China is a major natural gas importer by pipeline and the world’s largest importer of liquefied natural gas (LNG). In the last 10 years, the Chinese government has actively supported the development of unconventional natural gas resources to reduce import dependence and enhance energy security. According to a report from S&P Global Commodity Insights (SPGCI), the China National Petroleum Corporation (CNPC) in 2023 produced natural gas from shale in the Low Cambrian formation in the Sichuan Basin at a depth exceeding 14,760 feet, marking the first time that commercially viable ...

As Europe enters the fourth quarter, and the official start of the gas winter, markets remain on edge, with the expiry of the Russia-Ukraine gas transit deal at year-end in sharp focus. While gas demand is still well down on pre-2022 levels, any new supply disruptions, increased competition from Asia for LNG cargoes or a very cold start to winter could still test market resilience. Prices also remain relatively high, reflecting market jitters, with Platts — part of S&P Global Commodity Insights — assessing the TTF month-ahead price at Eur37.75/MWh ...

Asia’s gasoline margins dipped as lower seasonal demand impacted the market and affected market sentiments. The crack dipped to a year’s low of $3 per barrel over Brent crude, its lowest since Oct. 18, 2023. Explaining the exponential drop in gasoline margins, a regional trader shared that “due to the end of seasonal demand, there is not much demand for gasoline. Even some delay due to bad weather also do not stir up the market, and overall market is sluggish”. “Although maybe Australia’s driving season will support the market, but ...

Dutch and British wholesale gas prices fell on Tuesday morning on profit taking after recent gains along with a comfortable storage position and forecasts of mild weather. The benchmark front-month contract at the Dutch TTF hub was down 1.05 euros at 38.10 euros per megawatt hour (MWh), or $13 mmBtu, by 0844 GMT, LSEG data showed. The December contract was down 0.67 euros at 38.6 euros/MWh. In the British market, the day-ahead contract was down 1.35 pence at 91.00 pence per therm. “As we dive into the winter delivery period, ...

Big energy merchants trading oil cargoes that form the basis of the Brent benchmark have used an obscure clause to reroute U.S. shipments from Europe, in a practice that raises doubts over whether reforms to the crude price marker have succeeded. Brent, the most significant benchmark across commodity markets, is used to price more than 60% of globally traded crude and underpins oil futures. Its value affects fuel prices paid by consumers and businesses. The 2023 addition of U.S. crude to the benchmark had the potential to limit the scope ...

U.S. oil demand rose in July to the highest seasonal level since 2019 while output declined for the second time in three months, data from the U.S. Energy Information Administration showed on Monday. U.S. oil demand has been more resilient this year compared to other major consumers such as China, which have lagged under economic pressures. Total oil consumption rose 1.2% from June to 20.48 million barrels per day in July, the highest for that month since 2019. Demand for both gasoline and ultra-low sulfur diesel was at the highest ...

Russian Deputy Prime Minister Alexander Novak said that events in the Middle East are affecting oil markets, but added that this has mainly been factored already into prices, which have not reacted significantly to the regional upheaval. Israeli attacks have escalated in recent days, leading to the death of Hezbollah leader Hassan Nasrallah, as well as damage to oil storage and energy infrastructure in the Red Sea ports of Hodeidah and Ras Isa in Yemen. The ICE December Brent crude futures contract initially rose Sept. 30 to as high as ...

An OPEC+ panel is unlikely this week to recommend any changes to its current deal to reduce production and to start unwinding some cuts from December, despite recent sharp declines in oil prices, five sources from the producer group told Reuters. Top ministers from the Organization of the Petroleum Exporting Countries and allies led by Russia, or OPEC+ as the group is known, will hold an online joint ministerial monitoring committee (JMMC) meeting on Wednesday at 1200 GMT. “Although the oil market situation is a bit complicated, I do not ...

Asia’s middle distillates markets strengthened further on Tuesday as sentiment took a more upbeat turn recently amid lower supply expectations for October. The 10ppm sulphur gasoil spot differential was pegged at a wider premium, after flipping from a discount to premium on Monday. Gasoil refining margins closed the trading session higher at $13.37 a barrel, while market backwardation also widened. Jet fuel also gained strength on Tuesday, with its market structure flipping from contango to backwardation at the prompt months, based on LSEG data. Regrade narrowed further to a discount ...

U.S. crude oil and fuel stockpiles were expected to have fallen last week, a preliminary Reuters poll showed on Monday. Seven analysts polled by Reuters estimated on average that crude inventories fell by about 2.1 million barrels in the week to Sept. 27. The poll was conducted ahead of a report from the American Petroleum Institute industry group at 4:30 p.m. EDT (2030 GMT) on Tuesday and one from the Energy Information Administration, the statistical arm of the U.S. Department of Energy, at 10:30 a.m. EDT (1430 GMT) on Wednesday. ...

Oil prices turned positive to climb about 3% on Tuesday following reports Iran was preparing to launch a missile attack on Israel. Brent futures rose $1.84, or 2.6%, to $73.54 a barrel by 10:14 a.m. EDT (1414 GMT), while U.S. West Texas Intermediate (WTI) crude rose $1.88, or 2.8%, to $70.05. The U.S. has indications Iran is preparing to imminently launch a ballistic missile attack against Israel, a senior White House official said. Before the news, the oil market was trading near a two-week low as an outlook for increased ...

Spot premiums for Middle East crude benchmarks Dubai and Murban eased on Tuesday while Oman premiums edged up after a previous decline. INVENTORIES: – U.S. crude oil and fuel stockpiles were expected to have fallen last week, a preliminary Reuters poll showed on Monday. SINGAPORE CASH DEALS Cash Dubai’s premium to swaps fell 41 cents to $1.58 a barrel. REFINERY – Taiwan oil refiners are bracing for heavy rain and winds ahead of super Typhoon Krathon’s expected landfall, with the storm likely to delay some fuel shipments, prolong maintenance work ...

Russia’s state revenue from oil and gas is expected to decline in 2025-2027 mainly because the tax burden on the country’s largest gas producer Gazprom GAZP.MM is set to ease, a draft budget published on Monday showed. According to the budget document, total budget revenue from oil and gas sales is set to decline to 10.9 trillion roubles ($117.53 billion), or 5.1% of gross domestic product, in 2025 from 11.3 trillion roubles expected this year. Revenue is set to fall further to 10.56 trillion roubles in 2026 and 9.77 trillion ...

The U.S. has bought 6 million barrels of oil for the Strategic Petroleum Reserve for delivery through May 2025, the Department of Energy said on Monday. The purchases are part of an effort to replenish stockpiles after President Joe Biden ordered the largest ever sale from the reserve in 2022 of 180 million barrels in an effort to control fuel prices following Russia’s invasion of Ukraine. The U.S. bought 3.5 million barrels from Exxon Mobil XOM.N, 2 million from Shell Trading Company, and 500,000 from Macquarie Commodities Trading US, for ...

U.S. renewable diesel production capacitydeclined in July by the most since the industry began its rapid expansion three years ago, data from the Energy Information Administration showed on Monday. Capacity to produce biomass-based renewable diesel and other biofuels, excluding biodiesel and ethanol,fell by about 299 million gallons per year from June to about 4.60 billion gallons a year in July, the second time it has declined since the EIA began keeping records in 2021. The EIA did not immediately respond to a request seeking more inputs on what the decline ...