Asia’s gasoline margins climbed further on Wednesday as the market watches ongoing developments in US-China trade relations, affecting the world’s two largest consumers of gasoline. The crack rose to $9.09 per barrel over Brent crude from $8.23 on Tuesday. China’s gasoline exports are expected to have rebounded in November after refiners dashed to secure higher profits before the reduction in export tax rebates – from 13% to 9% – took effect this month, analysts and traders said. An LSEG analyst added that gasoline exports are expected to decline again after ...

The Indonesian government has offered six onshore and offshore blocks — estimated to contain 48 billion barrels of oil equivalent in oil and gas — in its second bid round of the year, a senior official at the Ministry of Energy and Mineral Resources said late Dec. 3. This brings the total number of oil and gas blocks offered to 11 this year, in addition to the five offered in the country’s first bid round in May. The country offered 10 blocks in 2023. Of the six blocks offered, Air ...

Asia’s refining margin for gasoil fell to its lowest in five weeks, weighed by sufficient supply and inventories in the region despite capped Chinese exports. The prompt-month crack for 10ppm sulphur gasoil slipped to a premium of about $14.60 a barrel on Wednesday, based on LSEG data. However, a firmer-priced spot trade lifted its cash premium up slightly on Wednesday, with Vitol buying a cargo from Aramco for prompt dates in the H2-December laycan. Meanwhile, jet fuel firmed in recent sessions, with cash premium holding near a three-week high, though ...

Middle East crude benchmark spot premiums for Oman, Dubai and Murban rose on Wednesday ahead of a key meeting by OPEC+ on Dec. 5 to discuss their output plan. Sources told Reuters the Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, are likely to extend their latest round of oil output cuts until the end of the first quarter. SINGAPORE CASH DEALS Cash Dubai’s premium to swaps rose 42 cents to $1.21 a barrel. ExxonMobil will deliver a February Upper Zakum crude cargo to TotalEnergies ...

U.S. natural gas futures slid about 2% to a two-week low on Wednesday on rising output and forecasts for milder weather over the next two weeks than previously expected. Front-month gas futures NGc1 for January delivery on the New York Mercantile Exchange fell 5 cents, or 1.6%, to $2.992 per million British thermal units (mmBtu) at 8:02 a.m. EST (1302 GMT), putting the contract on track for its lowest close since Nov. 18. With the March-April “widow maker” spread now trading in unusual contango this week with the April contract ...

Northwest European diesel profit margins softened by around 50 cents to $17 a barrel on Wednesday after data showed a much larger than expected build in U.S. inventories. U.S. distillate stockpiles, which include diesel and heating oil, rose last week by 3.4 million barrels 118.1 million barrels, versus expectations for a 900,000-barrel rise, EIA data showed. Shell completed a two-month long maintenance shutdown at its 400,000 barrel per day Pernis oil refinery in Rotterdam in the Netherlands on Wednesday and is currently restarting units at the plant, the company saidon ...

Oil prices firmed slightly on Wednesday, with traders expecting OPEC+ to announce an extension to supply cuts this week while heightened geopolitical tensions continue to dominate market sentiment. Brent crude futures LCOc1 were up 19 cents, or 0.26%, at $73.81 a barrel by 0916 GMT while U.S. West Texas Intermediate crude futures CLc1 rose 13 cents, or 0.19%, to $70.07. On Tuesday, Brent posted its biggest gain in two weeks, rising by 2.5%. A shaky ceasefire between Israel and Hezbollah, South Korea’s curtailed declaration of martial law and a rebel ...

Rising gas prices in recent weeks have brought back some bad memories for European energy traders — and governments. Recollections are fresh of the problems that hit energy markets following Russia’s invasion of Ukraine in 2022. As the continent scrambled to end its dependence on Russian gas, prices soared. Apart from fueling already rampant inflation, it led to concerns around possible blackouts. Persistently high prices also led to problems for energy-intensive industries, leading to closures and job losses. Europe ultimately made it through the last two winters, largely thanks to ...

Donald Trump has promised to “drill, baby, drill” to halve energy costs, a plan that sends shivers through the governments of emerging market oil producers anxious about dollar earnings and fills poorer importing countries with hope. In practical terms, Trump, the incoming president of the world’s biggest oil producer, cannot fully control prices. The United States has limited influence over producer group OPEC+, the Organization of the Petroleum Exporting Countries and allies, and it does not have a state oil company Trump can order to increase output. But an uncertain ...

This is part of the COMMODITIES 2025 series where our reporters bring to you key themes that will drive commodities markets in 2025. Asian clean oil product traders widely anticipate that Chinese refiners will curtail exports in the coming quarters due to reduced export tax incentives, potentially tightening the regional supply-demand balance and improving crack spreads in 2025. Asian clean oil product cracks have mostly tumbled 40% or more since the second half of 2023, as demand fundamentals weakened amid sluggish industrial activity and fragile consumer sentiment across Asia, while ...

OPEC oil output rose for a second month in November as Libya’s production recovered after resolution of a political crisis, a Reuters survey found, though members making cuts pledged to the wider OPEC+ alliance kept output broadly steady. The Organization of the Petroleum Exporting Countries pumped 26.51 million barrels per day (bpd) last month, up 180,000 bpd from October, the survey showed on Tuesday, with Libya again posting the largest increase. Libyan output recovered after resolution of a dispute over control of the central bank, allowing full production to resume ...

OPEC+ is likely at its meeting on Thursday to extend its latest round of oil output cuts until the end of the first quarter, four OPEC+ sources told Reuters, to provide additional support for the oil market. OPEC+, which pumps about half the world’s oil, has been aiming to unwind output cuts through 2025. However, a slowdown in global demand and rising output outside the group pose hurdles to that plan and have weighed on prices. “It is likely that this reduction will be extended for the first quarter,” one ...

Asia’s middle distillate markets diverged on Tuesday, with the gasoil market softening and jet fuel strengthening. Cash premium for 10ppm sulphur gasoil dropped further, with the product trading softer day-on-day, while refining margins inched lower to premiums of $15.15 a barrel. India’s MRPL is selling more gasoil/diesel for loading in December. The cargo of 45,000 to 60,000 metric tons is expected to load between Dec. 22 and 23. Additionally, the refiner offered 40,000 tons of jet fuel/kerosene for loading between Dec. 19 and 21. Both tenders close on Tuesday. Meanwhile, ...

Spot premiums for Russia’s Far East ESPO Blend crude oil shipments to China rose to their highest since the Ukraine war broke out in 2022 on robust winter demand and as prices for rival grades from Iran firmed, three trade sources said on Tuesday. ESPO Blend cargoes ESPO-DUB loading in January traded at premiums of about $1.30 to $1.50 per barrel against ICE Brent on delivered ex-ship (DES) China basis, the sources told Reuters, rising from premiums of $1 per barrel for cargoes loading in November and December. It is ...

In 2024, the U.S. East Coast became a consistent destination for small volumes of renewable diesel as a few suppliers and local governments began offering or consuming the fuel. Because no renewable diesel is produced on the East Coast, suppliers and local governments are procuring their supply from a combination of imports and interregional U.S. shipments. Renewable diesel is a transportation and heating fuel that is chemically equivalent to petroleum-based distillate and is produced using fats, oils, or greases rather than petroleum. The fuel is primarily consumed on the West ...