Venezuela’s state-run PDVSA has put together three operational scenarios as part of plan to continue producing and exporting heavy oil at the largest joint venture with Chevron in the country once a license to the U.S. major expires next month, according to a company document seen by Reuters on Monday. The Venezuelan firm plans to produce between 105,000 and 138,000 barrels per day (bpd) of Hamaca heavy crude, with a portion of the output sent to domestic refineries and another exported to other markets than the U.S., the document says. ...

U.S. natural gas futures climbed about 2% to a one-week high on Wednesday on record gas flows to liquefied natural gas (LNG) export plants and another drop in daily output. Front-month gas futures for April delivery on the New York Mercantile Exchange were up 8.5 cents, or 2.1%, to $4.137 per million British thermal units (mmBtu) at 8:52 a.m. EDT (1252 GMT), putting the contract on track for its highest close since March 11. The price increase occurred despite forecasts for less demand over the next two weeks than previously ...

Vitol will buy stakes in West African oil and gas assets from Italy’s Eni ENI, bolstering the global commodity trading house’s position in the upstream sector, as it seeks to reinvest the huge profits it has been generating since 2022. The commodity trader will acquire an interest in oil and gas producing assets and blocks undergoing exploration, appraisal and development in Ivory Coast and the Republic of the Congo, Eni said in a statement on Wednesday. The deal is Vitol’s latest acquisition. Since the start of this year, it has ...

Dutch and British wholesale gas prices rose on Wednesday morning, rebounding from the day before, after Russian President Vladimir Putin stopped short of a full ceasefire in Ukraine but agreed to a temporary halt on energy infrastructure attacks. The Dutch front-month contract (TRNLTTFMc1) was 1.41 euro higher at 42.13 euros per megawatt hour (MWh) by 0922 GMT, while the May contract (TRNLTTFMc2) rose by 2.08 euros to 42.60 euros/MWh, according to LSEG data. In Britain, the day-ahead contract (TRGBNBPD1) was 3.25 pence higher at 103.25 pence per therm. Prices fell ...

Asia’s naphtha refining profit margin gained on Wednesday amid a rise in feedstock demand from upcoming cracker plants in the region and a decline in underlying crude oil prices. The crack rose about $2 to $117.75 per metric ton over Brent crude and the backwardation between first-half May and first-half June naphtha prices widened to $22.25 per ton, the steepest level since mid-January. At the Singapore deals window, naphtha activity remained tepid for a fourth straight day. Meanwhile, light distillate stocks at the Fujairah commercial hub rose by 1.184 million ...

Brent crude oil prices are projected to average $73 per barrel in 2025, down $7 per barrel per barrel from 2024, according to Wood Mackenzie’s latest monthly oil market outlook. The $73 per barrel forecast for this year is revised down $0.40 per barrel from the early February monthly report. The outlook is primarily shaped by two factors: OPEC+ production plans and US tariff policies. Ann-Louise Hittle, Vice President of Oils Research at Wood Mackenzie, states, “We’re seeing a complex interplay of supply and demand factors. While global demand is ...

U.S. crude stocks rose more than expected even as gasoline and distillate inventories fell last week in a sign of sustained fuel demand, the Energy Information Administration said on Wednesday. Crude inventories rose by 1.7 million barrels to 437 million barrels in the week ended March 14, the EIA said, compared with analysts’ expectations in a Reuters poll for a 512,000-barrel rise. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1 million barrels, the EIA said. “There’s still pretty good demand for the crude oil that we’re producing,” ...

Vitol will buy stakes in West African oil and gas assets from Italy’s Eni ENI, bolstering the global commodity trading house’s position in the upstream sector, as it seeks to reinvest the huge profits it has been generating since 2022. The commodity trader will acquire an interest in oil and gas producing assets and blocks undergoing exploration, appraisal and development in Ivory Coast and the Republic of the Congo, Eni said in a statement on Wednesday. The deal is Vitol’s latest acquisition. Since the start of this year, it has ...

Middle East crude benchmarks Oman and Dubai edged higher on Wednesday while Brent crude futures flipped to a discount against Dubai swaps, the first time since November 2023, LSEG data showed. The Brent-Dubai Exchange of Futures for Swaps (EFS) (DUB-EFS-1M) was assessed at minus 2 cents a barrel at Wednesday’s market close at 0430 GMT, LSEG data showed. The discount has since widened further to 14 cents a barrel, two trade sources said. Sweet, or low-sulphur oil, is typically more expensive than those with higher sulphur content as they are ...

Brent crude futures flipped to a discount against Dubai swaps on Wednesday, the first time since November 2023, LSEG data showed. The Brent-Dubai Exchange of Futures for Swaps (EFS) was assessed at minus 2 cents a barrel at Wednesday’s market close at 0430 GMT, LSEG data showed. The discount has since widened further to 14 cents a barrel, two trade sources said. Source: Reuters (Reporting by Florence Tan; Editing by Andrew Heavens)

The price of Russia’s oil blend in roubles so far in March is on average around 24% below the level targeted in the federal budget for 2025 due to the currency’s firming and weaker global oil prices, according to Reuters calculations. The drop will likely cause more strain on the budget, already under pressure from high military spending. The rouble has rallied since the middle of January amid hopes of a settlement to the conflict in Ukraine. It has averaged 87.4 per $1 so far this month, from 92.9 roubles ...

The price of Russia’s oil blend in roubles so far in March is on average around 24% below the level targeted in the federal budget for 2025 due to the currency’s firming and weaker global oil prices, according to Reuters calculations. The drop will likely cause more strain on the budget, already under pressure from high military spending. The rouble has rallied since the middle of January amid hopes of a settlement to the conflict in Ukraine. It has averaged 87.4 per $1 so far this month, from 92.9 roubles ...

Asia’s middle distillates markets were thinly discussed, though market sentiment turned slightly cautious to bearish given the narrower weak east-west arbitrage spread and worries of sufficient supplies. On spot refiner sales, China-origin barrels for April loading were on offer in the market, according to multiple trade sources – though expectations are for spot discussions to flip into discounts soon. Meanwhile, talks of some Middle East and India-origin barrels bound for the west starting to avoid the Suez Canal route emerged, with at least one vessel seemingly changing course. For now, ...

Oil prices fell on Wednesday after Russia agreed to U.S. President Donald Trump’s proposal that Moscow and Kyiv temporarily stop attacking each other’s energy infrastructure, a move that could eventually pave the way for Russian oil to enter global markets. Brent crude futures were down 59 cents, or 0.84%, to $69.97 a barrel at 0924 GMT. U.S. West Texas Intermediate crude (WTI) was down 60 cents, or 0.90%, at $66.30. Russian President Vladimir Putin agreed on Tuesday to stop attacking Ukrainian energy facilities but stopped short of endorsing a full ...

HSBC expects the oil market to be in a surplus in 2025 and 2026 due to strong supply and sluggish demand growth, the bank said in a note on Tuesday. The bank said that it expects a surplus of 200,000 barrels per day this year, revising its a previous forecast of a balanced market, which is likely to grow to over one million barrels per day in 2026 if OPEC+ continues to increase production as planned. The bank continues to expect Brent prices at $73 per barrel this year and ...