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Indonesia expects oil and gas investments to rise 29% to $17 billion in 2024

Indonesia expects investments in its oil and gas sector to rise 29% in 2024, the chairman of regulator SKK Migas told Reuters, as it races to ramp up drilling and exploration following the recent exits of global giants Shell SHEL.L and Chevron CVX.N. An immediate push in oil and gas investments is crucial for the resource-rich southeast Asian nation, which is looking to reverse a protracted output decline amid increasing financing challenges for fossil fuel projects. Of the planned investments this year, 40% will come from foreign companies including Eni ...

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These key triggers can help Crude Oil break from the trading range

Oil prices have started on firm foot in Asia with WTI lingering around $79/b, following a volatile session on Wednesday, when oil prices made sharp recovery, from fresh three-month lows of $76.70 to finish the day up at $78.63 driven by the favourable weekly inventory data from US. Crude oil prices have moderated in last 4 weeks due to easing of geo-political risks but are still up 10% for the year so far. EIA Weekly inventory The commercial stocks decreased by 2.5 million barrels from the previous week. At 457.0 ...

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Asia Distillates-Markets little changed, paper activity still burgeoning

Asia’s middle distillates markets continued to record little change, despite paper markets brimming with spot activity amid a roll-over in discussion months and slightly bullish June analyst outlooks in the market. Expectations of thinner supplies in June due to lower refinery runs will likely ease earlier supply gluts and be supportive of the market, some analysts say. “(The) very early indications of reductions in South Korean and Chinese diesel exports as we transition into June. These developments collectively paint a bullish outlook for Singapore diesel in the short to medium ...

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Europe Gas: Prices steady amid high gas stores, ample supply

Dutch and British wholesale gas prices were little changed on Thursday morning as high gas stores and ample supply offset geopolitical concerns. The benchmark front-month contract at the Dutch TTF hub was up 0.34 euro at 30.33 euros per megawatt hour (MWh) by 0807 GMT, while the July contract was up 0.24 euro at 30.00 euro/MWh according to LSEG data. In the British market, the day-ahead contract rose by 0.55 pence to 72.00 pence/therm. “The market seems to have decided not to choose a direction for the moment, torn between ...

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Asia Naphtha/Gasoline-Gasoline markets steady; Pertamina issues H2 term tender

Asia’s gasoline markets were steady on Thursday after gains stemming from a decline in U.S. inventories were offset by losses due to a rise in Singapore stocks. The crack rose to $7.53 per barrel over Brent crude, compared with $7.46 a day earlier. Market sentiment also remained subdued due to lack of trades at the window for a fourth straight session. Meanwhile, Indonesia’s Pertamina has invited offers for its term tender for delivery during July to December, minimum 1 cargo per month each of 90-octane or 92-octane grade, trade sources ...

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Oil prices rise after US economic data raises rate cut expectations

Oil futures rose on Thursday on a stabilizing U.S. job market and slower-than-expected inflation data, which increased expectations that the Federal Reserve would begin to cut interest rates in the fall. Brent crude futures were up 50 cents at $83.25 a barrel by 11:06 a.m. EDT (1506 GMT). U.S. West Texas Intermediate crude (WTI) gained 62 cents to $79.25. The number of Americans filing new claims for unemployment benefits fell last week by 10,000 to a seasonally adjusted 222,000, the U.S. Labor Department said, pointing to both an underlying strength ...

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Investors abandon bullish case for US gasoline

U.S. gasoline prices and refining margins have come under pressure as inventories deplete more slowly than normal for this time of year, indicating supplies are plentiful, and undermining the bullish case for the fuel. Just over a month ago, investors had amassed one of the largest bullish positions in U.S. gasoline futures and options since before the pandemic, anticipating that prices would continue climbing. Gasoline had become the most attractive part of the petroleum complex for investors to bet prices would rise further in the run-up to U.S. presidential and ...

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Why oil import restrictions hurt Russia more than the price cap

Sanctions in response to the invasion of Ukraine led to a substantial decline in Russia’s crude oil revenues in 2022 and 2023. This column argues that the decline in revenue was due almost entirely to the embargo on Russian crude oil imports, which forced Russian oil exports to be redirected from Europe to more distant customers in Asia and conferred market power on India and China. In contrast, while a price cap deprived Russia of financial resources that were spent on additional tanker purchases, its effect on the Russian oil ...

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Middle East Crude-Oman, Dubai halt 3-day loss; QatarEnergy awards tenders

Middle East crude benchmarks Oman and Dubai rose on Thursday, halting three days of losses after QatarEnergy awarded its tenders. QatarEnergy has set the July term price for al-Shaheen crude at $1.82 a barrel above Dubai quotes, trade sources said on Wednesday. The premium for term supplies loading in July is down versus $2.54 a barrel in June. The term price was set after QatarEnergy sold two cargoes via a tender to Unipec, traders said. The cargoes for loading on July 2-3 and July 26-27 were sold at premiums between ...

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Canada’s oil producers face potential headwinds from wildfires, railroad strike

Western Canadian producers remain vigilant and are cautiously optimistic on the face of headwinds they are facing from raging wildfires and an impending railroad strike later this month, industry participants said May 14. So far, no producer has announced any shut-ins and provincial governments in Alberta and British Columbia are deploying resources to contain wildfires at Fort McMurray (the hub of oil sands production) and Fort Nelson (a leading gas production and transit area). The fires have so far been neutral for Western Canadian Select crude prices, according to S&P ...

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India’s oil demand to grow 4% to 5.8 mbd in 2025: OPEC

India’s oil demand is expected to grow to 5.80 million barrels per day in 2025, up 4.1% from the 5.57 million barrels per day projected in 2024, the Organisation of Petroleum Exporting Countries said. In its latest oil market report for the month, the cartel highlighted that the growing demand will be supported by increased consumption of gasoline and other petroleum products on the back of growing economic activity. “Healthy economic momentum in 2024 is expected to continue into 2025. Manufacturing and business activities are expected to be steady, supporting ...

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Qatar to sign more long-term LNG contracts this year, QatarEnergy CEO says

Qatar has not had difficulty securing long-term liquefied natural gas (LNG) contracts and will sign more this year, QatarEnergy CEO and State Minister for Energy Saad al-Kaabi said at an economic forum on Wednesday. “We’ve actually secured 25 million tons of long-term LNG sales (in the last 12 months) and I can tell you also on this podium that we’re signing more this year,” he said. State-owned QatarEnergy has been signing supply deals with European and Asian partners for gas that is expected to come onstream from its massive North ...

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Oil prices slide 1% to 11-week low on weaker IEA 2024 demand forecast

Crude prices slid about 1% to an 11-week low on Wednesday after data from the International Energy Agency (IEA) showed oil demand in developed countries likely would flag this year. Brent futures fell 62 cents, or 0.8%, to $81.76 a barrel by 10:59 a.m. EDT (1459 GMT), while U.S. West Texas Intermediate (WTI) crude fell 60 cents, or 0.8%, to $77.42. That pushed both crude benchmarks into technically oversold territory and put both on track for their lowest closes since Feb. 23. The IEA trimmed its forecast for 2024 oil ...

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IEA Reduces Global Oil Demand Growth Forecast

Highlights Global oil demand is set to rise by 1.1 mb/d in 2024, 140 kb/d less than projected in last month’s Report as weak deliveries, notably in Europe, shifted first-quarter OECD demand into contraction. The outlook for 2025 is comparatively unchanged, with the pace of growth now marginally surpassing 2024 at 1.2 mb/d. World oil supply is projected to increase by 580 kb/d this year to a record 102.7 mb/d as non-OPEC+ output rises by 1.4 mb/d while OPEC+ production falls 840 kb/d, assuming that voluntary cuts are maintained. Global ...

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US crude, fuel inventories fall as refining, demand pick up, EIA says

U.S. crude oil, gasoline and distillate inventories fell last week as both refining activity and fuel demand rose, the Energy Information Administration (EIA) said on Wednesday. Crude inventories droppedby 2.5 million barrels to 457 million barrels in the week ending May 10, the EIA said, compared with analysts’ expectations in a Reuters poll for a 543,000-barrel draw. The draw came as refinery crude runs rose by 307,000 barrels per day (bpd) and plant utilization rates increased by 1.9 percentage points in the week to 90.4% of total capacity, according to ...

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