State-owned Indian Oil Corp. is looking to set up a wholly-owned subsidiary that will drive the lower-carbon and clean energy business while the parent firm will continue to focus on core refining operations, multiple company sources said. The decision to spin out a new subsidiary will help India’s largest state-run refiner to make a strategic push to grow its fossil fuels business, as well as tap the opportunities that the changing energy landscape might offer in coming years. “Oil will continue to remain a key focus for the company. But ...

Asia’s middle distillates markets were thinly discussed on Thursday, though more June sellers did emerge for spot cargoes and margins posted a rebound to almost a two-week high. More sellers emerged with June cargoes for sale, in line with earlier market expectations, buoying the pace of overall spot activity. Some uncertainty on how China-origin exports would pan out going into June, however, made the outlook cautious. Talks that they could increase sales out of the country because of the fresh export quotas did emerge, but margins have been thin for ...

U.S. natural gas futures edged up about 1% to a fresh 14-week high on Wednesday on another decline in output and forecasts for higher demand over the next two weeks than previously expected. Demand was up with an increase in the amount of gas flowing to liquefied natural gas (LNG) export plants and as hot weather in Texas boosted the amount of gas power generators burn to keep air conditioners humming. Front-month gas futures NGc1 for June delivery on the New York Mercantile Exchange rose 2.4 cents, or 1.1%, to ...

U.S. West Coast refiners are using more hydrogen purchased from merchant suppliers than from their own production. From 2012 to 2022, hydrogen purchased by refiners in the region increased 29% to about 550 million cubic feet per day (MMcf/d). Over the same period, on-site refinery-produced hydrogen production from natural gas fell 20% to about 330 MMcf/d. Merchant suppliers accounted for more than 62% of the hydrogen consumed by West Coast refineries in 2022. Hydrogen demand in the U.S. refining industry increased significantly from 2006 to 2010 as ultra-low sulfur diesel ...

Dutch and British wholesale gas prices mostly rose on Tuesday morning on concerns over geopolitical tensions and forecasts for lower wind production. The benchmark front-month contract at the Dutch TTF hub was down 0.89 euro at 30.90 euros per megawatt hour (MWh) by 0846 GMT, while the July contract was up 1.05 euro at 31.85 euros/MWh, according to LSEG data. In the British market, the day-ahead price was up 2.80 pence at 76.30 pence per therm. Wind power output in north-west Europe and Britain is forecast to be low until ...

Asia’s gasoline markets were steady on Tuesday amid scanty trades at the deals window after reports of Chinese new refined products export quota. The refining profit margin for gasoline GL92-SIN-CRK was little changed at $10.56 per barrel over Brent crude. China has issued its second batch of refined fuel export quotas for 2024, totalling 18 million metric tons, Chinese consultancies and trade sources said on Tuesday. The export volumes, comprising 14 million tons of refined products and 4 million tons of marine fuel, were allotted primarily to state-owned refiners. The ...

Asia’s middle distillates market activity was upbeat on Tuesday as fresh export quotas from China emerged, with more northeast Asian sellers in the mix for June spot offers. The outlook of more supply was a bearish key driver, as China issued more export quotas for the second batch of volumes this year. At least one more refiner came out with June spot cargoes in line with earlier expectations, though one or two refiners could cut their spot sale volumes still because of refinery run cuts from May. Refining margins GO10SGCKMc1 ...

The amount of natural gas flowing to Freeport LNG’s export plant in Texas rose to a two-month high on Sunday in what energy traders said was another sign that the plant was wrapping up a series of outages over the past month or so. The startup and shutdown of Freeport and other U.S. liquefied natural gas (LNG) export plants often has a major impact on global gas prices. U.S. gas futures at the Henry Hub benchmark NGc1 in Louisiana have soared by around 33% over the past seven days due ...

Russia will increase its oil pipeline exports to the east this year, Interfax cited Nikolai Tokarev, the head of oil pipeline monopoly Transneft as saying on Tuesday, without providing details. Russia has significantly increased oil exports to China and India amid a wider political fallout with the West following the start of the military conflict with Ukraine in February 2022. Tokarev also said that the company’s board will soon convene to consider its dividend, which will likely increase, Interfax reported. Source: Reuters (Reporting by Vladimir Soldatkin, Editing by Louise Heavens)

Iran and Pakistan are looking at ways to complete a long-delayed gaspipeline project between the two countries, Iran’s Consul General to Pakistan, Hassan Nourian, said on Monday. “We see political determination from Pakistan to complete the project,” he told reportersin the southern city of Karachi. The countries signed an agreement to construct the pipeline from Iran’s South Fars gas field to Pakistan’s Balochistan and Sindh provinces in 2010, but work on Pakistan’s portion has been held up due to fears of U.S. sanctions. The 1,900 kilometre (1,180 mile) pipeline was ...

Dutch and British wholesale gas prices rose on Thursday morning on cooler temperatures and supply concerns, despite solid storage inventories. The benchmark front-month contract TRNLTTFMc1 at the Dutch TTF hub was up 1.5 euros to 30.18 euros per megawatt hour (MWh) at 1009 GMT, while the day-ahead contract TRNLTTFD1 was 1.4 euros higher at 29.9 euros/MWh, according to LSEG data. In the British market, the June contract TRGBNBPMM4 was up 3.19 pence to 73 pence per therm, LSEG data showed. Temperatures are expected to edge down in the day ahead ...

Russian natural gas production rose by 9.4% in the first three months of this year from the same period a year ago to 196.9 billion cubic metres (bcm), Kommersant newspaper reported on Thursday, citing sources familiar with energy ministry statistics. In March alone, Russian companies produced 65.4 bcm of gas, up 7.9% compared to March 2023, Kommersant reported. Russia classified or delayed publication of some key statistics after Moscow sent its troops into Ukraine in February 2022. Source: Reuters (Reporting by Reuters; Editing by Jamie Freed)

Russia’s natural gas producing giant Gazprom plunged to a net loss of 629 billion roubles ($6.9 billion) last year from a net profit of 1.2 trillion roubles in 2022, it said on Thursday, as gas sales to Europe more than halved. Analysts had expected net income of 447 billion roubles, according to Interfax news agency. Gazprom shares in Moscow were down around 3.3% at 1307 GMT. Russia’s gas exports to Europe, once its primary export market, have fallen sharply because of the political fallout from the conflict in Ukraine, while ...

Singapore’s middle distillates stockpiles were down 1.57% weekly to hit a two-week low amid rising net exports, official government data showed on Thursday. Stocks of diesel/gasoil and jet fuel/kerosene at key oil storage hub Singapore shrunk to 11.392 million barrels from 11.574 million barrels in the previous week, but was still a tad higher than the 10,136 million barrels recorded for the week ended April 17, figures from Enterprise Singapore showed. O/SING1 Diesel/gasoil net exports almost doubled, rising by 98% week-on-week, offsetting the 56% week-on-week reduction of jet fuel/kerosene net ...

Asia’s naphtha markets were steady on Tuesday as gains arising from falling oil prices were offset by lingering poor demand from downstream petrochemical units. The crack traded at about $51 per metric ton over Brent crude and the backwardation narrowed to $6.25 a ton. The price of first-half June naphtha weakened by about $5.50 to $715.25 per ton. A total of 25,000 tons of naphtha changed hands at the deals window in Singapore, market participants said. The gasoline crack in the region was also steady on Tuesday near $13 per ...