Home / Oil & Energy

Oil & Energy

Asia Distillates-Jet fuel cash differentials drop to 3-month low

Asia’s cash differentials for jet fuel dropped to their lowest level in three months on Wednesday, weighed down by persistent weakness in aviation demand. Cash differentials for jet fuel JET-SIN-DIF were at a discount of 38 cents per barrel to Singapore quotes on Wednesday, a level not seen since Nov. 23. They were at a discount of 25 cents per barrel on Tuesday. The jet fuel market is expected to remain under pressure in the near term as lack of both business and leisure travel due to COVID-19 keep thousands ...

Read More »

ENGINE: Europe & Africa Bunker Fuel Availability Outlook

HSFO supplies are tightening in several Mediterranean and South African ports this week, while rough weather has disrupted bunkering in the Gibraltar Strait again. ARA’s independent fuel oil stocks were slightly lower last week, but are still far above their five-year average. The stocks remain high despite a recent pull for cargoes from the east. Fuel oil has been particularly tight in Singapore in recent months and viable arbitrage economics have attracted Russian and European fuel oil producers to export increasing volumes for March delivery to Singapore. Lead times for ...

Read More »

Russia’s Gazprom reappoints chief Alexei Miller for further five years

Russian gas giant Gazprom has reappointed Alexei Miller as the head of the group for a new five-year term from May 31, ensuring business continuity at the world’s biggest gas exporter. Miller, a close ally of Russian President Vladimir Putin, has been head of Gazprom since 2001. “The board of directors made a unanimous decision to elect Miller as chairman of the management committee from May 31, 2021, for a five-year term,” Gazprom said in a short statement. Miller has overseen the management of Gazprom through major shifts in its ...

Read More »

ADNOC to base OSPs for crude exports on Murban futures contract from June: ICE

Official selling prices for Abu Dhabi National Oil Co.’s crude exports will be based on the soon-to-be-launched ICE Murban Futures Contract from June, the Intercontinental Exchange said Feb. 24. The OSP for ADNOC’s flagship Murban crude will directly reflect the futures contract, while the Upper Zakum, Das and Umm Lulu grades will be priced at a differential to the Murban price as set by the futures contract. ICE plans to launch an Abu Dhabi-based exchange, on which the Murban futures contract and related cash-settled derivatives and inter-commodity spreads will trade, ...

Read More »

UK GAS-Prices ease as higher supply offsets rise in demand

British wholesale gas prices fell on Wednesday as expectations of improving supply offset higher demand forecasts. * The within-day contract was down 0.45 pence at 40.45 pence per therm by 1039 GMT. * The day-ahead contract was down 0.20 pence at 40.30 p/therm. * The British gas system was 10.6 mcm/day over-supplied, National Grid data showed. * The end of a one-day outage at Norway’s Aasta Hansteen gas field on Thursday and increased send-out of liquefied natural gas (LNG) are bearish for prices, analysts at Refinitiv said in a morning ...

Read More »

EU says it does not need Nord Stream 2, but only Germany can block it

The European Union does not need the Nord Stream 2 pipeline for its energy security but any decision to stop the project carrying Russian natural gas to Germany would have to come from Berlin, a senior European Commission official said on Tuesday. The $11 billion pipeline project led by Russia’s state energy company Gazprom, which is more than 90% complete, would double the capacity of an existing undersea pipeline which bypasses Ukraine and deprives Kyiv of transit fees. The project pits Germany, the EU’s biggest economy, against central and eastern ...

Read More »

Traders, including Trafigura, supply Mexico with emergency LNG – sources

Oil trading firms, including Trafigura, are supplying Mexico with emergency cargoes of liquefied natural gas (LNG) to overcome a power crisis caused by interrupted U.S. natural gas supplies, three sources close to the purchases said. Mexico’s state-run power company Comision Federal de Electricidad (CFE) last week resorted to LNG imports as natural gas supplies from the southern United States, especially neighboring Texas, were hit by frozen pipelines and rocketing prices caused by a cold snap. The trading companies were able to divert LNG cargoes going to Asia while offering Mexico ...

Read More »

Analysis: Gas may come under India’s unified tax regime ahead of gasoline, diesel

India’s aim to bring crude, transport fuels and gas under a unified tax regime has so far met with stiff resistance from state governments, but gas could come under the tax umbrella earlier than other oil products — although the move towards that target won’t be free of hurdles. Even nearly four years after the goods and services tax or GST came into effect, crude oil, natural gas, gasoline, gasoil and jet fuel are still outside its purview as state governments argue that the central tax would hit their revenues, ...

Read More »

West Newton oil drilling expansion ‘could blight area’

Plans to expand an oil and gas drilling site could “blight” the area, according to local councillors and residents. Rathlin Energy is considering adding six more wells to its site near West Newton in East Yorkshire. It said it was committed to a public consultation before deciding whether to apply for planning permission. If it was approved the site could see up to 25 oil tankers driving in and out daily over a 20 year period. Harry Clark, who lives in nearby New Ellerby, said: “We really must think very ...

Read More »

Malaysia’s Petronas makes oil discovery at Hidayah-1 exploration well in Indonesia

Malaysia state oil firm Petroliam Nasional Berhad, or Petronas, on Wednesday said has made an oil discovery at the Hidayah-1 exploration well in Indonesia through its subsidiary PC North Madura II Ltd. The well, located within the North Madura II Production Sharing Contract (PSC) offshore East Java, encountered an oil-bearing carbonate build-up with good reservoir qualities in the Ngimbang carbonate formation, Petronas said. Source: Reuters (Reporting by Mei Mei Chu, editing by Louise Heavens)

Read More »

Survey calls for second-ever US natural gas storage draw above 300 Bcf

US natural gas stocks posted a massive draw last week, likely well north of 300 Bcf, as the end-of-season storage outlook has changed dramatically in only two weeks. The US Energy Information Administration is expected to report a 333 Bcf withdrawal for the week-ended Feb. 19, according to a survey of analysts by S&P Global Platts. It would register as the second-largest storage draw on record, and only the second weekly pull to ever register above 300 Bcf. Significantly colder-than-normal temperatures across the middle of the country led to record ...

Read More »

Iran’s oil refining capacity not reduced by corona virus pandemic

National Iranian Oil Refining and Distribution Company (NIORDC) Managing Director Alireza Sadeq-Abadi stated that the corona virus did not reduce Iran’s oil refining capacity, Shana reported. The official said that NIORDC was among the few refineries all around that world that did not reduce its refining capacity during the pandemic. The secretary-general of Iran’s Oil Refining Industry Companies Association (ORICA) has put the country’s oil refining capacity at two million barrels per day. The country’s refineries are now converting two million barrels of crude oil into petroleum products at full ...

Read More »

Morgan Stanley sees Brent at $70/bbl in third quarter on improving market

Morgan Stanley expects Brent crude prices to climb to $70 per barrel in third quarter on “signs of a much improved market” including prospects of improving demand. “The stars have aligned for the oil market even faster than expected,” the bank said in a note on Monday. Morgan Stanley noted, “new COVID-19 cases are falling fast globally, mobility statistics are bottoming out and are starting to improve, and in non-OECD countries, refineries are already running as hard as before COVID-19.” Inventories drawing fast, time spreads becoming deeply backwardated and stronger ...

Read More »

Black Sea Oil & Gas to begin Romania offshore gas extraction in November

Romania-based Black Sea Oil & Gas (BSOG) will begin extracting natural gas from its $600 million offshore Romanian project in November, its chief executive said on Tuesday, but added further progress hinged on scrapping a disputed tax. The additional tax on offshore projects is the last remnant of a series of price caps, taxes and export restrictions introduced two years ago by a previous centre-left government. The changes, most of which have since been reversed, blindsided gas producers, which have spend over a decade and billions of dollars preparing to ...

Read More »

World Coronavirus Dispatch: Oil market emerges from the depths of pandemic

Indonesia to see sharpest surge in wealthy people Fuelled by the vaccination-based recovery, Indonesia is set to see a 67 per cent growth surge in the number of people becoming high net worth individuals over the period of five years through 2025, according to a Knight-Frank report. Indonesia’s surge comfortably beats China, which is seventh on the list with an expected 46 per cent rise in the wealthy. India takes the second spot with a projected annual growth rate of 63 per cent over the next five years. Poland, Sweden, ...

Read More »

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping