Market valuations for Australian North West Shelf condensate cargoes loading in November was seen lower on the month, with greater supply and weak petrochemical margins, sources said. For the November-loading trade cycle, two 650,000-barrel cargoes of NWS condensates have been scheduled, steady on the month, market sources said. Japan’s Mitsubishi holds the first cargo to load over Nov. 4-8, while China’s CNOOC holds the second cargo for loading over Nov. 18-22. Traders had expected November-loading NWS to trade lower on the month, valuing the Australian condensate at discounts in the ...

Oil prices rose more than $1 a barrel on Friday, extending their rally and putting crude on course for a weekly gain on the back of output disruptions in the U.S. Gulf of Mexico after Hurricane Francine forced the evacuation of production platforms. Brent crude futures were up $1.16 cents, or 1.6%, at $73.13 a barrel by 10:49 a.m. EDT (1449 GMT). U.S. West Texas Intermediate crude futures rose $1.24, or 1.8%, to $70.21. If those gains hold, both benchmarks will break a streak of weekly declines despite Brent crude ...

Macquarie cut its oil price outlook for 2024,citing lower demand especially driven by China as the key factor along with a well supplied oil market. It lowered its price view for both Brent and WTI by $2 per barrel to $80 a barrel and $75 per barrel respectively for the rest of the year. “As we enter shoulder and turnaround season, the ‘last hurrah’ for oil in the form of Q3 tightness is quickly fading as our balances contemplate heavy oversupply across the next five quarters,” Macquarie noted. Meanwhile, both ...

Russia’s Urals crude oil price rose on Friday above the $60/barrel limit imposed by Western nations as the Brent price climbed back after a dramatic fall earlier this week, traders said and Reuters calculations showed. Oil prices rose about 1% on Friday, extending their rally and putting crude on course for a weekly gain on the back of output disruption in the U.S. Gulf of Mexico after Hurricane Francine forced the evacuation of production platforms. The U.S., other Group of Seven countries and Australia imposed the price cap last year, ...

Hurricane Francine made landfall Wednesday on the Louisiana coast before being downgraded to a tropical storm, taking some energy infrastructure offline along the U.S. Gulf Coast from Louisiana through Alabama. Detailed information on energy infrastructure and storm risks is available and regularly updated in our U.S. Energy Atlas. Electricity: As of Thursday morning, more than 450,000 customers remained without power, mostly in southwestern Louisiana. The rest of Louisiana, Mississippi, and Alabama are also facing outages, with more expected as the storm progresses. Outages could last for up to 10 days. ...

Middle East crude benchmarks Oman, Dubai and Murban were little changed on Friday. Spot premiums for the benchmark grades were largely steady this week, hovering around $2 a barrel to Dubai quotes, as trading activities were muted during the APPEC week. QatarEnergy is expected to issue its monthly sell tenders soon with traders kicking off trade for November-loading cargoes next week. SINGAPORE CASH DEALS Cash Dubai’s premium to swaps rose 1 cent to $1.98 a barrel. NEWS Six oil refineries in Louisiana in the path of Hurricane Francine began recovering ...

Oil prices extended their rally on Friday and were on course for a weekly gain, sparked by output disruption in the U.S. Gulf of Mexico after Hurricane Francine forced the evacuation of production platforms. Brent crude futures rose 38 cents, or 0.53%, to $72.35 a barrel by 0735 GMT. U.S. West Texas Intermediate crude futures rose 40 cents, or 0.58%, to $69.37. If those gains hold, both benchmarks will break a streak of weekly declines despite Brent crude dipping below $70 a barrel on Tuesday for the first time since ...

Energy – Oil continues its recovery Oil prices continued their move higher yesterday. ICE Brent settled more than 1.9% higher on the day, leaving it within striking distance of $72/bbl. Supply disruptions from Hurricane Francine continue to provide some support. The latest data from the Bureau of Safety and Environmental Enforcement shows that 41.74% of US Gulf of Mexico oil production has been shut in due to the storm. More than 53% of natural gas production has also been shut in. The IEA’s monthly oil market report yesterday painted a ...

Trillions of US dollars of bank finance to fossil fuel companies is being routed via opaque financial centres in several countries, including the Netherlands, research published this week showed. The study by Tax Justice Network, which campaigns against tax havens, highlights a lack of transparency in funding for energy companies. The study examined 60 global banks’ US$6.9 trillion of syndicated financing of fossil fuel companies, such as coal miners or shipping firms between 2016 to 2023, including loans, credit lines and bonds. “We’re raising the alarm on banks and fossil ...

Iran continued to raise its oil production in August despite the continued pressure of US sanctions that restrict the country’s ability to sell oil in international markets, according to latest data by the Organization of the Petroleum Exporting Countries (OPEC). OPEC data cited in a Tuesday report by the official IRNA news agency showed that Iran’s oil production had averaged 3.277 million barrels per day (bpd) in August, up just 4,000 bpd from July. The increase came despite a fall in total OPEC output in August as the bloc produced ...

Singapore’s middle distillates stockpiles fell 4% week-on-week to below 11 million barrels as a rise in jet fuel/kerosene net exports outweighed gains in diesel/kerosene net exports, official data showed on Thursday. Inventories of diesel/gasoil and jet fuel/kerosene at key oil storage hub Singapore were at 10.919 million barrels for the week ended Sept. 11, slightly down from 11.374 million barrels a week ago, data from Enterprise Singapore showed. O/SING1 For jet fuel/kerosene, net exports surged almost ten-fold from a week earlier as total imports went back to nearly negligible levels. ...

U.S. motorists should see gasoline prices fall below $3 a gallon for the first time in over three years as soon as next month, shortly before they go to vote in November’s presidential election, analysts said this week. Softer gasoline prices, resulting largely from weaker fuel demand and sliding oil prices, are a relief for consumers who have struggled with record high fuel costs that have stoked inflation. Lower prices could also help Vice President Kamala Harris and other Democrats fight off sharp criticism from Republicans over pain at the ...

Oil prices rose more than 1% on Thursday, extending a rebound spurred by concern over Hurricane Francine’s impact on U.S. output, though a gloomy demand outlook capped gains. Brent crude futures for November were up 95 cents, or 1.4%, to $71.56 a barrel by 1322 GMT. U.S. crude futures for October rose $1.02, or 1.5%, at $68.33. Both contracts gained more than 2% on Wednesday as offshore platforms in the U.S. Gulf of Mexico were shut and coastal refinery operations were disrupted by Francine’s landfall in southern Louisiana. “Hurricane Francine ...

Highlights Global oil demand growth continues to decelerate, with reported 1H24 gains of 800 kb/d y-o-y the lowest since 2020. The chief driver of this downturn is a rapidly slowing China, where consumption contracted y-o-y for a fourth straight month in July, by 280 kb/d. Average annual gains of 900 kb/d in 2024, compared to 2.1 mb/d last year, will take demand to almost 103 mb/d. An increase of 950 kb/d in 2025 will be equally subdued. World supply rose by 80 kb/d to 103.5 mb/d in August, with outages ...

Fitch Ratings has maintained its base-case oil and TTF gas price assumptions and has marginally revised down its 2024 base-case gas price assumption for Henry Hub, reflecting year-to-date prices. All our base-case oil price assumptions are unchanged. OPEC+’s large spare capacity, increasing supply and moderating demand growth will constrain Brent crude oil prices at or below USD80 a barrel in 2024, despite heightened geopolitical risk. We expect global oil demand growth to moderate to below 1 million barrels a day (MMbpd) in 2024 and 2025 due to weaker Chinese consumption, ...