Diesel importers in Brazil are grappling with uncertainty after Russia’s announcement on Sept. 21 that it was temporarily banning exports of diesel and gasoline to ease domestic fuel prices and alleviate supply shortages. In recent months, Russian product has accounted for about 78% of diesel imports into Brazil, data from S&P Global Commodities at Sea showed. With the export ban Brazil will now be looking to source its supply from elsewhere, market sources said. Platts, part of S&P Global Commodity Insights, on Sept. 1 launched a spread between all-origin diesel ...

Asian spot liquefied natural gas (LNG) prices rose $1 this week due to buying activity by China and India, easing inventory levels in Japan and higher oil prices. The average LNG price for November delivery into north-east Asia LNG-AS rose to $14 per million British thermal units (mmBtu) from $13 the previous week, industry sources estimated. China’s Unipec, the trading arm of top Asian refiner Sinopec, bought over 30 LNG cargoes via a tender for deliveries from October 2023 to the end of2024 to meet winter demand and boost its ...

Drivers are starting to feel the pain at the pump again as oil moves closer to $100 a barrel. Supply cuts from Saudi Arabia and Russia could push global oil prices higher still. But China, the world’s top crude importer, will have a say too. And while Chinese growth appears to have improved modestly in August, there are still two key reasons markets might be overestimating the likely extent of Chinese demand, and its impact on global benchmarks such as Brent oil in late 2023. First, China has moved aggressively ...

What Russia announced Russia announced that it would be temporarily banning the export of diesel and gasoline in order to try to take some pressure off domestic fuel prices. The ban comes into effect from 21 September with no end date as of yet. Even prior to the announcement, Russian diesel exports had come under pressure through September due to domestic refinery maintenance and efforts from the government to increase supply in the domestic market. The impact on the middle distillate market has been clear: ICE gasoil settled 4.51% higher ...

Contrarian investors were rewarded for betting on the beaten down U.S.energy sector earlier this year with a blazing rally. Some believe a tight oil market and resilient U.S. growth will keep energy stocks rising for the rest of 2023. The largest U.S. energy exchange traded fund, the Energy Select Sector SPDR Fund XLE.P,is up nearly 15% over the last three months and stands near its highest level in nine years. The move follows a rally in oil that has taken the price ofU.S. West Texas Intermediate crude (WTI) CLc1up more ...

It’s pointing northwards again: the price of a barrel of Brent crude oil is a weathervane for the global economy. The world benchmark has reached the highest level for 10 months, with the spot price peaking on Tuesday lunchtime at $95.72 before falling back a dollar. That’s lower than a year ago, and still $25 short of the peak reached in the turmoil of summer 2022, as many countries sought to pivot away from Russian energy supplies and to secure supplies for last winter. In addition, the value of sterling ...

In a win for the oil industry, a Louisiana court late Sept. 21 granted a preliminary injunction that will put 6 million acres off the US Gulf Coast back on the table as part of an upcoming offshore oil and gas lease sale. The court’s ruling also removes stipulations on oil and gas operations that the Interior Department had incorporated into the leasing terms to provide additional protections to the endangered Rice’s whale. Interior is set to hold Lease Sale 261 on Sept. 27, the last of three offshore oil ...

The actual delivery volumes of Oman crude oil on the Dubai Mercantile Exchange (DME) at the end of the first half of 2023 increased by 18 percent, while the trading volumes of the crude witnessed a remarkable growth of 15 percent. Raed bin Khalifa Al Salami, Director General of the DME, explained that the Oman crude oil futures contract continues to attract a large number of traders from around the world, which confirms the status and importance of the contract in global oil markets as an ideal tool for hedging ...

U.S. cash crude grades broadly weakened on Friday, the second day of a three-day cash roll period, dealers said, as U.S. crude’s discount matched its narrowest since April. U.S. crude’s discount to the international benchmark Brent narrowed on Friday to as much as $3.23 a barrel, equal to a discount hit Aug. 31. That is the narrowest the spread between the two benchmarks has been since April 28. A narrower spread discourages foreign buying of U.S. crude grades. Several grades dropped to their weakest levels in months on the narrower ...

Urals crude differentials to dated Brent kept stable on Friday in muted trade, while a potential decline in Russian oil products exports for both September and October loading remained in focus. Russia’s fuel export ban will last as long as necessary to ensure market stability, a spokesman for the Kremlin told reporters on Friday. Oil prices were little changed on Friday, but were set to end a three-week rally on profit-taking and as markets weighed supply concerns stemming from Russia’s fuel export ban against demand woes from future rate hikes. ...

Oil prices held steady on Friday but closed the week lower on profit-taking and as markets weighed supply concerns stemming from Russia’s fuel export ban against demand woes from future rate hikes. Brent futures settled 3 cents lower at $93.27 a barrel. It fell 0.3% in the week, breaking a three week streak of gains. U.S. West Texas Intermediate crude (WTI) futures rose 40 cents, or 0.5%, to $90.03 a barrel, as U.S. oil rig counts fell. The benchmark fell 0.03% for the week, the first decline in four weeks. ...

U.S. energy firms this week cut the number of oil and natural gas rigs operating for first time in three weeks, energy services firm Baker Hughes BKR.O said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by 11 to 630 in the week to Sept. 22, the lowest since February 2022. Baker Hughes said that puts the total rig count down 134 rigs, or 18%, below this time last year. U.S. oil rigs fell by eight to 507 ...

Northwest European diesel barge refining margins eased to about $37.4 a barrel on Friday as buying activity slowed down, but a Russia ban on fuel exports limited further losses. Russian oil pipeline company Transneft has stopped export shipments of diesel fuel from the Primorsk and Novorossiysk ports, the TASS news agency cited the company as saying on Friday. Russia on Thursday temporarily banned exports of gasoline and diesel to all countries outside a circle of four ex-Soviet states with immediate effect in order to stabilise the domestic market, the government ...

Northwest European gasoline refining margins dipped to a two-week low at around $20 a barrel on Friday as exports to the United States remained subdued. Northwest Europe (NWE) gasoline exports in September are lagging well behind those shipped out a month ago due to poor transatlantic arbitrage economics, said LSEG analyst Raj Rajendran. Shipments bound for the United States diverted south to Latin America and the Caribbean, while those to West Africa are recovering after an even slower start, he added. NWE gasoline exports to the United States in September ...

Russian wholesale gasoline Ai-92 grade prices fell by 9.7% to 55,892 roubles ($582) per metric ton on Friday, according to exchange data, following a government ban on fuel exports. Diesel prices were down 7.5% to 66,511 roubles per ton, according to the data from the St. Petersburg International Mercantile Exchange (SPIMEX). Wholesale fuel prices in Russia had been steadily rising this year amid fuel shortages, reaching all-time highs. In response, Russia on Thursday temporarily banned exports of gasoline and diesel to all countries apart from four ex-Soviet states. Russia has ...