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Asia Naphtha/Gasoline-Naphtha margin slips, gasoline weakness continues

Asia’s naphtha refining profit margin declined on Tuesday after prices of the light distillate rose in tandem with crude oil benchmarks. The crack slipped to $57.20 per metric ton over Brent crude, compared with $4.55 per ton in the previous session. Singapore markets were closed on Monday on account of a public holiday. Geopolitical turmoil continued to cast shadow on Russian fuel supplies. A Ukrainian drone strike caused a large fire in a fuel tank at an oil terminal in Russia’s southern port of Azov on Tuesday, according to Russian ...

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Russia’s June idle oil refining capacity raised by 114%, calculations show

Russia’s primary offline oil refining capacity has been raised by 114% from the previous plan to 4.1 million metric tons for June mainly to due to last-month stoppages at the Tuapse and Komsomoslk plants, Reuters calculations show. In May idle capacity stood at 3.8 million tons. The Russian oil refining industry has been targeted by Ukrainian drone attacks. Technical outages have also contributed to idle capacity. Russia and Ukraine have both used drones to strike critical infrastructure, military installations and troop concentrations in their more than two-year conflict, with Kyiv ...

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Oil and LNG supply gluts spell double trouble for Australian LNG producers

In its Oil 2024 report published on 12 June, the International Energy Agency (IEA) forecast that global oil markets are heading for a glut in supply, with global oil capacity in 2030 potentially exceeding demand by a staggering 8 million barrels per day. The glut is due to rising oil supplies led by non-OPEC+ producers, in particular the United States and South America, while demand is forecast to level off. The oil demand slowdown is driven by the fast increasing uptake of electric vehicles worldwide, combined with improved efficiency of ...

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US natgas prices drop 4% on steeper supply rise forecast, rising coal-energy demand

U.S. natural gas futures dropped over 4% on Monday to their lowest in one-and-a-half weeks on forecasts for a steeper than previously expected rise in gas supply this week, and increasing coal use over gas in the U.S. energy mix this week. Front-month gas futures NGc1 for July delivery on the New York Mercantile Exchange fell 11.5 cents, or 4%, to $2.77 per million British thermal units at 11:17 a.m. EDT (1517 GMT). “Coal-fired generation jumped over the past week in anticipation of this widespread heat wave which is expected ...

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Japan May ethylene output falls 2.4% on year

Japanese ethylene production in May fell 2.4% from the same month a year earlier to 395,900 metric tons, data from the Japan Petrochemical Industry Association showed on Monday. Ethylene, made from naphtha, is a basic feedstock for petrochemicals that are processed into products such as plastics. Following is a table of ethylene output volume in thousand metric tons, month-on-month and year-on-year percentage changes and the number of naphtha crackers shut during the month, according to the data. Source: Reuters (Reporting by Tokyo Newsroom; Editing by Bernadette Baum)

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First equipment deliveries to Russia’s Ust-Luga seen in Q3, Gazprom says

Russia expects the first key equipment deliveries to the new gas processing complex in the Baltic port of Ust-Luga to start in the third quarter of 2024, Russian state gas producer Gazprom GAZP.MM said on Friday. The current readiness level of the complex is 32.3%, the company said. Source: Reuters (Reporting by Reuters, Writing by Maxim Rodionov, Editing by David Evans and David Goodman)

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Global gasoline refining margins slump on slow summer driving season

Oil refiners are making less money selling their gasoline as demand during the peak summer driving season has fallen short of what they expected when many of them boosted production. Softness in gasoline markets have upended years of record profits on selling transportation fuels. In the U.S., the world’s largest gasoline market, refiners ramped up sharply, expecting demand that never materialized. U.S. gasoline demand was 9 million barrels per day (bpd) in the first week of June, 1.7% below last year and seasonally the lowest since 2021, government data showed. ...

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China continues to lift crude oil stockpiling amid weak refinery runs

The world’s biggest crude importer has had a soft start to the year. China added more than 1 million barrels per day (bpd) of crude oil to stockpiles in May as soft imports were outweighed by even weaker refinery processing volumes. A total of 1.08 million bpd was added to China’s commercial or strategic inventories in May, up from 830,000 bpd in April, according to calculations based on official data. Over the first five months of 2024, China boosted stockpiles by 790,000 bpd from the same period in 2023, and ...

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China quietly speeds up oil production to reach peak levels

Iron Man Wang Jinxi, a heroic Chinese oil pioneer, famously jumped into a pit of drilling mud to stop a well blowout. A key figure in the discovery of Daqing, China’s biggest oilfield, Wang died in 1970. Less dramatically, but importantly, the Chinese oil industry has been revived and, since 2018, turned around years of decline. China is probably the biggest oil producer people don’t think of. Only five countries currently surpass the 4.16 million barrels per day it extracted last year. Yet it is far less-watched than smaller but ...

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Oil edges up as summer demand hopes offset downbeat China data

Oil edged higher on Monday as hopes for a boost to demand from the summer driving season in the northern hemisphere offset Chinese data that underscored a bumpy recovery for the world’s biggest crude importer. Apart from retail sales that beat forecasts due to a holiday boost, the flurry of Chinese data on Monday was largely downbeat. The data followed a survey on Friday showing U.S. consumer sentiment fell to a seven-month low in June. Global benchmark Brent crude futures were up 33 cents, or 0.4%, to $82.95 a barrel ...

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China refinery output slips 1.8% y/y on maintenance, falling profit margins

China’s oil refinery output slipped 1.8% from year-ago levels in May, statistics bureau data showed on Monday, as refiners undertook planned maintenance overhauls and processing margins were pressured by rising crude costs. Refiners processed 60.52 million metric tons of crude oil in May, according to data from the National Bureau of Statistics (NBS), equivalent to 14.25 million barrels per day (bpd). This was down from 14.3 million bpd in April and 14.6 million bpd in May 2023. Large state-run refineries such as Sinopec’s 600028.SS Zhenhai and Zhanjiang, PetroChina’s 601857.SS Dushanzi ...

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US ready to reopen oil stockpile if petrol prices surge again, FT reports

The Biden administration is ready to release more oil from the U.S. strategic stockpile to stop any jump in petrol prices this summer, the Financial Times reported on Monday. Senior Biden adviser Amos Hochstein told the newspaper that oil prices are “still too high for many Americans” and he would like to see them “cut down a little bit further”. Hochstein, speaking to the FT said that the U.S. would “continue to purchase into next year, until we think that the Strategic Petroleum Reserve (SPR) has the volume that it ...

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China’s refining activities slow further

Energy – Oil remains under pressure Sentiment in the oil market remains weak this morning. ICE Brent came under further pressure, while NYMEX WTI also traded around $78/bbl on reports of China’s oil refining activities slipping to the lowest rate this year as some of the plants extend their maintenance due to weak margins. Meanwhile, a stronger USD further added pressure to the complex. The latest data from the National Bureau of Statistics (NBS) shows that crude oil refinery output in China fell 1.8% year-on-year in May, primarily due to ...

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Europe Gas: Prices edge lower on warmer temperatures, steady supply

Dutch and British wholesale gas prices declined on Monday morning as warmer temperature forecasts dented demand while supply remained stable. The benchmark front-month contract at the Dutch TTF hub was down by 0.57 euro at 34.80 euros per megawatt hour (MWh) by 0819 GMT. The August contract was down 0.53 euro at 35.17 euros/MWh, LSEG data showed. In the British market, the day-ahead contract was down 0.75 pence at 83.05 pence per therm. “The temperatures in Northwest Europe are already expected to be above normal today after a cooler last ...

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Oil steady as downbeat Chinese data offset demand hopes

Oil was steadyon Monday after Chinese economic data underscoring a bumpy recovery for the world’s biggest crude importer offset hopes for a boost to demand from the summer driving season in the northern hemisphere. Apart from retail sales that beat forecasts due to a holiday boost, the flurry ofChinese data on Monday was largely downbeat. The data followed a survey on Friday showingU.S. consumer sentiment fell to a seven-month low in June. Global benchmark Brent crude futures LCOc1 were up 6 cents at $82.68 a barrel at 0805 GMT. U.S. ...

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