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Most Asian crude traders expect sharp hikes in Saudi Aramco’s March crude OSPs

Most Asian sour crude traders expect sharp hikes in Saudi Aramco’s March crude official selling prices to be released later in the week of Feb. 3, as they weighed tighter fundamentals in January from fresh Western sanctions on Russia against deteriorating margins amid a spike in Middle East crude prices. The majority of expectations were for a month-over-month increase in the $2s/b range for Aramco’s March Arab Light crude OSP, according to seven traders surveyed by S&P Global Commodity Insights. One trader forecasts a $2.50/b increase, while a second expects ...

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Middle East Crude-Oman and Dubai slide, Murban up amid thin trading

Middle East crude benchmark spot premiums for Oman and Dubai slid on Monday, while that for Murban ticked up. Trading was light given China is on the Lunar New Year holiday, and the market also awaits the outcome of the OPEC+ meeting on Monday. Oil prices jumped on Monday after U.S. President Donald Trump imposed tariffs on Canada, Mexico and China, raising fears of crude supply disruption from the two biggest suppliers to the U.S., but the prospect of lower fuel demand capped gains. Trump on Saturday ordered sweeping tariffs ...

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Trump tariffs-led spike in energy prices is temporary, oil prices could ‘plummet’ as global growth slows

Oil prices are likely to fall in the longer run after the initial jump following President Donald Trump’s implementation of hefty tariffs on Canada, Mexico and China, said industry watchers. Over the weekend, Trump followed through on his long-threatened 25% tariffs on imports from Canada and Mexico, as well as a 10% duty on goods from China. Energy resources from Canada will be subject to a lower 10% tariff. The U.S. West Texas Intermediate rose 1.75% to $73.8 per barrel, while U.S. gasoline futures also climbed. RBOB Gasoline futures were ...

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Cambodia’s LNG plans face unanswered questions that are critical for energy security and cost

In October 2024, Cambodian conglomerate Royal Group broke ground on a 900-megawatt (MW) electricity generation project in Koh Kong province’s coastal Botum Sakor district. If completed on schedule by 2027, the project would become the country’s largest operational power plant and its first to run on natural gas. However, Cambodia does not produce its own natural gas, so the project will also require infrastructure to import the fuel in cold, liquid form and reheat it for combustion in the power plant. Some analysts expect thatliquefied natural gas (LNG) could play ...

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Europe Gas Prices ease but remain near 15-month highs

Dutch and British wholesale gas prices eased slightly on Monday morning amid small revisions towards milder, windier weather early this week, but colder weather next week and low storage levels continue to support. The benchmark front-month contract at the Dutch TTF hub (TRNLTTFMc1) was down 0.29 euro at 53.31 euros per megawatt hour (MWh), or $16.00/mmBtu, by 0921 GMT, according to LSEG data. In early trading, the contract briefly hit a fresh 15-month high 54.47 euros/MWh. In Britain, the front-month contract (TRGBNBPMc1) fell by 2.10 pence to 128.9 p/therm, while ...

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US natgas prices jump 9% on colder forecast, sanctions worries

U.S. natural gas futures jumped about 9% on Monday on forecasts for colder weather and higher heating demand next week and worries about supplies from Canada related to U.S. President Donald Trump’s sanctions. In 2024, about 9%, or roughly 8.4 billion cubic feet per day (bcfd) of the gas consumed in the U.S. came from Canada, according to the U.S. Energy Information Administration (EIA). That compares with average U.S. imports from Canada of around 7.6 bcfd during the prior five years (2019-2023). Front-month gas futures NG1! for March delivery on ...

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Naphtha weakens, gasoline hit two-month high on tariff worries

Asia’s naphtha spot activity in the trading window stayed upbeat as markets awaited more spot buying from some steam crackers soon, despite shaky downstream production margins. More procurement activities for the second half of March and April were expected to emerge soon in the next few trading sessions – though buyers remained on the cautious side given the worries of limited petrochemical demand. Margins for steam crackers however have improved slightly in the past few weeks so some users will still have to come into the market for their regular ...

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Kazakhstan’s Tengiz daily oil output hits record at end of January, sources say

Daily output from Kazakhstan’s largest field, Tengiz, rose to a record of 870,000 barrels per day (bpd) late in January, up 45% from the 2024 average, according to two industry sources familiar with the data and Reuters calculations. Tengiz, operated by Chevron-led Tengizchevroil (TCO), is expected to reach production of 34.7 million metric tons (or about 760,000 bpd) in 2025, up 24.8% from 2024, the Kazakh Energy Ministry said. Earlier, TCO said the scheduled maintenance at Tengiz had been completed and “a gradual ramp-up of a new third-generation plant (3GP) ...

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Kuwait’s oil minister says country committed to close cooperation with OPEC+ partners

Kuwait’s oil minister Tariq Suleiman Al-Roumi said on Monday that his country was committed to close cooperation with partners in OPEC+, the Kuwaiti state news agency reported. His statements come after OPEC+ agreed to stick to its policy of gradually raising oil output from April on Monday and removed the U.S. government’s Energy Information Administration from the sources used to monitor its production and adherence to supply pacts. OPEC+ is cutting output by 5.85 million barrels per day, equal to about 5.7% of global supply, agreed in a series of ...

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Argent LNG Selects Baker Hughes as Technology Provider, Strengthening Project

Argent LNG LCC (Argent LNG) has selected Baker Hughes (NASDAQ: BKR), an energy technology company, as the liquefaction solution and related services provider for its proposed liquified natural gas (LNG) export facility in Port Fourchon, Louisiana. Baker Hughes will supply cutting-edge liquefaction solutions, power generation equipment, and gas compression systems for the facility, which is set to deliver approximately 24 million tonnes per annum (MTPA) of LNG. The announcement was made during Baker Hughes’ Annual Meeting in Florence. The project will incorporate Baker Hughes’ advanced technologies, including its NMBL™ modularized ...

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India’s insatiable demand surge necessitates crude diversification, upstream push: Puri

India’s appetite for transport fuels, including gasoline and gasoil, is expected to remain strong for at least two decades, making it imperative to tap new crude oil suppliers, pursue refinery expansions, and increase domestic upstream production, Petroleum Minister Hardeep Singh Puri said. In an interview with S&P Global Commodity Insights ahead of the India Energy Week, Puri said non-OPEC suppliers — such as the US, Canada, Guyana, and Russia — will increasingly have bigger footprints in India’s crude oil basket in the foreseeable future, but the country’s upstream push is ...

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Asia Middle Distillates: Upbeat market activity; refiners in Feb discussions

Asia’s middle distillates markets started the week with upbeat trading activity, both onscreen and offscreen, with spot February sales also underway from a handful of refiners, although traders were still assessing the knock-on effect of U.S. tariffs. There is a possibility of China jet fuel flows to the U.S. being affected given the blanket ban, but volumes have been sporadic in the past week and will probably not make a big impact on markets for now, one trade source said. Meanwhile, February sales activity continued from some northeast Asia and ...

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Oil prices climb after US tariffs spark supply disruption fears

Oil prices jumped on Monday after U.S. President Donald Trump imposed tariffs on Canada, Mexico and China, raising fears of crude supply disruption from the two biggest suppliers to the U.S., but the prospect of lower fuel demand capped gains. U.S. West Texas Intermediate crude futures were at $73.89 a barrel, up $1.36, or 1.88%, by 0656 GMT, after hitting its highest since Jan. 24 at $75.18 a barrel earlier in the session. Brent crude futures rose 73 cents, or 0.96%, to $76.40 a barrel, after touching a high of ...

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The Commodities Feed: Tariffs rattle markets

Energy – Tariffs on Canadian energy imports US tariffs on imports from Canada, Mexico and China are set to come into effect on 4 February and failing to come to a deal would mean tariffs of 25% on Canadian and Mexican goods and 10% on imports from China. For Canadian energy, the Trump administration decided to impose a tariff of only 10%. However, this has still seen NYMEX RBOB and ULSD trading stronger in early morning trading today, which also dragged WTI higher. Canada is a key supplier of crude ...

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US oil production falls in November from record high in October, EIA says

U.S. crude oil production fell by 122,000 barrels per day in November to 13.314 million bpd, down from a monthly record high of 13.436 million bpd in October, the U.S. Energy Information Administration said in its petroleum supply monthly report. Product supplied of crude oil and petroleum, EIA’s way of measuring demand, fell by 775,000 bpd to 20.235 million bpd in November, the lowest since April 2024, the data showed. That compares with a monthly product supplied of crude oil and petroleum record high of 21.666 million bpd in August ...

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