India’s Gasoline Sales Jump to Pre-Covid Levels in September, Diesel Improves Indian refiners reported sales have risen to pre-pandemic levels in September for gasoline but there has been a reported drop off in diesel sales as loosening restrictions sparked energy consumption and economic activity. Indian state refiners sold 2.2 million tonnes of gasoline, up 1.85% …
Tag archives: SVLSFO0.5
FIS Fuel Oil Morning Report 21/07/2020
At 2:27 am GMT, Brent futures were up 7 cents/b, or 0.16%, at $43.35/b, while WTI was up by 6 cents/b, or 0.15%, at $40.87/b, and it has continued to rise into the European trading hours. Prices were offered support by positive news on the development of vaccines as pharmaceuticals and medical institutions are …
OPEC+ to ease cuts on improving market confidence
According to data released yesterday by the EIA, US crude inventories fell 7.5 million barrels to 531.7 million barrels for the week ended July 10, outpacing the 2.1 million-barrel drop expected by analysts and narrowing the surplus to the five-year average to 16.6%. Furthermore, gasoline stocks fell 3.1 million barrels over the same period to …
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After flaming June, dry July for oil market?
Rising COVID-19 cases globally reached 13 million infections and half million deaths, remaining a key drag on market sentiments. With California, the Philippines, Hong Kong and Australia tightening restrictions again as daily infections spike, July could be an even more challenging month for oil than expected. Moreover, the market will be monitoring closely the …
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OPEC+ ponders when and how far to cut
OPEC’s Joint Ministerial Monitoring Committee (JMMC) will meet on Tuesday and Wednesday to recommend the next level of cuts after compliance in the group hit 107% in June, up from 77% in May. Record high inventories in the US and a second wave contagion around the globe have added speculation that OPEC+ might yet …
Short term crude direction waits on data
Newly reported coronavirus cases and mobility data, including an EIA report on gasoline consumption coming out later this week, will be watched by market participants in order to determine the short-term direction of crude prices in the next few days. On the supply side OPEC+ production is at its lowest since 1991 and is …
Oil off highs on API build, awaiting EIA data
The oil market has continued to come off recent highs after the API predicted a build of 1.7 million bbls for last week. It did, however, also predict a draw in gasoline and distillate levels. But let’s keep an eye on for later this afternoon when the EIA will confirm the actual stats. …
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US rig count falls as Asia refiners stall
Both WTI and Brent crude contracts rose about 9% last week and Brent crude futures have flipped into backwardation, so that oil for immediate delivery costs more than that to be provided later, usually an indication of tightening supply. In Canada and the United States, the number of operating oil and natural gas rigs …
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Oil benchmarks fall on virus resurgence fears
Oil benchmarks fell about 8% last week, their first weekly declines since April, as U.S. Coronavirus cases started increasing. Over the weekend, more than 25,000 new U.S. cases were reported on Saturday alone as more states reported record new infections and hospitalizations. A cluster of infections in Beijing has increased concern of a …
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#moreforless – the new shape of OPEC+ supply policy?
Saudi Arabia’s extra voluntary oil-production cut, which came on top of the OPEC+ supply curbs, will cease at the end of this month as demand recovers. Energy Minister Prince Abdulaziz bin Salman said the kingdom’s additional reductions, which amounted to about 1.2 million barrels a day including contributions from its closest allies in the …
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