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Middle East Crude-Benchmarks rebound as more spot trades emerge

Middle East crude benchmarks Dubai and Oman climbed on Friday following two straight days of declines, as more spot trades emerged. Meanwhile, Brent’s Exchange Futures for Swaps (EFS) to Dubai has steadied by the end of the trading week, after its volatile surge earlier this week. November EFS DUB-EFS-1M was pegged at a premium of $1.90 a barrel at the Asia close on Friday, compared with $1.85 the previous day, LSEG data showed. SINGAPORE CASH DEALS Cash Dubai’s premium to swaps rose 22 cents to $2.74 a barrel. NEWS Russia ...

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Strikes end at Chevron’s Australian LNG facilities

An Australian union alliance on Friday called off strikes at Chevron (NYSE:)’s two major local liquefied (LNG) projects, agreeing to resolve disputes that had threatened to disrupt around 7% of global LNG supplies. The union alliance and Chevron accepted proposals on pay and conditions from the country’s industrial arbitrator for the Gorgon and Wheatstone LNG facilities, and workers suspended strikes that began two weeks ago. “The Offshore Alliance will now work with Chevron to finalise the drafting of the agreement and members will soon cease current industrial action,” Offshore Alliance ...

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Crude oil futures rise as Russia bans gasoline, diesel exports

Crude oil futures rose in midmorning Asia trade Sept. 22 after Russia introduced a ban on exports of diesel and gasoline, bringing tight supply concerns to the fore. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now At 10:50 am Singapore time (0250 GMT), the ICE November Brent futures contract was up 65 cents/b (0.70%) from the previous close at $93.95/b while the NYMEX November light sweet crude contract rose 74 cents/b (0.83%) at $90.37/b. “Crude prices were ready to continue pulling back but Russia’s ...

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Oil prices rise as Russia fuel export ban stokes supply concerns

Oil prices rose on Friday as renewed global supply concerns from Russia’s fuel export ban counteracted demand fears driven by macroeconomic headwinds and high interest rates. Brent futures were up 80 cents, or 0.86%, at $94.10 a barrel by 1154 GMT, while U.S. West Texas Intermediate crude (WTI) futures rose by 95 cents, or 1.06%, to $90.58 a barrel. Brent had traded 99 cents higher earlier at $94.29 a barrel, while WTI hit a peak of $90.80, up $1.17. Both benchmarks were relatively flat on the week, having gained more ...

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Exxon sees $16 billion in earnings for fuels, chemicals by 2027

Exxon Mobil Corp (NYSE:) expects its motor fuels and chemicals earnings to reach $16 billion by 2027, up about $4 billion from current levels as demand continues to rise, executives said. The largest U.S. oil company has been generating strong refining profits this year in part on a massive expansion of refining capacity and focus on higher margin chemicals. Executives forecast gasoline demand will not peak until late this decade, a much longer timeframe than other forecasters. “Toward the end of this decade we see gasoline demand peaking, but it ...

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A window opens for oil and gas majors to fund energy transition startups

Startup companies traditionally have turned to private equity and venture capital funds for financing, but big oil and gas companies have a chance to become early supporters of cleantech companies, according to a panel of energy financiers at an industry conference. The gap between the needs of low-carbon, climate-focused startups and the resources of large energy companies is a window of opportunity for oil and gas players, said early-stage investor Naynika Chaubey, a partner at Evok Innovations. The oil and gas companies have the project development experience and the know-how ...

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High oil prices don’t make Europe energy stocks attractive to all

Europe’s energy shares have hit seven-month highs, thanks to crude oil prices jumping to a 2023 peak and natural gas prices rising almost 40% in two months, but not all investors view this as the perfect opportunity to buy. The STOXX 600 European oil and gas index .SXEP is at its highest since mid-February, having gained around 13.5% in the past two months. In the same period, benchmark Brent crude LCOc1 has risen 18% and European natural gas prices have gained 50%. Oil and gas stocks tend not to outpace ...

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Oil prices edge up as Russia fuel export ban stokes supply fears

Oil prices rose on Friday as renewed global supply concerns from Russia’s fuel export ban counteracted demand fears driven by macroeconomic headwinds and high interest rates. Brent futures were up 52 cents, or 0.56%, at $93.82 a barrel by 0933 GMT, while U.S. West Texas Intermediate crude (WTI) futures rose by 73 cents, or 0.81%, to $90.36 a barrel. Both benchmarks were on track for a small weekly drop after gaining more than 10% in the previous three weeks amid concerns about tight global supply as the Organization of the ...

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Mild winter could push natgas prices below $2/mmbtu in Q1 of 2024, says BofA

Bank of America on Tuesday said thatwhile the heatwave in Texas almost halvedthe U.S. natural gas storage surplus, a mild winter could still drive stocks to records and push prices below $2 per million British thermal units (mmBtu) in the first quarter of 2024. The bank said the storage trajectory posed downside risks to its $4 per mmBtu projection for 2024. U.S. production was on track to rise from a record 98.1 billion cubic feet per day (bcfd) in 2022 to 102.7 bcfd in 2023 and 104.9 bcfd in 2024, ...

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Saudi cuts Asian Premium after India taps Russian oil

Saudi Arabia, the world’s second largest oil producer, has slashed the premium charged on exports to India while many others have discontinued it altogether, a person aware of the matter said, after India began sourcing the bulk of its energy requirements from Russia. Asian premium is an extra amount levied by the Organization of the Petroleum Exporting Countries (Opec) from Asian countries above the actual selling price. India has repeatedly pressed oil producers to eliminate this premium and even asked for an ‘Asian discount’ instead. Saudi Arabia has now reduced ...

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Singapore’s middle distillates stocks stable; gasoil net exports slip for second week

Singapore’s middle distillates inventories remained above 9 million barrels, official data showed, as net gasoil exports slipped for the second straight week, and jet fuel/kerosene net exports also fell. Gasoil and jet fuel/kerosene inventories held at the key fuel storage hub were at 9.001 million barrels in the week ended Sept. 20, compared with 9.1 million barrels a week ago, data from Enterprise Singapore showed. Net gasoil exports fell 58% week-on-week, with total exports declining at a quicker pace than total imports. Exports to some regions such as New Zealand ...

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India to dominate upcoming crude oil refinery projects in Asia through 2027, reveals GlobalData

India is set to dominate the new build and expansion refinery projects in Asia, accounting for 45% of the upcoming crude oil refinery projects starts in the region between 2023 and 2027, fueled by rising demand for petroleum products, reveals GlobalData, a leading data and analytics company. GlobalData’s latest report, “Crude Oil Refinery Projects Analysis and Forecast by Region, Key Countries, Project Type (New Build and Expansion), Development Stage, and Cost 2027,” reveals that out of the 81 refinery projects to commence operations in India during the period, two are ...

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Ukraine’s 2023/24 winter gas reserves seen above 15 bcm -Naftogaz chief

The volume of natural gas stored in Ukraine for the 2023/24 winter heating season is likely to exceed 15 billion cubic meters, making imports unnecessary, the head of the state-owned Naftogaz company said on Thursday. Oleksiy Chernyshov told national television the country was unlikely to import gas this winter as it has enough fuel for domestic needs. The country’s energy ministry said this week Ukraine had already met its winter gas storage target of 14.7 billion cubic metres (bcm). Ukraine uses little natural gas to produce electricity but relies on ...

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Oil up slightly; trade choppy as Russia fuel export ban boosts, rate hikes weigh

Oil prices were slightly higher in choppy trading on Thursday, rising as much as $1 a barrel after a Russian ban on fuel exports snapped focus away from Western economic headwinds that had dropped prices $1 a barrel early in the session. Gains were capped as global central banks signalled continuing tight policy. Brent futures for November delivery rose 6 cents, or 0.7%, to $93.59 by 11:46 a.m. EDT (1646 GMT). U.S. West Texas Intermediate crude (WTI) climbed 36 cents, or 0.4%, to $90.02. Both benchmarks had both risen and ...

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India: Domestic crude oil production grows by 2.1% YoY in August: Oil Ministry

Domestic crude oil production increased by 2.1 percent in August on a year-on-year basis to 2.5 million metric tonnes (MMT), as shown by data from the Oil Ministry on September 20. According to data from the Petroleum Planning & Analysis Cell (PPAC), ONGC registered a production of 1.61 MMT, while Oil India produced 0.28 MMT of crude oil in August. Meanwhile, India’s imports of crude oil increased by 6.2 percent in August compared to the corresponding period last year. The country’s net import bill for oil and gas in August ...

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