since 2012 and well below the prior ten-year seasonal average of 206 TWh, or 2.9 TWh per day. Europe emerged from ...

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Oil little changed as surprise crude stock build caps gains

Oil prices were broadly steady on Wednesday after three key forecasters predicted that global oil inventories would fall in the second half of 2024, but gains were capped by a surprise build in U.S. crude inventories. Brent crude futures were up 13 cents, or about 0.16%, to $82.05 a barrel at 11:18 a.m. EDT (1518 GMT), with U.S. West Texas Intermediate (WTI) crude futures up by 6 cents, or roughly 0.08%, to $77.96. Prices had eased more than 2% last week after OPEC and its allies said they would phase ...

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US EIA lowers 2024 oil price outlook by $3/b after steep price declines in May

The US Energy Information Administration lowered its 2024 crude price forecasts by more than $3/b to account for an $8/b decline in Brent prices from April to May, although the agency expects prices to rebound in the second half of the year. “Although we expect oil prices to rise from early June levels, lower-than-expected Brent prices in May mean our forecast for 2024 is $84/b, 4% lower than our May forecast,” the EIA said in its June Short-Term Energy Outlook. The agency’s Brent price forecast for 2024 represents a $3.64 ...

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Slowing demand growth and surging supply put global oil markets on course for major surplus this decade

New IEA medium-term outlook sees comfortably supplied oil markets to 2030, though unwavering focus on energy security will remain crucial as powerful forces transform sector Growth in the world’s demand for oil is expected to slow in the coming years as energy transitions advance. At the same time, global oil production is set to ramp up, easing market strains and pushing spare capacity towards levels unseen outside of the Covid crisis, according to the IEA’s new oil market outlook. Oil 2024, the latest edition of the IEA’s annual medium-term market ...

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US crude, fuel inventories rose last week, EIA says

U.S. crude stockpilesrose unexpectedly last week, driven largely by a jump in imports, while fuel inventories also increased, the Energy Information Administration (EIA) said on Wednesday. Crude inventories rose by 3.7 million barrels to 459.7 million barrels in the week ended June 7, the EIA said, compared with analysts’ expectations in a Reuters poll for a 1 million-barrel draw. The surprise build came as U.S. crude imports USOICI=ECI rose by 2.56 million barrels per day (bpd), EIA said, hitting the highest level since August 2019. Commercial crude imports were the ...

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Asia Distillates-Margins breach $16 per bbl despite thin open window activity

Asia’s middle distillates markets recorded gains in both prices and margins against a backdrop of prompt demand in paper markets, with the ICE gasoil futures market structure turning into a backwardation on the last trading day. July discussions were underway in the physical markets, as some refiners concluded their spot tenders at the market’s close. The market has mostly been supported by movements in the West these few sessions, one source said. Refining margins closed the trading session at slightly above $16 per barrel, nearly a two-month high. Spot market ...

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Middle East Crude-Benchmarks rise, Murban premium steady

Middle East crude benchmarks Oman, Dubai and Murban continued their winning streak for a fourth consecutive session on Wednesday. Spot premiums for Oman and Dubai recovered to $1 per barrel to Dubai quotes and premium for Murban was stable at $1.03 a barrel. Market participants said prices may have bottomed out after the sell-off triggered by producer group OPEC+ announcement of unwinding of voluntary production cuts in the fourth quarter. Meanwhile, Kuwait has cut the official selling price (OSP) for Kuwait Export Crude (KEC) to Asia in July by 40 ...

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US natural gas prices slide 2% after Mountain Valley pipe startup approved

U.S. natural gas futures slid about 2% on Wednesday on expectations the startup of the Mountain Valley Pipeline will soon allow more cheap gas from the Appalachia shale basin to flow to markets. Federal energy regulators approved the startup of the Mountain Valley Pipeline from West Virginia to Virginia late Tuesday. Analysts expect the Mountain Valley startup will allow Appalachian producers to slowly boost output in coming months as other energy firms fix constraints on connecting pipes in Virginia and other states, allowing gas flows on Mountain Valley to reach ...

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Kuwait cuts July crude prices for Asia, document shows

Kuwait has cut the official selling price (OSP) for Kuwait Export Crude (KEC) to Asia in July by 40 cents from the previous month to $1.95 a barrel above the average of Oman/Dubai quotes, a price document reviewed by Reuters showed on Wednesday. The producer also reduced the July Kuwait Super Light crude (KSLC) OSP to $1.95 a barrel above Oman/Dubai quotes, 40 cents lower than the previous month. Source: Reuters (Reporting by Florence Tan)

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Cyprus: ‘All options’ remain on the table for LNG plant

The companies constructing the delayed liquified natural gas (LNG) import terminal at Vasiliko are open to exploring alternative agreements beyond the scope of the current contract, Energy Minister Geroge Papanastasiou said. Speaking after the House energy committee met behind closed doors, the minister said the two contracting parties, Etyfa and the Chinese company CPP, have shown a willingness to reach a different agreement regarding the completion timeline of the terminal. “All alternatives are on the table” and are under discussion between the contracting parties, stressed the energy minister. Papanastasiou said ...

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From London to New York: Aramco boss’s quest to lure investors

Aramco boss Amin Nasser went against his banking advisers’ guidance to go straight to New York for a roadshow where the state oil giant’s shares were on sale, and instead got on a plane to London first. The soft-spoken chief executive, a Saudi-educated engineer, did not want to leave any stone unturned to drum up support for his multi-billion dollar secondary offering and avoid the tepid response from foreign money the Saudi oil giant got for its debut listing nearly five years ago. “He said he doesn’t want to divide ...

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Uniper wins $14 billion arbitration ruling against Gazprom

German utility Uniper UN01.DE has won a multi-billion euro arbitration against former long-time supplier Gazprom GAZP.MM, it said on Wednesday, allowing it to tear up dormant gas supply contracts and potentially setting a precedent for similar cases. The ruling marks a landmark victory for Uniper, which had to be rescued by the German government in 2022 after Gazprom first cut and later suspended supplies, forcing the group to buy replacement volumes at sky-high prices on the spot market. It also severs the last remaining ties of what was a decade-long ...

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