Oil falls to nearly 6-month lows after surprise U.S. crude, gasoline build Oil prices slid about 4% on Wednesday to almost six-month lows, after U.S. data showed crude and gasoline stockpiles unexpectedly surged last week and as OPEC+ said it would raise its oil output target by 100,000 barrels per day (bpd). Brent crude …
Tag archives: SN
Libya’s Oil Output Returns To Pre-Blockade Level 01/08/22
Libya’s Oil Production Recovers to Pre-Blockade Level Libya’s crude output has rebounded to its early April levels, the OPEC member’s oil minister said, in an increase that could help cool a jittery global oil market. Output has climbed to 1.2 million barrels per day, Oil Minister Mohamed Oun said in a telephone interview. The …
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China Plans To Launch A Real Estate Fund To Support Property Sector 26/07/22
China plans real estate fund worth up to $44 billion for distressed sector, source says China will launch a real estate fund to help property developers resolve a crippling debt crisis, aiming for a warchest of up to 300 billion yuan ($44 billion) in a bid to restore confidence in the industry, according to …
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Oil Extends Gains As Major Producers Have No Spare Capacity 28/06/22
Oil extends gains as major producers flag capacity limits Oil prices rallied for a third day on Tuesday as major producers Saudi Arabia and the United Arab Emirates looked unlikely to be able to boost output significantly while political unrest in Libya and Ecuador added to those supply concerns. U.S. West Texas Intermediate (WTI) …
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European Parliament Votes to add Shipping to EU Emissions Trading Scheme (ETS)
The EU parliament has now approved of new environmental measures, one of which is to include shipping in the EU ETS. It will now move onto negotiations with member states to finalise the new legislation. The main features of this new regulatory package are: Shipping to be included in the ETS by 2024 …
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Russia Eyes Africa And Middle East As New Fuel Markets 23/06/22
Russia seeks new fuel markets in Africa, Middle East as Europe turns away Russia is increasing gasoline and naphtha supplies to Africa and the Middle East as it struggles to sell fuel in Europe, while Asia is already taking bigger volumes of Russian crude, Refinitiv Eikon data showed and sources said. The development is …
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Market Digest 22/06/22
Russia Russia has become the largest oil exporter to China as it discounted crude to Beijing amid sanctions over Ukraine. Their imports rose by 55% from a year earlier to a record level in May, knocking Saudi Arabia from the top spot despite their export volumes going up 9% year-on-year at 7.8 million tonnes. The …
Freight and Commodity Podcast 22/06/22
Iron ore, coking coal, and steel are the focus of this week’s podcast as we take a look at the trade flows and major issues facing the ferrous complex. All quoted data is from S&P Global Market Intelligence. Click Below to Listen: Website – https://freightinvestorservices.com/fis-podcast/ Spotify – https://open.spotify.com/episode/7nKCAEfnEIY8OpHrx5zFdB?si=xB-cnIGcTXiWs-T5Iiocfw iTunes – …
Oil Price Rebound As The United States Announced New Sanctions On Iran 17/06/22
Oil rebounds as new Iran sanctions fuel more supply concerns Oil prices rose on Thursday in topsy-turvy trading after the United States announced new sanctions on Iran, and as energy markets stayed focused on supply concerns that have sent prices soaring this year. The market slipped earlier as interest rate hikes in the United …
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Freight and Commodity Podcast 15/06/22
All things oil this week on the podcast as we look at the flows of the world oil market, as well as updates on the dry freight, bunker and ferrous markets. Click Below to Listen: Website – https://freightinvestorservices.com/fis-podcast/ Spotify – https://open.spotify.com/episode/2zrXgAwrZ4myIC17DQ28TW?si=dno03XuOQ3WLG3mszFO_ug iTunes – https://podcasts.apple.com/gb/podcast/episode-101-15-06-22/id1507094242?i=1000566508221