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Europe Gasoline/Naphtha-Gasoline margins claw back some losses

Northwest European gasoline refining margins rose to $13.87 a barrel, edging back up after a big drop the previous session brought on by a large European inventory build. Around 5,000 metric tons of Eurobob E10 traded, with Shell selling to Varo. Around 10,000 tons of Eurobob E5 traded, with BP and Vitol selling to Mabanaft and Exxon. U.S. oil refineries have been processing petroleum at the fastest rate for the time of year since before the pandemic, but rising fuel inventories have begun to weigh on crack spreads and likely ...

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US natgas prices ease 1% on forecast for less demand, lower LNG feedgas

U.S. natural gas futures eased about 1% on Friday on forecasts for less demand this week and next than previously expected and signs the amount of gas flowing to liquefied natural gas (LNG) export plants was down a bit. Other factors weighing on prices this week have included expectations supplies will soon rise once the Mountain Valley gas pipeline enters service and news that price increases in May prompted EQT, the nation’s biggest gas producer, to start boosting output. Front-month gas futures NGc1 for July delivery on the New York ...

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Nigeria’s Dangote refinery gasoline deliveries delayed until July

Gasoline deliveries from Nigeria’s huge and strategically important Dangote refinery are delayed until July, Aliko Dangote told Nigerian media this week. He also said the 650,000 barrel per day (bpd) refinery would begin producing 10 ppm diesel by next week. “We had a bit of delay, but it will start coming out 10/15 of July,” he said of gasoline production in a video posted by local station Channels TV. “By third week of July, we will be able to take it into the market.” The refinery, located in Lekki, roughly ...

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Prices decline on falling gas demand

Dutch and British gas prices declined on Friday morning, after climbing to their highest in 10 days the day before, as demand in north-west Europe is forecast to drop over the weekend. The benchmark front-month contract at the Dutch TTF hub inched down by 0.20 euro to 35.53 euros per megawatt hour (MWh) by 0926 GMT, while the Q4 price TRNLTTFQc2 was 1.20 euro lower at 38.70 euros/MWh, LSEG data showed. In the British market, the weekend contract was down 1.00 pence at 83.25 pence per therm. On Thursday, prices ...

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OPEC calls for more fossil fuel investment to prevent shortfall, dismisses peak oil demand prediction

The head of OPEC said that the world will need to invest in fossil fuels for decades to prevent an energy shortage, dismissing predictions that oil demand will peak soon. OPEC Secretary General Haitham Al Ghais said oil demand will grow by 25 million barrels per day, or bpd, in the developing world through 2045, with China and India alone contributing 10 million bpd, as billions of people need access to basic services such as electricity, cooking gas and transportation. “Those that dismiss this reality are sowing the seeds for ...

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Russia Boosts Oil Revenues As Shipping And Trading Network Grows

Russian oil exporters are charging more for their oil in major market India than at any time since the war in Ukraine started as a growing number of shippers and intermediaries take part in the trade, weakening the impact of Western sanctions on Moscow. The exporters have had to offer deep discounts to encourage shipping companies and traders to move their crude and brave the risk of sanctions since Russia’s full-scale invasion of Ukraine in February 2022. Among the restrictions, the United States and European Union imposed a price cap ...

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Middle East Crude-Dubai rises; QatarEnergy cuts Aug term price for al-Shaheen

Middle East crude benchmark Dubai edged higher on Friday, with spot premium rising just above $1 per barrel, while Murban price declined and premium remained steady. QatarEnergy has set the August term price for al-Shaheen crude at $1.21 a barrel above Dubai quotes, trade sources said. The premium for term supplies loading in August is down versus $1.82 a barrel in July. The term price was set after QatarEnergy sold three cargoes via a tender, traders said. SINGAPORE CASH DEALS Cash Dubai’s premium to swaps rose by 43 cents to ...

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Asia Distillates-Physical deal emerges; cash differentials at one-month high

Asia’s middle distillates markets recorded their first physical deal in five sessions on the window as prompt buying interest ticked up, although expectations of sufficient regional July supplies were still evident, with cash differentials at a one-month high. One key South Korean refiner offered more July spot cargoes in line with expectations, taking the total number of 10ppm spot lots offered so far to eight. However, some buying interest could still emerge for early July arrivals regionally, given several ongoing production outages, one source said. Cash differentials swung to a ...

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Oil pares gains on weak U.S. consumer sentiment

Brent oil futures prices pared gains on Friday, but were still on course for their best week in months as investors weighed an unexpected deterioration of U.S. consumer sentiment against forecasts for solid crude oil and fuel demand in 2024. Brent crude futures were up 3 cents at $82.78 a barrel at 12:00 pm EDT (1600 GMT). West Texas Intermediate (WTI) U.S. crude futures were down 2 cents at $78.60. Brent and the U.S. benchmark have gained roughly 4% over the week, which if sustained would mark both benchmarks’ highest ...

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Asia Naphtha/Gasoline-Gasoline hovers near $4/bbl after stocks rise at key hubs

Asia’s gasoline refining margin gained but lingered near October 2023 lows on Friday after European stocks jumped by 27% on high supplies and slowing exports. The crack rose by about $1 to $4.55 per barrel over Brent crude. A total of 100,000 barrels of benchmark-grade of gasoline changed hands at the deals window at $86.80 a barrel. Singapore markets closed early on account of a public holiday on Monday. Gasoline inventories at the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub rose to 1.129 million tons in the week to Thursday, compared ...

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Oil prices set for best week in over 2 months on demand outlook

Oil prices eased on Friday as markets evaluated the impact of U.S. interest rates staying higher for longer than anticipated, but crude benchmarks headed for their best week in more than two months after solid projections for crude and fuel demand. Brent crude futures LCOc1 were down 42 cents, or 0.5%, at $82.33 a barrel by 0646 GMT. West Texas Intermediate (WTI) U.S. crude futures CLc1 lost 51 cents, or 0.7%, to trade at $78.11 a barrel. However, Brent and the U.S. benchmark gained over 3% for the week – ...

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Singapore’s middle distillates stocks slip below 10mln barrels to four-month low

Singapore’s middle distillates stockpiles slipped below 10 million barrels to a four-month low in the week ended June 12 as net exports of jet fuel/kerosene and diesel/gasoil both climbed week on week, official data showed on Thursday. Gasoil and jet fuel/kerosene inventories at key oil storage hub Singapore were at 9.028 million barrels for the week, compared with 10.845 million barrels last week, data from Enterprise Singapore showed. Net exports of diesel/gasoil jumped more than two times from the previous week, while net exports of jet fuel/kerosene rose by 47%. ...

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South Korea’s Hyundai Oilbank cuts crude runs after glitch at gasoline unit, sources say

South Korean refiner Hyundai Oilbank has reduced production at the larger of its two crude distillation units (CDUs) in Seosan because of production woes at a gasoline-making unit, two industry sources with knowledge of the matter said on Thursday. It has reduced the crude processing volume at one of the CDUs to about 250,000 barrels per day (bpd) for about a week from about 300,000 bpd before the incident, one of the two sources said. Hyundai Oilbank INPTVH.UL declined to comment on the incident. Source: Reuters (Reporting by Trixie Yap ...

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US natgas prices ease 1% ahead of storage report

U.S. natural gas futures eased about 1% on Thursday on forecasts for less demand over the next two weeks than previously projected, expectations supplies will soon rise once the Mountain Valley gas pipeline enters service, and news that recent increases in prices and demand prompted EQT EQT.N, the nation’s biggest gas producer, to start boosting output. That price decline occurred ahead of what should be a bullish federal report that is expected to show last week’s storage build was smaller than usual for this time of year for a seventh ...

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NextDecade, Saudi Aramco sign 20-year LNG supply deal

U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per annum (MTPA) of LNG for 20 years, the companies said on Thursday. The deal comes at a time when Aramco is seeking to strengthen its position in the LNG market, which is set to grow globally by 50% by 2030, especially in the United States, where LNG capacity is set to almost double over the next four years. Aramco said the deal was part of its efforts to ...

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