Energy News

Aug 03 - Iran warns of response if security threatened after ship attack -TV

Iran will respond promptly to any threat against its security, the foreign ministry said on Monday, after the United States, Israel and Britain blamed Tehran for an attack on an Israeli-managed tanker off the coast of Oman. Tehran has denied any involvement in the suspected drone attack on Thursday in which two crew members - a Briton and a Romanian - were killed. 

Aug 03 - Rising crude prices lift Diamondback, Continental, Pioneer Natural earnings

U.S. oil and gas producers Diamondback Energy Inc, Continental Resources Inc and Pioneer Natural Resources Co reported strong second-quarter profit as rebounding demand for industrial activity and travel boosted fuel prices. Oil prices are trading near multi-year highs helped by output curbs by the OPEC+, and easing restrictions due to COVID-19 vaccine roll-outs. U.S. crude has climbed 52% since the start of 2021 and 24% in the June quarter.

Aug 02 - Crude slide accelerates as market weighs weak Chinese data, rising supply
An overnight price slide accelerated in midmorning trading Aug. 2 as the market digested rising supply and weaker-than-expected Chinese economic data.

Aug 02 - EU extends for five years anti-dumping measures on US biodiesel
European Union anti-dumping duties on imports of US biodiesel will remain for another five years to prevent surging imports of artificially cheaper US biodiesel, the European Commission said in the EU official journal Aug. 2.

Aug 02 - Singapore's jet fuel/kerosene MOC trade volume rises 20% on month in July on demand uptick
The volume of physical jet fuel traded during the Platts Market on Close assessment process in Singapore rose 20% month on month to 500,000 barrels in July amid firmer demand from Europe and the US West Coast, S&P Global Platts data showed.

Aug 02 - Brazil June oil exports jump 54% on year amid refinery maintenance

Brazil's crude oil exports jumped 53.7% year on year in June amid maintenance at various refineries that reduced the demand for crude, and the output of domestic refined products, the National Petroleum Agency, or ANP, said Aug. 2.

Aug 02 - Japan's Cosmo Oil to start commercial sustainable aviation fuel output by 2025

Cosmo Oil, Japan's third-largest refiner, said Aug. 2 it will start commercial production of sustainable aviation fuel by 2025 after running a government-funded pilot project over fiscal 2021-22 (April-March) to FY 2024-25.

Aug 02 - Crude slides as weak China PMI, delta spread hit demand outlooks
Crude futures settled lower Aug. 2 as weaker-than-expected Chinese economic data and the continued spread of the COVID-19 delta variant added headwinds to demand outlooks.

Aug 02 - Asia crude oil: Key market indicators for Aug. 2-6
Crude oil futures ticked lower in mid-morning trade in Asia Aug. 2 from the July 30 Asian close after OPEC+ on Aug. 1 increased production levels by 400,000 b/d.

Aug 02 - Brazil Refined-product sales advance 12.1% on year in June
Brazilian fuel distributors registered a 12.1% year-on-year advance in refined-product sales in June as demand in Latin America's largest economy continued to bounce back from the world's second-deadliest coronavirus outbreak, the National Petroleum Agency said Aug. 2.

Aug 02 - Global airline capacity slips 0.5% on week as jet fuel recovery continues: OAG
Global jet fuel demand may be slowly picking up, but scheduled airline traffic remains fragile with capacity for the period starting Aug. 2 slipping 0.5% on week to 81.3 million seats, according to aviation data company OAG.

Aug 02 - EMEA Octanes: Key market indicators
Strong demand for gasoline and high octane components puts pressure on the supply side, while blenders pivot away from butane as a blendstock destined for the US Atlantic Coast.

Aug 02 - Mexico strikes pact with Canada's TC Energy for natural gas pipeline

Mexico's state power utility has struck a deal with Canada's TC Energy Corp to develop a natural gas pipeline in the country's south and consolidate the firm's contracts in the central region, the utility said on Sunday. The pact appeared to mark a rare moment of agreement after months of dispute between energy companies and Mexico, which said such firms had benefited from contracts that put an unfair burden on taxpayers.

Aug 02 - Oil Search, Santos close to deal to create top 20 global oil firm

Oil Search said on Monday it intended to recommend an improved buyout offer from Santos Ltd, worth A$8.4 billion ($6.2 billion), in a deal that would create a top-20 global oil and gas company. The merged group would own oil and gas assets in Australia, Papua New Guinea (PNG) and Alaska, with the jewel in the crown considered to be their combined 42.5% stake in the PNG LNG project, overtaking the 33.2% stake owned by Exxon Mobil Corp, operator of the project.

Aug 02 - Exxon profit tops estimates on boost from chemicals, oil prices

Exxon Mobil on Friday posted its biggest quarterly profit in more than a year that also sailed past analysts' estimates, boosted by higher oil prices and record earnings at its chemicals business. The upbeat results following a contested board fight over the company's direction highlighted how oil producers are taking advantage of a recovery in oil prices to cut debt and boost shareholder payouts rather than spend more to raise production.

Jul 30 - Repsol's Q2 oil and gas output declines amid asset revamp
Spain's Repsol on July 29 reported a 3% year-on-year decline in its oil production in the second quarter to 208,000 b/d and a much steeper drop in gas output citing maintenance and asset sales as it slims its portfolio as part of energy transition efforts.

Jul 30 - Natural gas production to be flat, but greener, higher value: EQT
Executives at EQT, the largest natural gas producer in the US, plan to capture value by producing greener gas, not necessarily more gas, they said during a second quarter earnings call July 29.

Jul 30 - ExxonMobil aims to boost Permian output by 40,000 boe/d in Q3
ExxonMobil pumped 400,000 b/d of oil equivalent from the Permian Basin in Q2 021, which it aims to increase by 40,000 boe/d in Q3 through continued operating efficiencies, the company said July 30.

Jul 30 - Crude rally extends on weaker dollar, tightened supply outlook
Crude prices extended their rally July 29, settling higher on the back of a weaker US dollar and tightening inventories.

Jul 30 - Eni raises oil price outlook as market recovery powers strong Q2 earnings

Italy's Eni raised its near-term oil price outlook July 30 as the market rebound fueled strong second quarter earnings despite lower production volumes and negative refining margins.

Jul 30 - Enbridge prepares to finish Line 3 replacement, ramp up volumes
Enbridge's Line 3 replacement project is roughly 80% complete and still slated to come online in the fourth quarter as the Canadian oil sands industry continues to bank on Enbridge alleviating the nation's pipeline bottleneck problem after the recent cancelation of the competing Keystone XL project.

Jul 30 - India's IOC April-June refining margin at $6.58/b, focuses on LNG
State-run Indian Oil Corp.'s gross refining margin reached $6.58/b in the first quarter of 2021-22 fiscal year compared with minus $1.98/b in the year-ago quarter on inventory gain and better returns from cracks, company officials said July 30.

Jul 30 - Japan's JERA maintains 'sufficient LNG stocks' at summer power demand
Japan's largest power generation company JERA has maintained "an appropriate level of LNG stocks" as of July 30 in the midst of the current summer demand and will ensure its sufficient inventories during the demand season, a company official said.

Jul 30 - Crude rally extends as market eyes tightened supply outlooks
Crude futures extended their bull run July 30, settling higher for a third straight session, as the market looked past pandemic-related demand concerns toward tightened supply outlooks.

Jul 30 - Air France-KLM expects Q3 capacity to reach 60%-70% of 2019 capacity
Air France-KLM on July 30 said it plans to fly 60%-70% of 2019 passenger capacity over the three months to September 30, but did not provide any capacity guidance for the fourth quarter of the year.

Jul 30 - European jet fuel imports from East of Suez at 330,000 mt so far for September: cFlow
The minimum volume of jet fuel that is so far scheduled to come into Europe from the East of Suez in September stood at 330,000 mt as of July 30, according to cFlow, S&P Global Platts' trade flow software, and fixtures from shipping sources.

Jul 30 - PNG LNG working to resume LNG, condensate output: ExxonMobil PNG
The PNG LNG project in Papua New Guinea is working to resume LNG and condensate production in the coming days after power was restored at the associated Kutubu Central Processing Facility following a recent outage, a spokeswoman for ExxonMobil PNG Ltd, the operator of PNG LNG, said in an emailed response to queries.

Jul 30 - Big Oil back to boom after pandemic bust, aiding climate push 

Europe's top energy companies signalled confidence in a lasting recovery from the pandemic impact by drawing on higher oil prices to boost shareholder returns and reassure investors as they roll out risky climate strategies. After swiftly cutting spending and jobs in response to the unprecedented collapse in energy demand last year, executives from Royal Dutch Shell, TotalEnergies and Norway's Equinor were eager to highlight the rapid reversal in fortunes. 

Jul 30 - Rebound in oil demand boosts results of refiners Valero, PBF 

U.S. refiners Valero Energy Corp and PBF Energy Inc reported results that surpassed analysts' expectations, as they benefited from a rebound in fuel demand due to an easing in COVID-19-related travel curbs. After hitting record lows in 2020, fuel consumption has been rising this year as expanding vaccination drives encourage governments to lift virus-led restrictions.

Jul 29 - Shell's profit soars as it boosts dividend and launches buybacks 

Royal Dutch Shell boosted its dividend and launched a $2 billion share buyback programme on Thursday after second quarter profits jumped to their highest in over two years following a sharp rise in oil and gas prices. The Anglo-Dutch company saw a surge in cash generation, driven by higher commodity prices and a recovery in global energy demand from the pandemic slump, which also helped it to cut debt.

Jul 29 - U.S. crude stockpiles slide as imports fall - EIA 

U.S. crude stockpiles last week fell to their lowest since January 2020 as imports and production dropped, the Energy Information Administration said on Wednesday. Crude inventories fell by 4.1 million barrels to 435.6 million barrels in the week to July 23, more than analysts' expectations in a Reuters poll for a decrease of 2.9 million barrels.

Jul 28 - Climate change-fueled air turbulence set to hike jet fuel demand: scientist
Climate change is expected to drive an increase in the severity of air turbulence which could boost demand for jet fuel in the aviation sector as well as sustainable aviation fuels and carbon credits, an atmospheric scientist said July 28.

Jul 28 - June refinery output rises as gasoline, bunker fuel lead recovery
Brazil's refineries registered year-on-year output growth in June as increased production of gasoline and bunker fuel offset barrels of diesel lost to maintenance shutdowns, according to the National Petroleum Agency's latest production report released July 28.

Jul 28 - Oil steady as US crude stocks tighten while gasoline demand languishes

Crude prices were steady in midmorning trading July 28 as a resumption of US crude oil inventory draws was offset by weaker-than-expected gasoline demand.

Jul 28 - Enterprise reports rising crude flows, still bullish on Texas terminal

Enterprise Products Partners co-CEOs Jim Teague and Randy Fowler July 28 touted the ongoing rebound in energy demand and remained bullish on building a deepwater crude-exporting terminal offshore of Texas, called SPOT, as early as 2022.

Jul 28 - OMV gets production lift from Libyan assets; raises oil, gas price outlook
Austrian producer and refiner OMV reported a 6% rise in second-quarter oil and gas production July 28 helped by returning Libyan volumes and raised its outlook for oil and gas prices for the year.

Jul 28 - Thailand's Aug spot fuel oil exports likely to fall on month amid lack of volumes from PTT
Spot fuel oil cargo exports in August from Thailand are expected to fall compared to July with state-owned PTT to skip exports, according to a company source.

Jul 28 - US FERC weighs airlines' request for emergency action on jet fuel shortage at Reno
The US Federal Energy Regulatory Commission is considering airlines' emergency request to order a pipeline to allocate more space for jet fuel as Nevada's Reno-Tahoe International Airport faces a likely supply shortage through August as a result of a pandemic-related market disruption.

Jul 28 - ExxonMobil announces 'significant' discovery at Guyana's Whiptail field
An ExxonMobil-led consortium has made a "significant" discovery at Whiptail, on Guyana's offshore Stabroek block that could form the basis for a future oil development on the block's southeast area and add to current estimates of 9 billion boe of recoverable resources, according to partner Hess Corp.

Jul 28 - Crude rally extends as EIA reports tighter US inventories
Crude oil futures settled higher July 28 on the heels of a US Energy Information Administration reports showing lower US production and tightening supply.

Jul 28 - US crude oil inventories fall to 18-month low amid import slowdown: EIA
US crude oil inventory draws resumed in the week ended July 23 amid much lower imports and steady exports, Energy Information Administration data showed July 28.

Jul 28 - BHP not planning to leave Trion joint venture in Mexico, Pemex says
Australian oil, gas and mining company BHP Billiton is not planning to leave Mexico and its partnership with Pemex, the Mexican state oil company's management said July 28.

Jul 28 - Summer's gasoline recovery could fizzle on rising infection cases 

The summer rebound in global fuel demand could be turning into a slowdown, as analysts expect gasoline consumption to taper off due to resurgent coronavirus cases and structural changes in commuting patterns. Gasoline demand in the United States, the world's top oil consumer, has nearly recovered to 2019 levels following the plunge in travel and business activity during the worst of the pandemic in 2020.

Jul 28 - U.S. oil refiners set for first profit since onset of pandemic 

U.S. oil refiners are set to post their first quarterly profit since the COVID-19 pandemic, even though higher oil prices and weaker margins in June have tamed analysts' optimism fostered by the rebound in fuel demand. U.S. gasoline and diesel fuel demand has nearly recovered to 2019 levels following the plunge in travel and business activity during the worst of the coronavirus pandemic in 2020. Refiners ramped up processing on the back of the resurgence in activity, but are also grappling with higher crude oil prices, which have surged 48% this year.

Jul 27 - Crude slide extends as market eyes US inventory data, delta variant
Crude oil futures settled lower July 27 as traders looked to upcoming US inventory and economic data for signs of next direction against a backdrop of rising coronavirus infections around the world.

Jul 27 - Oil demand recovery, supply outlook favorable for clean tankers: Ardmore
The product tanker market fell into low earnings at the start of the third quarter, following typical seasonality, but forecasts of rebounding oil demand by the end of 2021 and longer-term tanker supply dynamics have given clean tanker owners a bullish outlook, Ardmore Shipping CFO Paul Tivnan, said July 27 in the company's Q2 earnings call.

Jul 27 - Europe rivals Asia for US naphtha cargoes amid short supply
Tight supply for naphtha in both Asia and Europe has seen a tug of war between the regions for US-origin cargoes, resulting in US naphtha shipments to Europe reaching a multi-year high for July arrivals while diminishing supplies to Asia.

Jul 27 - Argentina's YPF launching first shale oil pilot project in Mendoza
YPF, the biggest oil producer and second for natural gas in Argentina, said late July 26 that it is launching its first shale pilot project in Mendoza -- a western province at the northern end of the Vaca Muerta shale play -- and is seeking to squeeze more out of maturing conventional reserves.

Jul 27 - JetBlue Airways stitches sustainability into its growth strategy
As JetBlue Airways works to recover from lower air travel demand resulting from the coronavirus pandemic, it seeks to optimize operations by adding international flights, creating alliances with bigger airlines, and bolstering its commitment to energy transition.

Jul 27 - Weaker Chinese demand makes Atlantic Basin crude sellers look elsewhere
Chinese refiners are not importing as much crude oil. Poor arbitrage economics, surging outright prices, and pressure on the independent refining sector have reduced the country's demand for long-haul Atlantic basin barrels in recent trading cycles, forcing sellers of these grades to discount and look elsewhere, according to market participants.

Jul 27 - Gasoil Med-NWE cargo spread widest since Dec on divergent fundamentals

The differential between 0.1% gasoil cargo markets in the Mediterranean and Northwest Europe reached a seven-month high, as an improved outlook in the former outpaced subdued fundamentals in the latter.

Jul 27 - Singapore jet fuel M1/M2 contango time spread narrows to 11-week high on travel optimism
The Singapore front-month August-September jet fuel/kerosene contango time spread narrowed to a 11-week high July 26, spurred by travel optimism in the downstream aviation sector, industry sources said.

Jul 27 - Australia May gasoline, kerosene, jet fuel imports fall on tepid demand
Australia's oil products imports mostly fell in May, with gasoline, kerosene and jet fuel showing a sharp decline on the month as demand slowed after parts of the country grappled with COVID-19 lockdowns.

Jul 27 - NWE jet fuel cargoes hit 17-month high versus ICE LSGO on August demand
Cargoes of jet fuel trading in Northwest Europe strengthened on July 26 to their highest level since February 2020, as supply tightened slightly amid increased demand and lower-than-expected arrival volumes from East of Suez.

Jul 27 - Crude comes under pressure as delta spread clouds outlooks

Crude futures edged lower in midday trading July 27 as the market weighed tightening supply outlooks against pandemic-driven demand growth concerns.

Jul 27 - Inter Pipeline walks away from Pembina deal in favor of Brookfield bid 

Canadian pipeline operator Inter Pipeline on Monday decided against recommending a C$8.5 billion ($6.77 billion) deal with rival Pembina Pipeline Corp to shareholders and instead chose to pursue a higher bid from Brookfield Infrastructure Partners. Following Inter's U-turn, Pembina terminated the deal, choosing to walk away with a C$350 million breakup fee, while Brookfield said it expected Inter to recommend its offer to shareholders.

Jul 27 - Oil prices retrench on massive hedge fund sales: Kemp 

Portfolio managers sold petroleum last week at one of the fastest rates for a decade, after an upsurge in coronavirus cases and an OPEC+ agreement to boost output caused them to reassess the likelihood of further price increases. Hedge funds and other money managers sold the equivalent of 172 million barrels in the six most important futures and options contracts in the week to July 20, the fastest rate since July 2018.

Jul 26 - Kinder Morgan's Elba Liquefaction receives highest gas deliveries since July 1
Feedgas demand at Kinder Morgan's Elba Liquefaction terminal in Georgia reached its highest level in three weeks July 23, as strong international prices spur high utilization at US export terminals.

Jul 26 - Haynesville production surge looms as drilling, well completions accelerate

Drilling activity in the Haynesville Shale has picked up recently to levels not seen since late 2019 as producers there prepare for growth supported by strong gas prices and improving rates of return.

Jul 26 - Crude searches for direction amid delta spread, tightening supply outlook
Crude oil futures finished a directionless session mixed July 26 as the market consolidated ahead of a week laden with corporate earnings and economic indicator releases.

Jul 26 - Global airline capacity dips 1.3% on week:
OAG
Global scheduled airline capacity for the week starting July 26 slipped 1.3% week on week from a 15-month high to 81.7 million seats, dragged down by a new plunge in Southeast Asia capacity and fall in Northeast Asia, according to aviation data company OAG.

Jul 26 - Ryanair hikes passenger traffic forecast but says visibility for 2021/22 close to zero
Irish airline Ryanair, Europe's biggest carrier and a proxy for jet fuel demand, has revised slightly upwards its passenger traffic expectations for its 2021/22 year as restrictions for vaccinated travelers ease, but remains highly cautious over the outlook for the coming months.

Jul 26 - Air Products to decarbonize global truck fleet with Cummins hydrogen fuel cells
Chemicals company and leading hydrogen producer Air Products plans to decarbonize its fleet of around 2,000 trucks with hydrogen fuel cell technology from Cummins, starting from 2022, the companies said July 26.

Jul 26 - Asia Octanes: Key market indicators for July 26-30
Headwinds abound for Asian blendstock markets in the trading week to July 30 as high regional naphtha and toluene prices keep end-users and blenders on the sidelines.

Jul 26 - EMEA Octanes: Key market indicators
Improving gasoline demand in Europe and export markets will support blendstock demand for naphtha and butane, while high octane components will also see strength from the bullish gasoline complex.

Jul 26 - SoCalGas shoots for $1.50/kg green hydrogen in Los Angeles basin by 2030
Southern California Gas Company said July 26 that it has launched an initiative to develop a green hydrogen ecosystem to achieve at-scale procurement of green hydrogen at in the Los Angeles basin by 2030.

Jul 26 - Asia middle distillates: Key market indicators for July 26-30
Asian middle distillate markets are entering the July 26-30 trading week on a steady-to-firmer note, with tightening gasoil supply balances shifting the sector toward firmer ground, while demand for jet fuel/kerosene continues to face headwinds amid a spike in COVID-19 cases in the region.

Jul 26 - EMEA Middle Distillates: Key market indicators
European distillates markets looked a touch firmer amid increased demand for ULSD and jet in Europe overall and tighter supply in the Mediterranean for all products.

Jul 26 - Asia light ends: Key market indicators for July 26-30
The direction of Asia's light ends markets was mixed in mid-morning trade July 26, with gasoline driven up by a stronger US RBOB-Brent crack; though this may be balanced by ample Chinese exports in August.

Jul 26 - EMEA Light ends: Key market indicators
Strength in the light ends complex continues as demand for gasoline exports emerges and supply tightness persists.

Jul 26 - U.S. mulls crackdown on Chinese imports of Iranian oil 

The United States is considering cracking down on Iranian oil sales to China as it braces for the possibility that Tehran may not return to nuclear talks or may adopt a harder line whenever it does, a U.S. official said. Washington told Beijing earlier this year its main aim was to revive compliance with the 2015 Iran nuclear deal and, assuming a timely return, there was no need to punish Chinese firms violating U.S. sanctions by buying Iranian crude, the official said.

Jul 26 - Commodity trader Freepoint faces U.S. bribery probe, sources say 

The U.S. Justice Department is investigating Connecticut-based trading house Freepoint Commodities over whether payments to employees of Brazil's state-run oil company broke U.S. laws, two sources with knowledge of the matter told Reuters this week. The criminal probe, which is being led by prosecutors in Washington, complements a separate, ongoing bribery investigation into the company by authorities in Brazil, said the sources, who requested anonymity to discuss confidential matters.

Jul 23 - Petrobras boosts Q2 refinery output on year amid demand recovery
Brazil's Petrobras boosted output of diesel, gasoline and bunker fuel 6% on the year in the second quarter, as Latin America's biggest economy continued to rebound from the world's second-deadliest coronavirus outbreak.

Jul 23 - Crude prices post small gains to end rollercoaster week
Crude oil futures ticked up slightly July 23, ending higher for the fourth consecutive day on optimism that global production increases would fall short of a demand recovery.

Jul 23 - Australia first liquid hydrogen shipment to Japan delayed to Oct-Mar

The carrier had previously been expected in July-August.

Jul 23 - China Crude quota vacuum pushes buyers toward costly bitumen blend imports

Traders and refiners in China have continued to import bitumen blend in July despite the feedstock now attracting a new consumption tax of Yuan 1,218/mt ($188.40).

Jul 23 - China's CCPC takes centre stage in Iran, Venezuela oil trade - sources 

A Chinese logistics firm has emerged as a central player in the supply of sanctioned oil from Iran and Venezuela, even after it was blacklisted by Washington two years ago for handling Iranian crude, seven sources with knowledge of the deals told Reuters. The more prominent role of China Concord Petroleum Co, also known as CCPC, and its expansion into trading with Venezuela, have not previously been reported and highlight the limitations of Washington's system of restrictions, analysts say.

Jul 23 - Exxon refinery workers delay decision on scheduling contract offer vote - union official 

Workers at an Exxon Mobil Texas refinery on Thursday put off considering a vote on the company's contract proposal, a union official said, as a lockout neared its fourth month. About 650 United Steelworkers union (USW) members were locked out of Exxon’s Beaumont, Texas, refinery and lubricant oil plant on May 1 after a prior contract covering the 369,024 barrel-per-day (bpd) facility expired.

Jul 22 - U.S. crude stockpiles rise for first time since May as imports surge - EIA 

U.S. crude oil stockpiles rose last week, breaking a streak of eight weeks of declines, as imports surged to their highest in a year, the Energy Information Administration said on Wednesday. Crude inventories rose by 2.1 million barrels in week to July 16 to 439.7 million barrels, compared with analysts' expectations in a Reuters poll for a 4.5 million-barrel drop. 

Jul 22 - Mercuria bulks up energy transition team with BP, Shell hires - sources 

Global commodity trader Mercuria is aggressively expanding its energy transition business, snapping up employees from oil majors BP Plc and Royal Dutch Shell, according to three people familiar with the matter and employee LinkedIn profiles. The hires illustrate the rush in the energy industry to recruit staff with knowledge of carbon trading and renewable fuels markets as the world transitions to cleaner energy sources in a bid to fight climate change. Investment firms and commodity merchants, including hedge fund Citadel, Gunvor Group and Trafigura, have bolstered and are looking to expand U.S. teams that specialize in trading renewable fuels.

Jul 21 - Falling US crude exports could remain at low levels into August
US crude exports showed a sharp fall the week-ended July 16, according to the US Energy Information Administration and a continued slowdown in fixture activity amid tough export economics could see lower export figures into August.

Jul 21 - US crude oil inventories build offset by product draws, rising demand
Increasing demand for gasoline and diesel in the US offset a 2.1 million-barrel build in commercial crude inventories for the week ended July 16, contributing to the ongoing rebound in crude prices from the biggest one-day drop in oil futures of 2021 to start the week.

Jul 21 - Crude, products prices spike as market rebound continues
Crude oil futures spiked July 21 to back above the $70/b threshold as commodities and stock markets continued to rebound from the big July 19 selloff that was triggered by concerns of rising crude production and potential demand weakness from the rapidly spreading COVID-19 delta variant.

Jul 21 - South Africa's Sapref confirms restart after temporary shutdown
South Africa's largest refinery Sapref has begun to restart its units at its Durban facility after unrest forced a suspension to operations, the company said in a statement July 20.

Jul 21 - South Africa's Sapref restarts units after temporary shut
Sapref has begun to restart its units at its 175,200 b/d Durban facility, as important supply routes had been reestablished following the resumption of operations at nearby ports, industry sources with knowledge of the matter told S&P Global Platts.

Jul 21 - Saudi May fuel oil imports jump 66% on month to highest level in 2021
The country stepped up procurement to meet demand from the utilities sector as summer temperatures rose, according to Middle Eastern traders.

Jul 21 - Japan July 11-17 oil product exports rise 81% on week to 3.05 mil barrels
Low sulfur fuel oil exports fell 26.3% on the week to 321,595 barrels in the week to July 17, while high sulfur fuel oil exports increased 71.6% on the week to 483,929 barrels.

Jul 21 - China's crude basket to see growth in Middle Eastern market share in H2: analysts
- Middle Eastern arrivals at 5.1 mil b/d in H1
- Saudi Arabia remains top supplier

Jul 21 - White House delays biofuel mandates due to political concerns - sources 

The White House has delayed an annual process meant to decide how much ethanol and other biofuels U.S. oil refiners need to blend into their fuel each year, as it seeks a solution for an issue that pits refinery workers against corn farmers, two sources familiar with the matter said. Lawmakers who represent constituents from both industries have been pushing the Biden administration on the issue for months. Refiners want low volumes of biofuels to keep costs down, while the farm industry wants high volumes to pump up sales of corn-based ethanol and other products. 

Jul 21 - BHP considering exiting oil and gas business - Bloomberg News 

Global miner BHP Group is considering getting out of oil and gas in a multibillion-dollar exit as it looks to speed up its retreat from fossil fuels, Bloomberg News reported on Tuesday, citing people familiar with the matter. The world's biggest miner is reviewing its petroleum business and considering options including a trade sale, the report said, adding that the deliberations were still at an early stage and no final decision has been made.

Jul 20 - Crude prices rebound a bit a day after biggest plunge of 2021
Crude oil futures rebounded a little July 20 after the biggest single-day drop in prices of 2021, signaling the day prior was a bit of an overcorrection and also anticipating more bullish US inventories data this week.

Jul 20 - Crude prices partially rebound a day after biggest plunge of 2021
Crude oil futures rebounded somewhat July 20 after the biggest single-day drop in prices of 2021, signaling the day prior was a bit of an overcorrection and also anticipating more bullish US inventories data this week.

Jul 20 - USGC middle distillate shipments to Europe at 120,000 mt in August so far: cFlow
European traders continue to report the arbitrage from the US Gulf Coast as closed, however the European market remains well balanced, with Asian barrels and local production meeting the rising summer demand.

Jul 20 - Crude pauses to take stock after massive sell-off
With the market still reeling from the previous day's movement, quiet after the crash was to be expected, according to analysts.

Jul 20 - European outright gasoil price drops to 8-week low but inland demand remains weak
Outright gasoil prices in Europe have fallen to an eight-week low, on the back of losses in the ICE LSGO futures market, but trading sources said the drop is unlikely to bolster moribund demand in the inland market.

Jul 20 - US issues cyber rules to pipelines, as lawmakers look to counter ransomware threat
In an ongoing effort to protect the US' critical infrastructure from cyberattacks, the Department of Homeland Security July 20 announced a slate of new requirements for pipeline owners and operators to bolster their security posture, including new mitigation measures to protect against ransomware attacks.

Jul 20 - Goldman pushes back forecast for $80/b Brent after crude price sell-off
- Brent crude seen averaging $80/b in Q4 2021
- Platts Analytics sees Brent under $70/b in Q4

Jul 20 - Saudi Arabian crude oil exports hit four-month high in May 

Saudi Arabia's crude oil exports rose in May to 5.649 million barrels per day (bpd), their highest level in four months, Joint Organisations Data Initiative (JODI) said on its website on Monday. Crude oil exports rose from 5.408 million bpd in April, while the country's total oil (crude oil and total oil products) exports stood at 6.94 million bpd in May compared with 6.62 million bpd the previous month.

Jul 20 - Papua New Guinea-focused Oil Search rebuffs $6.5 bln Santos bid 

Oil Search rejected an unsolicited takeover proposal from Santos Ltd valuing the Papua New Guinea-focused oil and gas producer at A$8.8 billion ($6.5 billion), but both companies said on Tuesday they wanted to pursue further talks. Oil Search said the offer was not in the best interests of shareholders, but its shares rose 8% after both companies said it made sense to create a group that would rival Australia's top independent gas producer Woodside Petroleum in market value.

Jul 19 - Q2 oil earnings calls to focus on 2021 output, shaky demand recovery
Upcoming second-quarter 2021 earnings calls will likely reflect some optimism from the oil industry because of higher crude prices, although executives will also likely remain cautious for the rest this year from potential demand roadblocks considering the rapidly spreading COVID-19 delta variant.

Jul 19 - German floods add to problems for commodities in region
Catastrophic flooding in Germany, Belgium and the Netherlands over the last week has caused transport and production disruption in the Rhine valley, a major shipping route for commodities in Northern Europe.

Jul 19 - OPEC+ deal, pandemic fears send crude plunging to two-month lows
The combination of the OPEC+ deal to hike production volumes this year and throughout 2022 combined with rising COVID-19 fears and a Wall Street selloff to send crude prices plunging to their lowest levels since May.

Jul 19 - Lukoil sees OPEC+ agreement continuing beyond 2022
Fedun said he did not see climate change policies as a risk to Lukoil's activities, but they are likely to lead to an increase in OPEC's share of the global oil market.

Jul 19 - Iran gears up to use new oil exports terminal
The new terminal, whose construction took six years, walks around the chock point of Strait of Hormuz. Iran's main exports terminal is on the Kharg island in the Persian Gulf.

Jul 19 - Saudi Crude exports rise in May with partial relaxing of production cut:
JODI
Saudi Arabia's exports of crude in May rebounded from April's 10-month low, figures from the Joint Organizations Data Initiative showed, as the kingdom began to gradually unwind a voluntary extra 1 million b/d production cut with global oil demand perking up.

Jul 19 - Crude slides as OPEC+ agrees deal
OPEC and its allies reached a deal July 18 to ease production cuts by 400,000 b/d each month starting in August, amounting to a 2 million b/d total increase by the end of the year.

Jul 19 - China: Spike in June oil product outflow squeezes export quota availability
- Only 3.21 million mt quota available for July onward
- Refiners hike June gasoil exports to trim surplus

Jul 19 - Vietnam June oil product imports fall 51% on year to 540,026 mt
Imports of fuel oil and jet fuel fell in the six-month period, while imports of diesel surged.

Jul 19 - OPEC+ agrees oil supply boost after UAE, Saudi reach compromise 

OPEC+ ministers agreed on Sunday to boost oil supply from August to cool prices which have climbed to 2-1/2 year highs as the global economy recovers from the coronavirus pandemic. The group, which includes OPEC countries and allies like Russia, crucially agreed new production allocations from May 2022 after Saudi Arabia and others agreed to a request from the United Arab Emirates (UAE) that had threatened the plan.

Jul 19 - Goldman Sachs sees 'upside' to oil price forecasts from OPEC+ supply deal 

U.S. investment bank Goldman Sachs said the OPEC+ deal to boost oil supply supports its view on oil prices and expects modest "upside" to its summer forecast for Brent to reach $80 a barrel. OPEC+, comprising the Organization of the Petroleum Exporting Countries, Russia and other producers, agreed on Sunday to boost oil supply from August to cool prices which have climbed to 2-1/2 year highs.

Jul 16 - Crude prices make small gains after rough week for oil, products
Crude oil futures managed to finish a rough week by making small gains July 16 following a rollercoaster day that saw prices go up, down and ultimately up again.

Jul 16 - Crude steady amid uncertainty over demand, OPEC+ output
Prices have fallen overall in the week to July 16, driven by expectation of an agreement between Saudi Arabia and the UAE on production levels.

Jul 16 - Argentina oil, gas producers look to expand processing, transport capacity

Argentina's oil and natural gas producers are taking steps to expand processing and transport capacity with the view to increasing exports, as investment conditions look poised to improve with new legislation, oil executives said July 14.

Jul 16 - Mexico intensifies fight against illegal fuel imports
The Mexican government is stepping up its efforts to combat fuel contraband as volumes of illegal fuel rise to unprecedented levels, hurting tax revenues and biting at Pemex's market share.

Jul 16 - Med gasoline flips to premium versus NWE amid diverging fundamentals
- Med gasoline prices rise to premium versus NWE
- Lackluster NWE gasoline exports to US in H1 July

Jul 16 - OPEC sees world oil demand reaching pre-pandemic level in 2022 

OPEC forecast on Thursday that world oil demand would rise in 2022 to reach a level similar to before the pandemic, led by growth in the United States, China and India. The Organization of the Petroleum Exporting Countries said in its monthly report that demand next year would rise by 3.4% to 99.86 million barrels per day (bpd), and would average more than 100 million bpd in the second half of 2022.

Jul 16 - Investors balk as bankrupt St. Croix refinery needs $1 bln to be viable 

The Limetree Bay refinery, which landed in U.S. bankruptcy court on Monday, needs at least $1 billion to finish a massive overhaul to continue as a viable operation, according to bankers, lawyers and restructuring specialists involved in the case, stacking the odds against the Caribbean facility resuming operations. The St. Croix-based facility's owners burned through $4.1 billion to resurrect what was once the largest refinery in the Western Hemisphere, hoping to take advantage of rising global demand.

Jul 15 - Swoon continues for crude oil, products on supply, demand concerns
Crude oil and refined products prices continued to fall July 15 on increasing crude production from OPEC+ and the US, as well as fears of weaker-than-expected demand caused by the ongoing worldwide spread of the delta variant of the coronavirus.

Jul 15 - ARA diesel, gasoil stocks rise 0.8% in week to July 15: Insights Global
Stocks of diesel and gasoil in the Amsterdam-Rotterdam-Antwerp hub rose 0.8% week on week and fell 15.4% on the year to 2.30 million mt in the week to July 15, according to Insights Global data.

Jul 15 - BP to deliver first carbon-offset LNG cargo to Sempra receiving terminal in Mexico
BP was nearing delivery of what was described as its first carbon-offset LNG cargo to Sempra's Energia Costa Azul receiving terminal on Mexico's Pacific Coast, the companies said July 15.

Jul 15 - UAE $1 bil green ammonia project to start in 2024; targets Europe, US markets
The company plans to target regional and international markets, mainly Europe and the United States, Marar said.

Jul 15 - Norway Aker BP hit by maintenance, infrastructure glitches, as Sverdrup surges in Q2
Norway Aker BP suffered a 5% year-on-year drop in its oil and gas output in the second quarter to 199,000 b/d of oil equivalent as rising Johan Sverdrup crude output was offset by maintenance and glitches with North Sea infrastructure elsewhere in its portfolio, it said July 15.

Jul 15 - Med 0.1% gasoil premiums at new 6-month on improving demand, tight supply
The CIF Med 0.1% gasoil premium to front-month ICE LSGO futures was assessed at $2.75/mt July 14, an increase of 50 cents/mt on the day and the highest premium since Jan. 12.

Jul 15 - European mobility edges to post-pandemic high despite rising Delta infections
Oil demand markers in France and Italy improved sharply in the week to July 11, pulling up the average in Europe's biggest economies despite the Delta variant driving up infection rates and a number of countries reviewing travel and further reopening plans.

Jul 15 - Argentina May refinery utilization rises as oil product demand rebounds
Argentina's refinery utilization rate rose to 75.4% in May from 73.1% in April as demand for petroleum products increased, even as a second wave of coronavirus cases brought a curfew and tighter restrictions, a government report showed late July 14.

Jul 15 - South Africa's SAPREF shuts down due to civil unrest, declares force majeure
The jailing of Zuma on July 8 led to widescale protests, which began in Zuma's home province of KwaZulu-Natal and has now spread to other regions.

Jul 15 - Lure of lofty margins lifts China crude runs to record highs in June
Analysts said crude runs in second-half 2021 would remain high as new capacity is expected to come online. In addition, state-run refiners would keep their throughput elevated to meet domestic demand growth.

Jul 15 - Saudi, UAE reach compromise to unlock more oil supply, says source 

Saudi Arabia and the United Arab Emirates have reached a compromise over OPEC+ policy, an OPEC+ source said on Wednesday, in a move that should unlock a deal to supply more crude to a tight oil market and cool soaring prices. Brent oil prices fell on the news by as much as $1 per barrel towards $75 per barrel after Reuters reported the two major OPEC producers had agreed a deal. 

Jul 15 - U.S. crude stockpiles fall for eighth week in a row - EIA 

U.S. crude oil stockpiles fell for the eighth straight week last week, as renewed vigor in the U.S. economy continues to drive higher fuel demand, the Energy Information Administration said on Wednesday. The report was delayed for one hour due to technical issues, the EIA said.

Jul 14 - Crude, products prices plunge on US demand weakness, potential OPEC+ deal
Crude oil and refined products prices plunged July 14 on a confluence of factors including reports of weakening demand in the US and China, a likely end of the OPEC+ stalemate with the United Arab Emirates, and the overarching fear of increasing COVID-19 cases in much of the world from the fast-spreading delta variant.

Jul 14 - Fujairah Oil product stocks rebound as fuel oil, gasoil exports slow
Oil product stockpiles at the UAE Port of Fujairah rebounded to a two-week high after a slowdown in exports of fuel oil and gasoil.

Jul 14 - Northwest European 50 ppm barge differential drops to three-month low

The 50 ppm FOB ARA barge market was assessed at a $5.75/mt discount to the ICE LSGO front-month futures contract July 13, unchanged from the previous day and the largest discount since April 7.

Jul 14 - Crude stays stable amid mixed outlook, strong dollar weighs
"Oil markets are likely to remain volatile until there is clarity on OPEC+ production policy" the IEA said.

Jul 14 - China's CNCEC to build refinery, petrochemical project in Iraq: oil ministry
The 300,000 b/d refinery will be built at the port of Fao on the Gulf.

Jul 14 - India June fuel oil consumption rises 13% on month as local lockdowns lift
India's domestic fuel oil consumption rose 13.4% month on month to 533,000 mt in June, latest Petroleum Planning and Analysis Cell data showed, even as refiners reduced operating rates amid weaker margins for refined products.

Jul 14 - EIA says total US diesel demand weakens to six-month low as stocks build
Total US ultra low sulfur diesel stocks saw a build for the second consecutive week, reaching a 13-week high as demand fell to a six-month low.

Jul 14 - Limetree Bay refinery files for bankruptcy ahead of DOJ environmental complaint
Limetree Bay filed for Chapter 11 bankruptcy in the United States Bankruptcy Court of Southern Texas, as it looks to evaluate options for its 176,400 b/d St. Croix, US Virgin Islands, refinery, including its sale, the company said in a statement.

Jul 14 - S Africa's largest refinery Sapref declares force majeure on civil unrest: sources
South Africa's largest refinery Sapref has shut down due to social unrest caused by the arrest of former President Jacob Zuma, pushing the refiner to declare majeure on the supply of all oil products, sources close to the matter said on July 14.

Jul 14 - US refined products stocks jump on falling demand as prices plunge
US gasoline and distillate stocks rose in the week ended July 9 despite an unexpected dip in refinery utilization as implied demand plunged following the Fourth of July holiday break, US Energy Information Administration data showed July 14.

Jul 14 - New Fortress begins commercial operations at LNG receiving terminal in Mexico

New Fortress Energy, a growing player in supplying LNG to power plants and industrial customers in the Caribbean and Latin America, has begun commercial operations at a receiving terminal on Mexico's Pacific Coast, the company said July 14.

Jul 14 - OPEC+ impasse means tight oil market now, volatility ahead, says IEA 

The oil market will see tighter supply for now amid a dispute inside OPEC+ about how to ease production curbs but it still faces the risk of a dash for market share if disagreement persists, the International Energy Agency (IEA) said on Tuesday. The Paris-based agency said oil prices would be volatile until differences were resolved among members of OPEC+, which groups the Organization of the Petroleum Exporting Countries, Russia and other oil producers.

Jul 14 - Shipping industry seeks to combat dark oil transfers at sea 

Top oil shipping companies say they have tightened operational guidelines and deployed technology to prevent accidental breaches of sanctions, as the countries hit by ever tougher restrictions fight back with elaborate strategies to dodge them. Washington has ramped up shipping-related sanctions over the last two years to make it harder for countries, such as Iran and Venezuela, to export the oil that provides their main source of revenue.

Jul 13 - India June gasoil consumption rises 12% on month, recovers from 8-month low
India's gasoil consumption rose 12% month on month in June, the latest provisional data from the Petroleum Planning and Analysis Cell showed, with the increase coming on the back of easing coronavirus-linked restrictions which helped spur demand for middle distillates.

Jul 13 - Crude, fuel prices climb amid rising demand, expected inventory draw
Crude oil futures rose July 13 as strong demand combined with the anticipation for bullish draws in US inventories to boost prices and overwhelm bearish sentiment from spiking US inflation numbers that perked up the dollar.

Jul 13 - Kuwait's new LNG import facility receives commissioning cargo
The commissioning cargo was sourced from Qatar and delivered by the 217,000 cu m Q-Flex class Al Kharsaah tanker on July 12.

Jul 13 - Commodity broker FIS to launch freight, fuel, emissions product
"We are building on FFAs (Forward Freight Agreements) to FFEs (Freight, Fuel, Emissions)" Banaszkiewicz said.

Jul 13 - High inland middle distillate stocks, competitive refineries make Rhine closure inconsequential
Inland middle distillates markets were unaffected by high water levels and closures on the Rhine, as inland stocks and refineries have been more competitive than barrels from the Amsterdam-Rotterdam-Antwerp trading hub and inland stocks remain high despite a narrow contango.

Jul 13 - Clean Tanker quarterly Markets face increased vulnerability in summer months
Overwhelming tonnage, closed arbitrage opportunities and firming bunker fuel prices were the mainstays of the clean tanker markets for most of the second quarter, and will likely be the case heading into Q3 in the West of Suez basins.

Jul 13 - Too late for an August deal, OPEC+ still hopes to head off oil squeeze
OPEC and its allies have thrown in the towel on clinching an oil supply accord for August and are now hoping for a deal to cover September and beyond, delegates told S&P Global Platts, though little progress has been made in the standoff between Saudi Arabia and the UAE.

Jul 13 - Kuwait receives first LNG import at Al Zour as power demand surges
The shipment -- delivered on a Qatari Q-Flex tanker -- consisted of 213,000 cubic meters of LNG, while a second 217,000 cu m shipment from Qatar has also been scheduled, according to a July 12 announcement on the Kuwaiti state-owned news service, Kuna.

Jul 13 - Bankers eye Europe renewable hydrogen opportunity with caution
European developers have announced over 5 GW of electrolysis projects to be commissioned by 2024 and conversations with banks have begun, but it looks like the sector will have to learn to walk before it can run.

Jul 13 - China Jan-June crude imports fall, first H1 drop since 2013 

China's crude oil imports in the first half fell 3% from a year earlier, the first contraction for the first six months of a year since 2013, as an import quota shortage, refinery maintenance and rising global prices curbed buying. Imports totalled 40.14 million tonnes last month, data released by the General Administration of Customs showed on Tuesday, equivalent to 9.77 million barrels per day (bpd).

Jul 13 - U.S. oil mergers surge as energy, share prices recover from pandemic 

U.S. oil and gas mergers surged last quarter with the most $1 billion plus combinations since 2014, according to data released on Monday, as rising energy and share prices led to larger oilpatch deals. Producer are consolidating in U.S. shale as oil and natural gas prices recover from last year's pandemic swoon and this month traded at multi-year highs. Smaller producers also are snapping up unwanted properties in a bet on continued demand for oil and gas while some big oil companies shift their acquisition emphasis to renewables.

Jul 12 - Crude prices fall on unease of Delta variant, OPEC+ discord
Crude oil prices fell July 12 amid growing unease about the spreading Delta coronavirus variant as well as ongoing concerns over discord within the OPEC+ group that has been unable to agree on unwinding production cuts.

Jul 12 - Russia : Throughput at nation's seaports for Jan-June rises 0.3% on year
In the Caspian basin, overall throughput for January-June fell 12.2% on the year to 3.67 million mt, the ministry said. Dry cargoes fell 30.2% to 1.26 million mt, and liquids rose 1.4% to 2.41 million mt.

Jul 12 - Oil trader Trafigura buys stake in major US salt cavern storage facility

Jul 12 - Russia Jan-May oil product exports stay steady on year
Russia's refined oil product exports over January to May were 0.6% higher year on year at 62.081 million mt, customs data showed July 12.

Jul 12 - East of Suez ULSD flows to Europe at 810,000 mt for July so far:
cFlow
Around 810,000 mt of East of Suez ultra low sulfur diesel is set to arrive in Europe in July so far, according to S&P Global Platts trade flow software, cFlow.

Jul 12 - Brazil's Petrobras to sell 62.5% Papa-Terra stake to 3R Petroleum

Brazilian state-led oil company Petrobras agreed to sell its 62.5% operating stake in the offshore Papa-Terra Field to new private-equity backed player 3R Petroleum for $106.5 million, Petrobras said July 12.

Jul 12 - US Treasury allows LPG exports to Venezuela in possible sign of easing sanctions
The US Department of Treasury granted a sanctions waiver July 12 allowing US companies to export or re-export LPG supplies to Venezuela, the first move by the Biden administration to ease sanctions on the economically hard-hit country.

Jul 12 - India June oil products demand rises 1.5% on year to 4.3 mil b/d
India's demand for oil products in June rose 1.5% year on year to 16.3 million mt, or 4.3 million b/d, the latest provisional data from the Petroleum Planning and Analysis Cell showed on July 12, reflecting an improvement in oil demand after the second wave of the coronavirus pandemic in Asia's third-largest economy.

Jul 12 - Hydraulic oil spills in Melaka Straits after bulk carrier collides with containership
The Panamax bulk carrier Galapagos has spilled hydraulic oil in the Melaka Straits after colliding with the 15,000 Teu mega container ship Zephyr Lumos over the weekend, Malaysia's maritime authority said July 12.

Jul 12 - Big Oil keeps brakes on spending even with crude rally windfall 

Leading international energy companies are resisting the temptation to rush and spend an unexpected windfall from rallying oil and natural gas prices as they focus on longer-term energy transition challenges, executives and analysts said. Benchmark crude oil prices more than doubled in the second quarter of 2021 from a year earlier and have risen further in recent weeks to close to $78 a barrel, their highest in almost three years as OPEC and other major producers failed to strike an agreement to lift output.

Jul 12 - U.S. petroleum inventories are becoming tight: Kemp 

U.S. petroleum inventories have fallen below the pre-pandemic five-year average with consumption accelerating but crude producers slow to respond to rising prices, signalling more supply is needed. Total stocks of crude and refined products outside the strategic petroleum reserve fell by 10 million barrels last week and are now down by 188 million barrels compared with the same point a year ago.

Jul 09 - NWE 0.1%S gasoil values buck trend to near 6-month high
Marine gasoil demand levels in Northwest Europe cited as possible boosts to 0.1%S gasoil barge premiums.

Jul 09 - Crude climbs as market eyes tightened near-term supply outlook

Rapid drawdown in US crude inventories in recent weeks has supported bullish near-term supply outlooks.

Jul 09 - Grangemouth operators Ineos, Petroineos sign up to Acorn CCS project

- Grangemouth CCS startup planned by 2027
- BP-led Humber and Teesside CCS to combine

Jul 09 - Maersk highlights unexpected costs of building methanol-fueled vessel
- Conventionally produced methanol 43% costlier than LNG
- Existing infrastructure for methanol as a bunker fuel

Jul 09 - High delivered WTI Midland offers support N Sea, WAF crude markets
- Weaker US arb economics support alternative light sweets
- Expectations of lower US flows to Europe in Aug, Sept

Jul 09 - ARA fuel oil stocks down 14% on week at 1.236 million mt:
Insights Global
- Stock draw comes as traders report fewer cargoes on offer
- Spread between 3.5% and 1% sulfur fuel oil widens to $61/mt

Jul 09 - Shell to sell its German Schwedt refinery stake in 2021

Royal Dutch Shell said on Thursday it agreed to sell its stake in eastern German refinery PCK Schwedt, the latest in a string of refinery disposals as part of the Anglo-Dutch company's energy transition strategy.  Shell said in a statement that it will sell its 37.5% share in the refinery for an undisclosed sum to Vienna-based Alcmene GmbH, part of the Liwathon Group, an integrated logistics and investment business headquartered in Estonia.

Jul 09 - Cairn wins freeze on India state assets in Paris in bid to recover tax damages

Cairn Energy said on Thursday a Paris court had accepted its petition that Indian state-owned assets in the city worth over 20 million euros ($24 million) be frozen, claiming a significant win in its campaign to force the Indian government to pay Cairn billion-dollar damages in a protracted tax dispute. A French tribunal ordered the freeze on some 20 centrally located properties belonging to the Indian government as part of a guarantee of the amount owed to Cairn, the London-listed firm said.

Jul 08 - NYMEX RBOB rallies as record demand weighs on US gasoline stocks
Total US gasoline inventories fell 6.08 million barrels during the week that ended July 2.

Jul 08 - Woodside to begin drilling at Senegal Sangomar, first oil still on track for 2023
The Ocean BlackRhino drillship arrived in Senegalese waters July 8, and was just southwest of capital Dakar, according to data from cFlow, S&P Global Platts trade-flow software.

Jul 08 - India appoints new ministers for petroleum, steel, chemicals amid cabinet reshuffle
Hardeep Singh Puri has been appointed as the new minister of petroleum and natural gas, taking over the portfolio from Dharmendra Pradhan, who has been appointed as the education and skills development minister.

Jul 08 - ARA diesel, gasoil stocks fall 2.6% on week
Gasoil demand has been impacted by the seasonal reduction in domestic heating during the summer, coupled with near 18-month high flat prices encouraging consumers to delay restocking.

Jul 08 - China June bitumen blend imports remain heavy for independent refiners, but July volume to drop

- Merey, Iranian crude streams to continue
- More fuel oil cargoes expected in July

Jul 08 - Saudi-UAE still at impasse as Russia steps in to rescue OPEC+ deal

Russia is leading efforts to close divisions between Saudi Arabia and the United Arab Emirates to help strike a deal to raise oil output in coming months, three OPEC+ sources said, with OPEC and its allies yet to set a date for their next oil policy meeting. Disagreement between the two Gulf OPEC allies was publicly exposed last week, with Riyadh and Abu Dhabi at odds over a proposed deal that would have brought more oil to the market -- potentially cooling a rally that has seen prices hit 2-1/2 year highs. 

Jul 08 - Shell to boost shareholder returns after oil price rise

Royal Dutch Shell will boost returns to shareholders via share buybacks or dividends earlier than expected after a sharp rise in oil and gas prices helped it reduce debt, the Anglo-Dutch energy firm said on Wednesday. Shell will increase its distribution to shareholders to 20% to 30% of cash flow from operations beginning in the second quarter, the company said in a trading statement before quarterly results.

Jul 07 - Energy rout extends as market eyes OPEC+ discord, rising supply outlooks
Stronger US dollar adds to downward pressure on crude prices.

Jul 07 - Fujairah Oil product stocks fall to six-week low on higher summer demand
Heavy distillates inventories were down 33% from this time last year, according to the FOIZ data provided exclusively to Platts. Stockpiles may continue to decline after Pakistan State Oil bought 65,000 mt of 180 CST high sulfur fuel oil, with maximum 3.5% sulfur from Vitol for delivery to Port Qasim over July 21-29 at a premium of $52.28/mt to the Mean of Platts Arab Gulf 180 CST HSFO assessments, CFR, Platts reported earlier.

Jul 07 - Goldman says crude oil output path uncertain as OPEC+ talks cease

Goldman Sachs said on Tuesday the collapse of OPEC+'s oil output talks had introduced uncertainty into the prospects for output, but maintained its view that Brent crude would be around $80 a barrel this summer, and that output would increase gradually early next year.  Ministers of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, called off talks on Monday and set no new date to resume them, after clashing last week when the United Arab Emirates rejected a proposed eight-month extension to output curbs. 

Jul 07 - U.S. shale firms hesitate to pump - or hedge - more, despite oil high prices

OPEC's sudden disarray would seem to be an opportunity for U.S. shale producers to lock in profits, with oil prices near multi-year-highs, but sources at those companies say they are not taking chances with the market's volatility. Shale producers are famous for boosting output whenever oil prices surge. However, the shale industry has been notably restrained so far this year even as oil surged past $70 a barrel. They have maintained a lower level of production after vowing to investors that they would hold the line on spending to boost returns.

Jul 06 - OPEC+ abandons oil policy meeting after Saudi-UAE clash

OPEC+ ministers called off oil output talks on Monday after clashing last week when the United Arab Emirates rejected a proposed eight-month extension to output curbs, meaning no deal to boost production has been agreed. Saudi energy minister Prince Abdulaziz bin Salman had called for "compromise and rationality" to secure a deal after two days of failed discussions last week.

Jul 06 - Mexican oil giant says no environmental damage from raging Gulf fire

Just days after video of a massive ocean surface blaze near a Pemex oil platform in the Gulf of Mexico went viral, Mexico's national oil company has declared that environmental damage was avoided due to quick action by its workers. The July 2 blaze, caught on video apparently from a nearby helicopter, showed bright orange flames jumping out of the water as the fire raged a short distance from the oil platform. Pemex has previously said it took more than five hours to fully extinguish the fire.

Jul 05 - Saudi Arabia pushes back on UAE opposition to OPEC+ deal

Saudi Arabia's energy minister pushed back on Sunday against opposition by fellow Gulf producer the United Arab Emirates to a proposed OPEC+ deal and called for "compromise and rationality" to secure agreement when the group reconvenes on Monday. It was a rare public spat between allies whose national interests have increasingly diverged, spilling over into OPEC+ policy setting at a time consumers want more crude to aid a global recovery from the COVID-19 pandemic.

Jul 05 - OPEC+ stumbles, but an eventual compromise may be bearish for crude: Russell

The OPEC+ group of oil exporters is struggling to reach a compromise over just how much more crude to supply to the market, but assuming a deal is eventually cut, it's likely to be bearish for prices. The group had agreed last week to boost its production by a total of 2 million barrels per day (bpd) from August to December. But that accord wasn't ratified after the United Arab Emirates (UAE) wanted changes that would allow it to increase its output by a larger amount.

Jul 02 - OPEC+ delays meeting to Friday as UAE objects to new oil deal

OPEC+ delayed its ministerial meeting until Friday to hold more talks on oil output policy, OPEC+ sources said on Thursday, after the United Arab Emirates blocked a plan for an immediate easing of cuts and their extension to the end of 2022. OPEC+ sources earlier said the plan, on which top OPEC+ producers Saudi Arabia and Russia had reached a preliminary agreement, would see output rise by 0.4 million bpd a month from August to December 2021 to meet rising global demand.

Jul 02 - Oil companies bet on $100 a barrel as they rush to sell assets

Oil companies are betting that if they sell land, buyers will come, as crude prices have soared more than 50% this year, fueling the most robust pipeline of deals in more than four years. Large oil companies are unloading properties from Texas to California, with some using the market rally as a chance to rake in cash for future investment in the global transition to cleaner energy.

Jul 01 - Shell plans to exit California joint venture with Exxon Mobil - sources

Royal Dutch Shell Plc plans to leave Aera, its California-based oil and gas-producing joint venture with Exxon Mobil Corp, four people familiar with the talks told Reuters. Shell has divested numerous carbon intensive assets this year, selling its refinery in Washington state to Holly Frontier Corp and its stake in a Houston-area refining joint venture to Petroleos Mexicanos as it shifts new investments to renewables and power.

July 01 - OPEC+ may extend oil supply cuts amid warning of glut, sources say

OPEC+ is expected to discuss extending its deal on cutting oil supply beyond April 2022, two OPEC+ sources said on Wednesday, after a panel set up by the group warned of "significant uncertainties" and the risk of an oil glut next year. The Organization of the Petroleum Exporting countries, Russia and its allies, a group known as OPEC+, agreed to record output cuts of about 10 million barrels per day (bpd), starting from May 2020 and due to phase out by the end of April 2022.

Jun 30 - Oil product stocks climb as light distillates still volatile
Oil product stockpiles at the port of Fujairah on the UAE's east coast climbed to a two-week high, led by a 34% increase in gasoline and other light distillates.

Jun 30 - ConocoPhillips outlines 10-year plan, reduces 2021 capex 4% to $5.3 billion

Nearly six months after closing its acquisition of Permian Basin operator Concho Resources, ConocoPhillips June 30 set out an ambitious 10-year operating plan June 30 that aims to grow oil production about 3%/year and deliver superior returns at an average breakeven cost slightly under $30/b.

Jun 30 - US crude stock draws extend sixth week amid surging refinery demand
US crude oil inventory draws extended in the week ended June 25 amid rising refinery appetite and static production, US Energy Information Administration data showed June 30.

Jun 30 - Med ULSD premiums hit 6-month high as quarter-end destocking eases, demand improves
Cash differentials for CIF Mediterranean ultra low sulfur diesel cargoes touched a six-month high at a $6.25/mt premium to the front-month ICE low sulfur gasoil futures contract June 30, with destocking pressure ahead of the quarter-end having eased and demand picking up, traders said.

Jun 30 - Middle East producers set to hike August crude OSPs on stronger Dubai market
Middle East oil producers are widely expected to raise their term crude prices for Asian refiners for August-loading cargoes on the back of market strength that has seen premiums for benchmark cash Dubai crude strengthen recently.

Jun 30 - Pickup in commercial talks boosts Cheniere's hopes on mid-scale LNG project
Cheniere Energy expects to make a "substantial dent" by the end of 2022 in building sufficient buyer support for a proposed mid-scale expansion at the site of its Texas liquefaction facility, Chief Commercial Officer Anatol Feygin said June 30 in an interview.

Jun 30 - Crude edges higher as market eyes OPEC+ meeting, rising delta variant
The June 29 meeting of the OPEC joint technical committee could provide some early indication regarding the group's plans, analysts said.

Jun 30 - Refinery : New projects in Angola unlikely until 2025
Angola is in the midst of securing long-term supply deals for its refined product needs as a slew of new refinery projects are unlikely to come online till at least 2025.

Jun 30 - Goldman says more OPEC+ supply needed to balance oil market

Goldman Sachs Commodities Research said more oil production is needed from the Organization of the Petroleum Exporting Countries and allies (OPEC+) to balance the market by 2022 as supply risk looms elsewhere. The U.S. bank forecast oil demand to rise by an additional 2.2 million barrels per day (mbpd) by year-end, leaving a 5 mbpd supply shortfall, well in excess of what Iran and shale producers can bring online, it said in a note dated June 29.

Jun 30 - New Jersey loses at U.S. Supreme Court in bid to stop pipeline

The U.S. Supreme Court on Tuesday ruled in favor of a consortium of energy companies including Enbridge Inc seeking to seize land owned by New Jersey to build a federally approved natural gas pipeline despite the state's objections, though hurdles remain for the $1 billion project. The 5-4 ruling, authored by conservative Chief Justice John Roberts, handed a victory to PennEast Pipeline Company LLC, a joint venture seeking to build the 116-mile (187-km) pipeline from Pennsylvania to New Jersey. The justices overturned a lower court ruling in favor of New Jersey's government.

Jun 29 - Ahead of talks, OPEC forecasts point to oil supply deficit in August

OPEC's forecasts point to an oil supply deficit in August and in the rest of 2021 as economies recover from the pandemic, suggesting the group and its allies have room to raise output at a meeting this week. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, is returning 2.1 million barrels per day (bpd), about 2% of world output, to the market from May through July as part of a plan to ease last year's record output curbs. 

Jun 29 - Eyeing Asian market, Ecuador begins crude exports in larger vessels

Ecuador for the first time on Monday exported a cargo of one of its flagship crudes, Oriente, aboard a very large crude carrier (VLCC), following an upgrade to a terminal that the South American country hopes will help it boost exports to Asia. The shipment of 1.08 million barrels of Oriente aboard the Panama-flagged Gem No. 2 vessel was made possible due to the construction of an extension of state oil company Petroecuador's SOTE pipeline from the Balao port to the nearby Punta Gorda terminal, which is operated by privately-held consortium OCP Ecuador.

Jun 28 - ARA 0.1%S gasoil barge value falls to 2-month low

Jun 28 - U.S. shale industry tempers output even as oil price jumps

Even with oil prices surging toward $75 a barrel, U.S. shale producers are keeping their pledges to hold the line on spending and keep output flat, a departure from previous boom cycles. This year's run up in crude prices, and oil output curbs imposed by the OPEC+ producers group, historically would have triggered a drilling boom. But investors are demanding financial returns over more volume and energy financiers are shifting to renewables, so shale firms are determined to stay disciplined.

Jun 28 - U.S. Supreme Court backs refineries in biofuel waiver dispute

The U.S. Supreme Court on Friday made it easier for small oil refineries to win exemptions from a federal law requiring increasing levels of ethanol and other renewable fuels to be blended into their products, a major setback for biofuel producers. The justices overturned a lower court decision that had faulted the U.S. Environmental Protection Agency for giving refineries in Wyoming, Utah and Oklahoma extensions on waivers from renewable fuel standard (RFS) requirements under a law called the Clean Air Act even though the companies' prior exemptions had expired.

Jun 25 - May oil products demand slips as rising pump prices deter gasoline buyers
South Korea's oil products demand in May slipped 2.4% from a year earlier as automotive fuel consumption retreated slightly due to high retail prices, data released by Korea National Oil Corp. showed June 25.

Jun 25 - Light distillates cracks up on demand, middle distillates cracks see pressure
Re-emerging gasoline demand has provided support for European light distillates markets, with petrochemicals demand further tightening naphtha, while increasing refinery runs and a slower pick-up for diesel and air travel have put pressure on middle distillates.

Jun 25 - German Heide refinery targets 300 MW electrolyzer by end-2025

Germany's Heide refinery aims to scale its 30 MW electrolyzer project to 300 MW by the end of 2025, with related projects already selected for state aid, Heide CEO Juergen Wollschlaeger told S&P Global Platts.

Jun 25 - US product prices slide as Supreme Court upholds small refinery exemption

NYMEX refined-product futures moved sharply lower in midmorning trading June 25 after the US Supreme Court ruled in favor of the small refinery exemption to the federal Renewable Fuels Standard.

Jun 25 - Brazil's ANP approves Enauta takeover of Atlanta Field: company
Brazil's National Petroleum Agency, or ANP, approved independent oil and natural gas producer Enauta's financial guarantees for the abandonment of the Atlanta Field, clearing the way for the company to assume 100% and complete planning for the field's definitive production plan, Enauta said June 25.

Jun 25 - Oil demand optimism bittersweet for global refining industry
The oil refining industry could struggle to return to full health in the next couple of years as analysts predict that the oil demand recovery enables new plants to start outpacing closures bringing extra capacity to the beleaguered sector.

Jun 25 - Global gas supply in 5-10 years may not be tight given shorter construction cycles: executives
Global natural gas supply in the next five to ten years may not be as tight as market expected with shorter project construction cycles, which can have a significant impact on supply and demand fundamentals, participants at the 7th China LNG & Gas International Summit 2021 held over June 23-24 said.

Jun 25 - Freeport LNG operating normally after seventh unplanned unit shutdown in June
One of Freeport LNG's three trains shut down due to a compressor trip, the second brief unplanned outage in a week and the seventh month-to-date, based on Texas air emissions reports.

Jun 25 - European jet imports from East of Suez in July above 1 million mt: Platts cFlow
Jet fuel coming to Europe from East of Suez producers in July totaled 1.050 million mt so far, according fixtures from shipping sources and cFlow, Platts trade flow software on June 25.

Jun 25 - May middle distillate output jumps 6% on year to 17.04 mil mt

China's total output of middle distillates rose 5.81% year on year to 17.04 million mt in May, latest data from the National Bureau of Statistics showed. For January-May, total output was up 4.35% on the year at 81.72 million mt.

Jun 25 - European 0.1% heating oil market shrinking amid push to desulfurization
New regulations overseeing the use of various types of heating oil in Northwest Europe look set to further shrink its 0.1% sulfur gasoil market, as the region continues its push toward lower sulfur alternatives, with the Netherlands, Belgium, and Germany already having banned 0.1% material for heating outright.

Jun 25 - Middle distillate stocks jumps to 5-week high on tepid demand
Singapore's commercial middle distillate stocks for the week ended June 23 jumped to a five-week high on demand uncertainty arising from a resurgence of COVID-19 cases that has prompted lockdowns and movement restrictions across the region.

Jun 25 - Small refinery exemption decision boosts US jet differentials
US jet fuel differentials continued to exhibit an inverse relationship with the Renewable Obligation Volume cost at the close of the week, as the Supreme Court's decision on small refinery exemptions handed a win to the oil and gas industry on June 25.

Jun 25 - India again urges OPEC to phase out oil output cuts

Indian Oil Minister Dharmendra Pradhan on Thursday again urged the Organization of the Petroleum Exporting Countries to phase out crude output cuts as high prices are stoking inflation. India, the world's third biggest oil importer and consumer, relies on overseas supplies for over 80% of its oil needs. Indian retail fuel prices have jumped to a record high due to higher oil prices and heavy local taxes.

Jun 25 - U.S. infrastructure deal includes $6 billion sale from oil reserve -document

The infrastructure deal struck by a group of bipartisan senators and President Joe Biden on Thursday includes partial funding by a proposed $6 billion sale from the U.S. emergency oil reserve, according to a document circulated by Republican lawmakers. A sale of that size equals a drawdown of about 82 million barrels, based on Thursday's price of $73 a barrel for West Texas Intermediate crude. That represents about 13% of the reserve's current holdings of nearly 624 million barrels of oil, though if prices rise, the volume of oil would shrink.

Jun 24 - Middle East companies look at low-carbon projects
Abu Dhabi National Oil Co. will partner with Abu Dhabi-based chemical company Fertiglobe to develop its first blue ammonia facility with a capacity of 1 million mt/year, as the energy producer seeks to attract investments in low-carbon products, ADNOC said in a statement on June 22.

Jun 24 - First hydrogen cargo into Germany to be delivered 2024:
H2Global
Germany's green hydrogen import initiative H2Global expects physical delivery of a first cargo into Germany by end-2024, Timo Bollerhey from the H2Global Task Force told S&P Global Platts June 24.

Jun 24 - Global mobility wobbles after hitting post-pandemic high, as COVID-19 delta variant spreads
Oil demand indicators in most of the world's biggest consuming economies slipped back from post-pandemic highs in the week to June 20, according to mobility data, as concerns grow over the impact of the highly infectious delta variant of the COVID-19 virus as it spreads across the globe.

Jun 24 - China's tight storage availability caps light cycle oil imports in May, June
The lack of available storage in China had limited the import of light cycle oil in May and June, ahead of the implementation of a new consumption tax on June 12, market sources told S&P Global Platts June 24.

Jun 24 - Mexico readies constitutional amendments in power sector after election
The Mexican Federal government will present an initiative to Congress to modify the constitution to restrict participation of private companies in the electricity market, President Andres Manuel Lopez Obrador said June 15 in his daily morning conference.

Jun 24 - Crude edges higher as supply outlooks tighten, despite delta variant spread
Crude oil futures settled higher June 24 as the market eyed increasingly bullish supply and demand outlooks, despite the rapidly spreading coronavirus delta variant.

Jun 24 - Middle East gasoline premium hits 9-week high amid refinery outages, rising demand
The CFR 95 RON gasoline premium in the Middle East closed at a nine-week high of $5.00/b on June 24, amid production disruptions in Abu Dhabi National Oil Company's Ruwais and Reliance Industries' Jamnagar refineries and the strengthening of the Asian paper market, traders said.

Jun 24 - Crude steady as market looks toward OPEC+ meeting for next direction
Crude futures were steady in midday trading June 24 as the market searched for next direction against a backdrop of bullish drivers.

Jun 24 - NWE gasoline exports to WAF pick up on cheaper freight
After three consecutive weeks of falling exports, loadings of gasoline from Northwest Europe for delivery to West Africa have risen sharply this week, according to Kpler data.

Jun 24 - UK CCS developer Storegga begins work on direct CO2 capture facility
UK-based Storegga has begun work together with Canada's Carbon Engineering on a facility in Scotland that will be able to permanently remove 500,000-1 million mt/year of carbon dioxide from the atmosphere, the companies said June 24.

Jun 24 - ARA diesel, gasoil stocks rise 3.5% on week to 2.477 mil mt despite rising diesel demand: Insights Global
Stocks of diesel and gasoil in the Amsterdam-Rotterdam-Antwerp trading hub rose 3.5% on week to 2.477 million mt in the week to June 24, according to data from Insights Global, despite diesel traders reporting a continued gentle increase in demand.

Jun 24 - European middle distillates hit 17-month high on buoyant futures, gradual demand uptick
Bullish sentiment across oil markets pushed outright prices for European middle distillates to a 17-month high June 23, while a gradual uptick in demand lent extra strength to ultra low sulfur diesel and jet fuel.

Jun 24 - Iran says U.S. to lift oil sanctions, U.S. says nothing agreed

Iran said on Wednesday the United States had agreed to remove all sanctions on Iran's oil and shipping but Washington said "nothing is agreed until everything is agreed" in talks to revive the 2015 Iran nuclear deal. The remarks by outgoing President Hassan Rouhani's chief of staff Mahmoud Vaezi echoed previous assertions by officials in Rouhani's pragmatist camp that Washington is ready to make major concessions at the nuclear talks in Vienna that began in April.

Jun 24 - Middle East's share of India's oil imports hits 25-month low

The share of Middle Eastern crude in India's oil imports fell to a 25-month low in May, tanker data provided by trade sources showed, as refiners tapped alternatives in response to the government's call to diversify supplies. India, the world's third biggest oil importer, in March directed refiners to diversify crude sources after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by top exporter Saudi Arabia, ignored New Delhi's call to ease supply curbs.

Jun 23 - May biodiesel output rises on year despite reduced blending
Brazilian biodiesel producers continued to push output higher year on year in May, but issues surrounding raw materials and high prices that forced a reduction in the volume of biodiesel blended with diesel sold at the pump caused a downturn from April, according to data published June 23 by the National Petroleum Agency, or ANP.

Jun 23 - NYMEX RBOB hits three-year high after surprise US gasoline draw

NYMEX RBOB futures climbed 2% to their highest front-month settle since May 2018 on the heels of an unexpected draw in US gasoline stocks.

Jun 23 - US LNG feedgas demand rebounds above 11 Bcf/d amid strong end-user prices

US LNG feedgas demand hit its highest level in more than three weeks June 23 as deliveries to Cheniere Energy's Sabine Pass terminal rebounded, and maintenance appeared to have wrapped up at Sempra Energy's Cameron LNG facility, S&P Global Platts Analytics data showed.

Jun 23 - India's auto LPG sales fall 52% on month in May amid pandemic: IAC
India's auto LPG sales fell over 52% on the month to 12,243 mt in May, a source with access to data from the Indian Auto LPG Coalition, or IAC, told S&P Global Platts. The fall in sales came amid limited use of vehicles nationwide due COVID-19-related lockdowns and restrictions, the source added.

Jun 23 - EIA says total US ULSD production strengthens to over 10-month high
Ultra low sulfur diesel production for all of the US strengthened for the fifth consecutive week to reach an over 10-month high, rising 2,000 b/d to 4.85 million b/d during the week ended June 18, Energy Information Administration data showed June 23.

Jun 23 - July Europe-to-Asia naphtha arbitrage expected to decline on weaker Asian olefin, European rally
Naphtha arbitrage economics from Europe into Asia for July loadings are expected to edge lower due to weaker olefin margins in Asia and tightness in the European complex.

Jun 23 - EC to create cybersecurity unit to counter large-scale attacks
The European Commission on June 23 said it would create a new cybersecurity unit to counter the "rising number" of serious cyberattacks that impact public services.

Jun 23 - Japan's ENEOS raises wholesale oil product prices by Yen 1,000/kl: sources
ENEOS, Japan's largest refiner, raised the domestic wholesale base prices of its five major rack oil products by Yen 1,000/kiloliter ($1.44/b), marking a fourth consecutive increase, market sources told S&P Global Platts June 23.

Jun 23 - QP customers angle for more flexible LNG contracts in evolving market
As Qatar Petroleum readies its long-awaited expansion of the world's largest offshore gas field, it is likely to face pressure from LNG buyers for more flexible contract terms in an increasingly competitive market.

Jun 23 - Singapore July-August gasoil time spread flips to contango on demand uncertainty
The Singapore July-August 10 ppm sulfur gasoil derivative timespread flipped to contango at the close of Asian trade June 22 amid demand uncertainty arising from a resurgence of COVID-19 cases that has prompted lockdowns and movement restrictions across the region.

Jun 23 - Japan nuclear regulator approves Chugoku Electric safety plans for Shimane-2
Japanese Nuclear Regulation Authority commissioners unanimously approved June 23 safety upgrade plans for the restart by Chugoku Electric Power Co. of its 820-MW Shimane-2 boiling water reactor, a key step before the unit can resume operation.

Jun 23 - Large energy companies should take opportunity to invest in transition: Orsted
The energy transition should be seen as an investment and not a cost, the CEO of Danish multinational power company Orsted said.

Jun 23 - Physical oil market gains suggest more support for futures rally

Crude oil values in many parts of the world are rising on stronger demand and tighter supply, suggesting physical markets are catching up with a futures rally and providing more fundamental support for prices, traders and analysts say. Brent futures have rallied over 40% in 2021, boosted by output curbs led by the Organization of the Petroleum Exporting Countries and it allies, and on hopes of recovering demand. But, until recently, physical markets lagged, traders said.

Jun 23 - OPEC+ discusses further easing of oil cuts from August -sources

OPEC+ is discussing a further easing of oil output cuts from August as oil prices rise on demand recovery, but no decision had been taken yet on the exact volume to bring back to the market, two OPEC+ sources said on Tuesday. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, is returning 2.1 million barrels per day (bpd) to the market from May through July as part of a plan to gradually unwind last year's record oil output curbs. OPEC+ meets next on July 1.

Jun 22 - Crude prices slide amid profit-taking, low volumes
Crude prices settled lower June 22 as the market searched for its next driver after pushing to fresh multiyear highs.

Jun 22 - China's latest round of import quotas likely to prompt caution in H2 crude buying
China's second batch of crude import quota allocations has created uncertainty over the total volume that qualified independent refineries will be allowed to import for the full calendar year 2021, which is likely to make them cautious in their procurement activities in the coming months, according to market sources.

Jun 22 - Cheniere leans into cleaning up natural gas supply chain
The way that Cheniere Energy Inc. responds to the emissions concerns of its customers could be a key driver for a U.S. natural gas industry that is becoming more export oriented.

Jun 22 - South Korea's Hanwha Total's overall ethylene production at 95% capacity
South Korea-based petrochemical maker Hanwha Total is producing ethylene at 95% capacity at its Daesan complex, which has an ethylene production capacity of 1.53 million mt/year, the company said June 22.

Jun 22 - USGC middle distillate shipments to Europe at 280,000 mt in June:
cFlow
US Gulf Coast shipments of middle distillates to Europe are set to be around 280,000 mt in June, all bound for Northwest Europe and none to the Mediterranean, according to S&P Global Platts trade flow software cFlow.

Jun 22 - Crude prices ease amid profit-taking, lack of fresh drivers
Crude prices fell June 22 in midday trading as the market searched for its next driver after pushing to fresh multi-year highs.

Jun 22 - WTI-Brent spread narrows as oil market tightens

The price gap between the world's two most actively traded oil contracts narrowed to its lowest in more than seven months, demonstrating that U.S. oil output is still in the COVID-19 doldrums with the market likely to remain undersupplied. North Sea Brent futures traded at a premium of $1.89 to U.S. West Texas Intermediate (WTI) on Friday, its narrowest since Nov. 11.

Jun 22 - China cuts second batch of crude oil import quotas for private refiners - document, sources

China has issued 35.24 million tonnes of crude oil import quotas to non-state refiners in a second batch of allowances for 2021, a 35% drop from the same slot last year, according to a document seen by Reuters and two sources with knowledge of the matter. The sharp decline comes after a recent crackdown on trading of such quotas as Beijing works to consolidate its bloated refining industry and reduce emissions.

Jun 21 - African demand helping to buoy Asian motor fuel fundamentals: sources
The steady appetite for transportation fuels from Africa is helping to lend support to Asian motor fuel markets, with traders continuing to find opportunities from the continent to move cargoes amid waning demand in Asia.

Jun 21 - US clean tanker owners weigh options amid increased appetite for trans-Pacific naphtha flows
Clean tankers positioned in the Americas are showing resistance to trans-Pacific voyages despite demand for naphtha exports from US Gulf Coast into Northeast Asia, citing high bunker prices, weak daily earnings and bearish freight market at discharge as deterrents to reposition.

Jun 21 - Limetree Bay says suspends operations indefinitely at St. Croix refinery

Limetree Bay is suspending plans to restart its 176,400 b/d refinery in St. Croix, US Virgin Islands, "due to severe financial constraints," the company said June 21.

Jun 21 - EMEA LIGHT ENDS: Key market indicators

The light ends complex strengthened week on week as gasoline demand continued to recover and petrochemical cracking supports feedstocks, providing positive sentiment for the week starting June 21.

Jun 21 - Asia crude oil: Key market indicators this week
Trade activity in the Asian crude oil market is likely to ease in the week of June 21-25 after a flurry of activity in the week ended June 18 demonstrated healthy demand and well-supported spot trading levels for both sweet and sour crude grades.

Jun 21 - Middle East Q3 straight-run fuel oil demand rises amid competition from Chinese refineries
The recent increase in Chinese independent refineries' demand for straight-run fuel oil as an alternative feedstock is competing with the Middle East's demand for the grade in the third quarter of this year, market traders based in the Middle East said.

Jun 21 - WTI jumps 3% on bullish demand outlooks, falling US inventories
Crude prices moved sharply higher June 21, underpinned by global demand recovery hopes and a pause in talks to revive the Joint Comprehensive Plan of Action that could see US sanctions lifted on Iranian oil.

Jun 21 - Japan proposes $10 bil in finance for ASEAN renewables, LNG to aid energy transition
Japan has offered ASEAN energy ministers $10 billion in public finance for renewables and LNG projects, as part of a package of measures aimed at helping the group of 10 Southeastern Asian economies accelerate their moves toward energy transition.

Jun 21 - EMEA Middle Distillates: Key market indicators
European middle distillates markets were looking relatively weak despite global oil demand recovery hopes, with values and cracks sliding while flat prices rose to 1-1/2 year highs.

Jun 21 - Magellan, Enterprise team up with ICE for new Houston crude futures contract
Magellan Midstream Partners and Enterprise Products Partners teamed up with the Intercontinental Exchange to establish a new oil futures contract on Permian Basin crude delivered to Houston in order to make the Gulf Coast hub even more competitive.

Jun 21 - Asia middle distillates: Key market indicators for June 21-25

Asian middle distillate markets are entering the June 21-25 trading week on a steady note, with gasoil demand expected to remain flat due to a lack of fresh pricing cues and jet fuel/kerosene continuing to grapple with a dearth of demand amid ongoing COVID-19 travel restrictions.

Jun 21 - Iran stores more oil on tankers as it counts days to enter markets

Iran could quickly export millions of barrels of oil it is holding in storage if it reaches a deal with the United States on its nuclear programme and has been moving oil into place to prepare for an eventual restart, four traders and industrial sources said. The U.S. and Iran began in mid-June their sixth round of indirect talks on reviving a 2015 nuclear deal that former U.S. President Donald Trump pulled out of in 2018. Trump reimposed sanctions on Iran’s energy sector, leading refiners in many countries to shun Iranian crude and forcing Tehran to pump well below capacity.

Jun 21 - OPEC told to expect limited U.S. oil output growth, for now - sources

OPEC officials heard from industry experts that U.S. oil output growth will likely remain limited in 2021 despite rising prices, OPEC sources said, giving it more power to manage the market in the short term before a potentially strong rise in shale output in 2022. Officials from OPEC's Economic Commission Board (ECB) and external presenters attended a meeting on Tuesday focused on U.S. output, the sources said. OPEC heard from more forecasters on the outlook for 2021 and 2022 at a separate meeting on Thursday.

Jun 18 - Raisi adviser sees quick Iranian oil revival, with warning to western IOCs
Iran's June 18 presidential election will shape the country's critical oil and gas industry over the next four years.

Jun 18 - Oil Prices climb as US Gulf braces for first tropical cyclone of season
Oil futures moved higher June 18 as the US National Hurricane Center issued a tropical storm warning for much of the central Gulf Coast.

Jun 18 - Chinas new crop of LNG buyers complicates Qatars long-term sales strategy
A new wave of LNG importers borne out of Chinas gas market reforms is the new growth opportunity in Asias LNG market, but their limited procurement capability and prompt demand requirements mean they are active only in the spot market.

Jun 18 - Biden may hinder oil and gas drilling even after court loss

U.S. President Joe Biden's administration has the power to stymie oil and gas development on government-controlled lands and waters, industry and environmental experts said, even though a court decision ended his freeze on federal drilling auctions. Some options, they said, include offering sparse acreage or imposing more time-consuming permitting requirements.

Jun 18 - China's growing bunker fuel market squeezes out N. Asian competitors

China is reshaping global shipping fuel markets by taking advantage of its booming maritime trade and massive refining capacity to undercut rivals from Singapore to South Korea and become the world's fastest-growing major marine fuel hub. China's rising influence in marine fuels, globally worth over $100 billion a year, has been made possible by a surge in its fuel output and thriving trade thanks to being home to the world's largest manufacturing base and four of the five busiest global container ports.

Jun 17 - European refiners face margin headwinds over lagging jet, gasoil recovery
European refiners are facing further downward pressure on margins in the near term as middle-distillate cracks continue to suffer from the pandemic-hit aviation sector and congested global supply lines dent diesel and gasoil demand, according to analysts and refining industry players.

Jun 17 - Crude slides nearly 2% as US dollar tests two-month highs
An overnight crude price slide accelerated in US trading June 17 as the US dollar tested two-month highs on the heels of a hawkish Federal Reserve Open Markets Committee meeting June 16.

Jun 17 - ARA fuel oil stocks up 13% on week at 1.486 million mt:
Insights Global
The increase in fuel oil inventory levels was mainly due to unfavorable economics for sending product -- mostly 0.5% sulfur marine fuel -- eastward.

Jun 17 - Kuwait dust storms triggers tanker congestion at ports

- Tanker congestion at 9.1 days, from 1.6 days
- Aviation sector not affected

Jun 17 - ARA diesel, gasoil stocks rise 12% on week to 2.393 mil mt, despite wider destocking
Diesel and gasoil inventories in the Amsterdam-Rotterdam-Antwerp, or ARA, trading hub rose 12% on the week to 2.393 million mt in the week to June 17, according to Insights Global data, despite diesel traders reporting destocking ahead of the quarter end and as road fuel consumption rises.

Jun 17 - Saudi April crude exports fall to lowest since June 2020: JODI
- Supply to market fell to 8.110 mil b/d in April
- Volumes will rebound with unwinding of extra output cut

Jun 17 - China's private refiners receive first FO cargoes after new consumption tax
- Private sector to switch feedstock amid consumption tax on bitumen blend
- Fuel oil could currently trade at $70/mt premium to MOPS assessment

Jun 17 - Consolidation key to tankers meeting climate goals: International Seaways CEO
- Bigger players needed to handle complex future
- H2 2021 should see higher rates

Jun 17 - Brace for huge oil volatility, U.S. trading group says

Oil prices are likely to be extremely volatile in the next few years, driven by supply constraints rather than demand as financing for new production evaporates in favour of renewables, U.S.-based Castleton Commodities International said.  "You could see spikes to even higher than $100 a barrel, even $130, and you could also see it go down to $35 a barrel for periods of time going forward," William Reed II, CEO of Castleton, told the FT Global Commodities Summit.

Jun 17 - China's refinery output hits record as margins improve on new taxes

China's refinery throughput rose 4.4% in May from the same month a year ago to a record high, as margins improved on the back of easing supplies of blending stocks after Beijing announced new taxes.  The country processed 60.50 million tonnes of crude oil last month, data from the National Bureau of Statistics (NBS) showed on Wednesday, equivalent to 14.25 million barrels per day (bpd).

Jun 16 - NYMEX RBOB slides further on US gasoline build, weaker RINs
NYMEX RBOB futures settled lower for a fourth straight session amid pressure from rising US gasoline stocks and weaker Renewable Identification Number prices.

Jun 16 - Singapore 10 ppm sulfur gasoil cash differential flips to premium on tight supply

The cash differential of FOB Singapore 10 ppm sulfur gasoil flipped to positive territory at the Asian close June 15, with steady demand and leaner supplies driving a rapid rise in value.

Jun 16 - US weekly crude exports climb to six-week-high amid surge in flows to Asia
US weekly crude exports jumped to a six-week-high for the week ended on June 11, amid a surge in exports to Asia, however, looking forward, tighter arbitrage economics could cut into export opportunities in July.

Jun 16 - China's commodities demand growth to slow: energy transition to uphold prices: FT Summit
- China's 'ambitious' green targets conflict with aluminum usage
- Underinvestment seen in mining, oil, gas

Jun 16 - Energy transition may help create leaner oil and gas sector, say analysts
Energy transition could be the bitter tasting pill the oil and gas sector needs, analysts said this week, as companies strive to become low-cost, low-carbon producers leading to more consolidation.

Jun 16 - Interest in Shell's Permian assets seen as a bellwether for shale demand

A cadre of oil companies, seeing continued profits in shale, are mulling Royal Dutch Shell's holdings in the largest U.S. oil field as the European giant considers an exit from the Permian Basin, according to market experts. The potential sale of Shell's Permian holdings, located in Texas, would be a litmus test of whether rivals are willing to bet on shale's profitability through the energy transition to reduce carbon emissions. 

Jun 16 - Major traders see oil staying above $70/bbl, $100 not impossible

The world's biggest oil traders said on Tuesday they see oil prices staying above $70 a barrel with demand expected to return to pre-pandemic levels in the second half of 2022. Oil prices crashed in April last year when the COVID-19 movement restrictions hit their peak with the U.S. crude benchmark turning negative for the first time.

Jun 15 - Crude futures test fresh highs on bullish US demand outlook
Crude futures pushed to fresh highs June 15 as bullish US demand outlooks pointed to a tightening fundamental picture.

Jun 15 - Singapore 10 ppm gasoil crack slumps to 5-week low on demand concerns
The Singapore physical 10 ppm sulfur gasoil crack to front-month cash Dubai tumbled to a five-week low as lockdowns and movement restrictions continued to weigh on demand recovery in the Asian gasoil market.

Jun 15 - Vietnam May gasoil imports rise to 10-month high amid strong demand
Gasoil imports into Vietnam rose 13.66% on the month in May to 489,152 mt, 10 month-high, data from Vietnam Customs showed on June 14.

Jun 15 - Top oil forecasters warn oil prices could hit $100/b this year

- Long-cycle investment is dead, says Goldman's Currie
- Goldman, Trafigura, RBC highlight $100/b risk

Jun 15 - Vitol CEO warns of oil supply 'gap' in 2025-2035 period as upstream spending ebbs

- Global oil demand seen peaking around 2030
- Trafigura CEO sees future price pressure from supply gap

Jun 15 - More departures from Exxon Mobil's trading operation -sources

Traders from Exxon Mobil Corp's natural gas liquids and gasoline units have left, according to three people familiar with the matter, the latest in a stream of departures from its downsized trading operations. The departures were part of a recent wave of exits as the U.S. oil producer pulled back on trading. Last year's historic losses and need to preserve capital prompted Exxon to limit trading and cut staff. 

Jun 15 - Enbridge oil line scores a key win as Minnesota court affirms approval

The Minnesota Court of Appeals on Monday affirmed a state regulator's decision that there is sufficient need for Enbridge Inc's Line 3 oil pipeline replacement, handing the company a major victory in its lengthy battle with environmental opponents. The decision clears another hurdle for the Canadian company's efforts to replace the aging pipeline that carries Alberta oil sands crude through the state. Environmental and indigenous groups have mounted several campaigns to slow pipeline expansions, the key mode of transport for the oil-and-gas industry, across Canada and the United States in recent years.

Jun 14 - US crude oil stocks expected lower amid likely increase in refinery demand
US crude oil inventory draws likely extended in the week ended June 11 amid an expected uptick in refinery utilization, analysts surveyed by S&P Global Platts said June 14.

Jun 14 - Indian May gasoil consumption falls to 8-month low as lockdowns hit demand
India's gasoil consumption slumped to an eight-month low in May as demand shrank amid tighter lockdowns that fanned out across the country as several states grappled to arrest a severe resurgence of the coronavirus pandemic.

Jun 14 - US product prices fall as RIN selloff extends
US refined product futures settled lower June 14 as the value of Renewable Identification Numbers continued to decline following reports June 11 that the White House may extend relief to refiners from biofuel blending mandates.

Jun 14 - Crude supported by upbeat IEA demand outlook
On June 11, the IEA said it expected global oil demand to return to pre-pandemic levels by the end of 2022, and said the current market was "in outstanding conditions" despite the ongoing COVID-19 situation.

Jun 14 - Equinor finds more oil near Norway's North Sea Snorre, Visund fields
Equinor and its partners have made a new oil discovery in Norway's North Sea which is expected to add production volumes to the country's producing Snorre field, the partners said June 14.

Jun 14 - Persistent operational issues hold up Nigerian oil production growth
Nigeria's oil production growth will remain impeded in 2021 as it faces teething technical and operational issues, which are being exacerbated by the recent rise in pipeline leaks and sabotage, industry sources and analysts said June 14.

Jun 14 - Libyan crude production rebounds as Waha Oil fields ramp up:
sources
Libyan crude output has risen more than 150,000 b/d in recent days after Waha Oil fields almost doubled production, almost a week after a key pipeline was shut down due to a series of leaks, industry sources said June 14.

Jun 14 - Australia partners with Germany, Singapore on hydrogen initiatives
Australia has advanced its commitment towards the development of a hydrogen economy by strengthening partnerships with Germany and Singapore.

Jun 14 - Ecuador April crude output more than doubles on year to 499,000 b/d
Ecuador pumped an average 499,000 b/d of crude oil in April, a 138% increase from the 210,000 b/d produced in April 2020, but a slight 0.6%% decline from the 502,000 b/d pumped in March, according to data available June 14 on the central bank's website.

Jun 14 - Shell weighs blockbuster sale of Texas shale assets

Royal Dutch Shell is reviewing its holdings in the largest U.S. oil field for a potential sale, people familiar with the matter told Reuters, marking a key moment in its shift away from fossil fuels as it faces growing pressure to slash carbon emissions. The sale could be for part or all of Shell's position in the U.S. Permian Basin, located mostly in Texas, which accounted for around 6% of the Anglo-Dutch company's total oil and gas output last year. The holdings could be worth more than $10 billion, the people said. 

Jun 14 - OPEC+ will need to boost output to meet 2022 demand recovery -IEA

The world will need a lot more oil from OPEC+ as global demand is on track to return to pre-pandemic levels at the end of next year, the International Energy Agency said on Friday, just a few weeks after saying long-term oil production must decline to reduce emissions. "OPEC+ needs to open the taps to keep the world oil markets adequately supplied," the Paris-based energy watchdog said, adding that rising demand and countries' short-term policies were at odds with the IEA's call to end new oil, gas and coal funding in a stark report issued last month.

Jun 11 - NYMEX products retreat as US mulls RINs relief for refiners
NYMEX refined product futures settled sharply lower June 11 following reports that President Joe Biden's administration is weighing options to provide relief to US refiners from biofuel blending mandates.

Jun 11 - Gazprom, Shell reiterate commitment to energy transition
- Investing more than $2 bil a year in clean energy: Shell
- Gazprom, Shell say energy transition inevitable

Jun 11 - IEA's net-zero roadmap is unrealistic, lacks localized approach - Chinese experts
- IEA report lacks differentiated approach between developed and developing countries
- Rapid phasing out of fossil fuels could destabilize energy supply, power grids

Jun 11 - Crude futures higher on upbeat demand view

Overall, the market is well supported with bullish signals on both the demand and the supply side, more than offsetting any bearish sentiment.

Jun 11 - Gazprom, Shell reiterate commitment to energy transition
- Investing more than $2 bil a year in clean energy: Shell
- Gazprom, Shell say energy transition inevitable

Jun 11 - India May oil products demand falls 1.5% on year to 3.8 mil b/d
- Month-on-month demand in June set to improve
- Transportation fuel demand to recover as COVID-19 eases

Jun 11 - European VGO values buoyed by supply constraints, refined product demand

- Russian refinery outages reducing supply
- Stronger gasoline demand affecting values

Jun 11 - IATA CEO sees 'significant' supply boost for SAF 2030-2040
- Calls out catch 22 of low biojet volumes and low uptake
- SAF key element to lower carbon sector for long-haul flights
- Industry ripe for consolidation but unlikely for another two years

Jun 11 - Despite uncertainties, OPEC sticks to forecast of oil demand surge in second half

OPEC stuck to its prediction of a strong world oil demand recovery in 2021 led by the United States and China despite uncertainties stemming from the pandemic, pointing to a need for more oil from the producer group. In a monthly report on Thursday, the Organization of the Petroleum Exporting Countries said demand would rise by 6.6% or 5.95 million barrels per day (bpd) this year. 

Jun 11 - Divergent growth: COVID-19-hit Asia ships more gasoline to U.S.

Exports of gasoline and blend stocks from Asia to the United States rebounded in May from April, including two rare shipments from India, to meet rising summer demand in the west, industry sources and analysts told Reuters. Global gasoline demand growth has shifted back to the United States and Europe, where widespread COVID-19 vaccinations are spurring more travel.

Jun 10 - ARA diesel, gasoil stocks fall 7.4% on week as traders destock
Stocks of diesel and gasoil in the Amsterdam-Rotterdam-Antwerp, or ARA, hub fell 7.4% on the week to 2.135 million mt in the week to June 10, according to Insights Global data.

Jun 10 - Oil sanctions relief expected to take months after US, Iran reach deal: analysts
While oil traders appeared ready June 10 to accept an instantaneous end to US sanctions on Iran's oil sector, analysts expect the Biden administration to take several weeks or months to actually remove them after the two countries agree to rejoin the 2015 nuclear deal.

Jun 10 - Crude climbs on strong demand outlooks, shrugging off US product builds
Oil futures pushed to fresh multiyear highs June 10 as the market looked past large US product builds toward robust summer demand outlooks.

Jun 10 - Local demand buoys prompt Med gasoline market
A dearth of export requirements is pressuring freight rates, an effect exacerbated by rising bunker fuel costs.

Jun 10 - Trafigura reports 'exceptional' oil trading result as markets recover
- Traded oil volumes rise 14% over 2020 to 6.4 mil b/d
- Expects second-half trading results to be weaker

Jun 10 - OPEC forecasts more demand for its oil with H2 growth quickening
- Call on OPEC crude rises to 27.09 mil b/d in Q2
- OECD inventories below 5-year average in April

Jun 10 - Egypt's vast gas resource to drive future hydrogen industry: minister
Egypt's vast natural gas resource base will enable the country to produce hydrogen to meet future demand for the fuel both domestically and internationally, energy minister Tarek el-Molla said June 9.

Jun 10 - Refinery Runs down at China's independent refiners
Crude throughputs at China's independent refineries in eastern Shandong province fell 1.3% month on month to 2.38 million b/d -- or 10.05 million mt -- in May, marking a 14-month low amid heavy maintenance despite refining margins having risen, according to data released from local energy information provider JLC on June 9.

Jun 10 - Crude sees sharp dip as US eases some Iran sanctions
- US lifts some sanctions on Iran oil sector
- Crude falls 2% on headlines, then stabilizes

Jun 10 - CFTC enforcement case seen showing broadened focus on benchmarks
- Case centered on fuel oil price, cross-market activity
- CFTC seen looking at broad range of energy products

Jun 10 - Crude prices dip on large US products build
The build in gasoline inventories reflected that bullish market expectations after the Memorial Day weekend did not materialize.

Jun 10 - Exporters, buyers brace for normal flows of Iranian LPG, condensate
Assuming the US completely removes sanctions in second-half 2021, Iran can export 3.73 million mt during the period, sources said.

Jun 10 - Developer officially cancels Keystone XL pipeline project blocked by Biden

A $9 billion oil pipeline that became a symbol of the rising political clout of climate change advocates and a flash point in U.S.-Canada relations was officially canceled on Wednesday. Keystone XL, which was proposed in 2008 to bring oil from Canada's Western tar sands to U.S. refiners, was halted by owner TC Energy Corp after U.S. President Joe Biden this year revoked a key permit needed for a U.S. stretch of the 1,200-mile project.

Jun 10 - Exxon's board shakeup could force review of billions of dollars in spending

The recent overhaul of Exxon Mobil Corp's board of directors could shift billions of dollars in spending and strategy over several years, but any changes likely will take time, analysts and investors say. A quarter of directors last month lost their seats to outsiders, and the March appointment of activist Jeff Ubben puts a third of the 12-member board in new and more cost-conscious hands. Investors who rejected Exxon's view of a slow transition to lower-carbon fuels also want spending to be revisited, they said.

Jun 09 - India's MRPL offers first 0.35% sulfur fuel oil cargo for export
Mangalore Refining and Petrochemical Ltd. has offered its first 0.35% sulfur fuel oil cargo for export via tender after a recent change in its crude feedstock slate, according to the company's Integrated Trading Desk, as the Indian refiner looks to maximize revenue for its very low sulfur fuel oil sales.

Jun 09 - Europe's ICE low sulfur gasoil futures contango hits 6-week low despite demand uptick
The prompt contango in the ICE low sulfur gasoil futures hit a six week low of $2/mt June 8, despite traders reporting increased demand for ultra low sulfur diesel -- the physical product underpinning the futures contract -- as European countries ease coronavirus mobility restrictions and drivers once again take to the roads.

Jun 09 - Crude continues upward trajectory on bullish demand outlook

A build in inventories could cap further significant rises in oil prices if concerns start to mount over the robustness of the recovery in road fuels such as gasoline.

Jun 09 - IEA calls on private finance to prevent surge in emerging economy emissions

- Annual spend needs to increase seven times
- Capital 'significantly more expensive' for emerging, developing economies

Jun 09 - RBOB leads complex lower following large US refined product builds
NYMEX refined product futures led the energy complex lower June 9 following large builds in US gasoline and diesel inventories.

Jun 09 - Japan May 30-June 5 oil products output rises 7% on week
Local refiners boosted their output of low sulfur fuel oil by 19.4% on the week to 0.83 million barrels in the week to June 5.

Jun 09 - Japan May 30-June 5 oil product exports fall 14.5% to 1.38 mil barrels
Exports of high sulfur fuel oil, however, rose 15.2% on the week to 320,211 barrels in the week to June 5.

Jun 09 - Japan Petroleum products stocks rise 1.2% on week June 5

Middle distillates stocks rose 0.9% on the week to 31.75 million barrels.

Jun 09 - China tells PetroChina to stop trading off oil quotas with teapots

Chinese authorities have ordered a unit of state-run PetroChina to stop trading off crude oil import quotas with local refineries as part of a crackdown on excessive fuel production, a move that could cut the country's crude imports by 3%, sources said.  Beijing has stepped up scrutiny of crude oil quota use and imports by state and private firms this year to ease a fuel surplus that has weighed on the sector's profits and led to excess emissions that have undermined China's climate goals, said five industry sources with knowledge of the matter. 

Jun 09 - One password allowed hackers to disrupt Colonial Pipeline, CEO tells senators

The head of Colonial Pipeline told U.S. senators on Tuesday that hackers who launched last month's cyber attack against the company and disrupted fuel supplies to the U.S. Southeast were able to get into the system by stealing a single password.  Colonial Pipeline Chief Executive Joseph Blount told a U.S. Senate committee that the attack occurred using a legacy Virtual Private Network (VPN) system that did not have multifactor authentication in place. That means it could be accessed through a password without a second step such as a text message, a common security safeguard in more recent software.

Jun 08 - Poll shows US public concerned about power grid cybersecurity vulnerability
In the wake of the recent Colonial Pipeline ransomware attack, a poll released June 7 found 86% of Americans believe the nation's electric power delivery system is vulnerable to cyber or physical attacks from foreign enemies.

Jun 08 - Private industry alone 'can't do everything' on cybersecurity: Colonial Pipeline CEO
- CEO alerted federal authorities 'within hours' of attack
- Blount decided to pay ransom to get pipeline back up

Jun 08 - Colombia April crude exports down 27% on year at 2.06 million mt
Colombia exported a total of 2.06 million mt of crude and refined products in April, a 27.1% decline from the 2.82 million mt shipped abroad in April of last year and a 24% reduction from the 2.71 million mt exported in March, according to data available Tuesday on the website of DANE, the government agency that tracks foreign trade.

Jun 08 - NYMEX WTI settles above $70/b on robust US demand outlook
Crude futures pushed to multiyear highs June 8, with front-month NYMEX WTI settling above $70/b on the back of strengthened US energy demand outlooks and signs of continued OPEC+ supply discipline.

Jun 08 - REFINERY NEWS ROUNDUP: Demand picks up in Africa
Gasoline exports from Northwest Europe and the Mediterranean destined for West Africa have risen to their highest level since late March, as buying interest picks up in the region.

Jun 08 - OPEC+ lifts May output by 430,000 b/d as Saudi Arabia eases its voluntary cut: Platts survey
- OPEC hits 13-month high, non-OPEC allies flat on month
- OPEC+ quota compliance stays stable at 111%

Jun 08 - Crude lower on Chinese crude import slump
According to preliminary data from China's General Administration of Customs, the country's crude imports slumped 14.6% on the year to a five-month low of 9.69 million b/d in May.

Jun 08 - U.S. seizes $2.3 mln in bitcoin paid to Colonial Pipeline hackers

The Justice Department on Monday recovered some $2.3 million in cryptocurrency ransom paid by Colonial Pipeline Co, cracking down on hackers who launched the most disruptive U.S. cyberattack on record. Deputy Attorney General Lisa Monaco said investigators had seized 63.7 bitcoins, now valued at about $2.3 million, paid by Colonial after last month's hack of its systems that led to massive shortages at U.S. East Coast gas stations.

Jun 08 - OPEC chief, in upbeat oil outlook, sees oil stocks falling further

OPEC and its allies expect oil inventories to fall further in the coming months, OPEC's secretary general said on Monday, suggesting efforts by the producers to support the market are succeeding. Oil stocks in developed world nations fell by 6.9 million barrels in April, Mohammad Barkindo said in a virtual appearance at the Nigeria International Petroleum Summit, 160 million barrels lower than the same time one year ago, making the figure public for the first time.

Jun 07 - LNG makes up half of CMA CGM order book amid ongoing container bull-run
- LNG a cheaper fuel than 0.5%S fuel oil
- CMA CGM's Q1 2021 bunker bill falls on year despite market rise

Jun 07 - Crude futures correct lower despite bullish sentiment
The drop in crude futures was less a reflection of softening market fundamentals, more a consequence of the multi-year highs seen in Brent crude at the end of last week, according to analysts.

Jun 07 - Global oil market dependent on OPEC+ amid slow US shale ramp-up:
Vitol's Muller
- Low level of US shale rigs seen stalling quick rebound
- Global stocks seen returning to 2019 levels by year-end

Jun 07 - EU carbon border mechanism to require surrender of certificates:
draft proposal
- Importers to require authorization by CBAM Authority
- Certificates to be sold linked to EU carbon prices

Jun 07 - Putin says Nord Stream 2 gas link to be finished as U.S. seeks good European ties 

Russia's Nord Stream 2 gas pipeline is ready to start pumping gas to Germany and the final stretch will be completed as the new U.S. administration seeks good relations with "key partners in Europe," President Vladimir Putin said on Friday.  Successive U.S. administrations have imposed sanctions to try to block the project that will ship gas directly from Russia to Germany, bypassing Western ally Ukraine.

Jun 07 - China's daily crude imports hit year's low in May on refinery overhauls
China's crude oil imports fell 14.6% in May from a high base a year earlier, with daily arrivals hitting the lowest level this year, as maintenance at refineries limited consumption of the resource. But refinery utilisation rates are expected to rebound in coming months as refineries resume operations, analysts said.

Jun 07 - Russia's Sechin warns of 'acute' oil shortage amid drive for green energy
Igor Sechin, the head of Russian oil major Rosneft, said on Saturday the world was facing an acute oil shortage in the long-term due to underinvestment amid a drive for alternative energy, while demand for oil continued to rise. Russia, which heavily relies on revenues from oil and gas sales, has pledged to cut greenhouse emissions but lags behind many countries in the development of renewable energy sources, such as solar and wind power as well as hydrogen.

Jun 04 - Spanish Gasoline, jet supply volumes hit nine-month highs in May
Cepsa restarted its 5 million mt/year fuel unit at its Huelva refinery in early May as well as its 4.9 million mt/year vacuum distillation unit, both of which were halted in September.

Jun 04 - European fuel oil swaps volume traded in Platts MOC rises to 115,000 in May
- Fuel oil derivatives roughly unchanged on month
- Totsa biggest buyer in May

Jun 04 - Saudi OSP hikes for lighter crude grades exceed expectations

Saudi Aramco's official selling prices for July-loading term crude for Asian buyers were higher than expected, traders said June 4, taking advantage of benchmark Dubai's deep discount to Brent limiting the flow of arbitrage barrels into the region.

Jun 04 - ARA diesel, gasoil stocks rise 4.6% on week to 2.3 mil mt amid dampened barge demand
Stored inventories of ultra low sulfur diesel and gasoil in the Amsterdam-Rotterdam-Antwerp hub rose 4.6% on week to 2.305 million mt as of June 3, according to Insights Global data June 4.

Jun 04 - Singapore Middle distillate stocks fall to 15-month low on export demand

Singapore's commercial middle distillate stocks fell 7.9% week on week to 11.47 million barrels over May 27-June 2, as strong exports and reduced spot availability pushed inventory levels to a 15-month low, according to data released by Enterprise Singapore late on June 3.

Jun 04 - Singapore Residue stocks reverse three consecutive declines to rise 12% on week
- Fuel oil imports jump nearly 50% as inflows from most regions rise
- Fuel oil exports increase 15% with shipments to North Asia, India, Indonesia

Jun 04 - Russia's Tuapse port June ULSD exports to fall 10% on month to 319,000 mt
Ultra low sulfur diesel exports from the Russian Black Sea port of Tuapse are set to fall 10% month on month to 319,000 mt in June, according to a copy of the loading program seen by S&P Global Platts June 4.

Jun 04 - Chinese Bitumen blend tops May crude imports for independent refiners
- Bitumen blend imports seen at 3 mil mt over May 14-June 12
- About 8 mil mt Iranian crude diverted from Malaysia in Jan-May

Jun 04 - Venezuelan oil, masked as Malaysian, rushes into China before fuel tax
Traders are racing to deliver record volumes of Venezuelan crude oil masked as Malaysian bitumen blend to China, ahead of new fuel taxes that look set to upend the lucrative flow of sanctioned oil to the world's top crude importer. China has over the past 12 months bought an estimated $3.5 billion worth of Venezuelan oil relabelled as Malaysian fuel, according to cargo tracking and industry sources, throwing Caracas a vital lifeline while it grapples with a collapsing economy amid tough U.S. sanctions.

Jun 04 - Private equity bet on troubled Caribbean refinery blows up on retirement funds
U.S. private equity firm Arclight Capital Partners LLC, which invests the retirement savings of Maine teachers, NFL football players and Mayo Clinic doctors, lost hundreds of millions of dollars betting on a troubled Caribbean oil refinery, according to sources and documents reviewed by Reuters. Boston-based Arclight’s Energy Partners Fund VI, which held a majority stake in the Limetree Bay refinery on St. Croix in the U.S. Virgin Islands, shed more than a quarter of its value in the year ended March 31, according to financial disclosures by a limited partner in the fund.

Jun 03 - NYMEX RBOB strengthens as USAC gasoline stocks remain tight despite build
NYMEX RBOB futures rallied against the broader energy complex June 3 as a modest US gasoline build failed to alleviate regional tightness ahead of the high-demand summer driving season.

Jun 03 - New Ecuador president taps ex-Petroamazonas chief Bermeo Calderon as energy minister
Ecuador's newly inaugurated president, Guillermo Lasso, has named oil engineer Juan Carlos Bermeo as the country's new energy minister, replacing the previously named Roberto Salas who last week turned down the appointment after disclosing possible conflicts of interest.

Jun 03 - Mexico's June 6 elections to likely determine Pemex share in refined product markets

Mexico's upcoming June 6 elections will likely determine how much power state oil company Pemex gains in the country's refined product market, as President Andres Manuel Lopez Obrador seeks congressional and gubernatorial support to overturn the 2013 energy liberalization.

Jun 03 - June 6 elections decisive for Mexico's power sector
Mexico's June 6 elections will be decisive for the future of the energy sector as President Andres Manuel Lopez Obrador seeks to gain enough support to revise the country's constitution and put a formal end to the country's energy liberalization.

Jun 03 - Pakistan's oil products sales rise 18% in first 11 months of fiscal 2020-21
Fuel oil sales have grown primarily because of the prevalent gas shortage during the November-March period.

Jun 03 - Russian June domestic crude pipeline prices edge higher on month

Spot prices for Russian crude oil for domestic loading and delivery by pipeline in June were steady to slightly higher by up to Rb300/mt ($4/mt) month on month, mostly on the back of a firmer Brent market but also shortages of supply.

Jun 03 - US State Department sees longer road ahead for Iran talks, lifting sanctions
The US State Department signaled June 3 that indirect talks with Iran on rejoining the 2015 nuclear deal and removing US energy sanctions could stretch on for weeks.

Jun 03 - US crude oil inventory draws extend amid rising refinery demand, lower production
US crude oil inventory declines extended in the week ended May 28, US Energy Information Administration data showed June 3, amid rising refinery demand and lower production.

Jun 03 - Another fire in Iran hits oil pipeline after naval ship sinks, Tehran refinery ablaze
- Naval support vessel Kharg sank in Gulf of Oman
- Firefighters battled vessel fire for 20 hours

Jun 03 - Overnight rally fades following US refined product builds
- US gasoline stocks climb 1.5 million barrels
- Crude stocks draw 5.08 million barrels

Jun 03 - Russia's Lukoil 'happy' to resume talks on Iranian projects once US sanctions lifted
- Energy ministers meet to discuss joint projects, investments
- Iran nuclear deal set to be finalized before June 18 election

Jun 03 - World's coal producers now planning more than 400 new mines - research 

The world's coal producers are currently planning as many as 432 new mine projects with 2.28 billion tonnes of annual output capacity, research published on Thursday showed, putting targets for slowing global climate change at risk. China, Australia, India and Russia account for more than three quarters of the new projects, according to a study by U.S. think-tank Global Energy Monitor. 

 Jun 03 - Engine No. 1 extends gains with a third seat on Exxon board

Exxon Mobil Corp shareholders elected a third director nominated by hedge fund Engine No. 1 to the oil company's board, the company said on Wednesday, extending the firm's upset victory at one of America's top energy corporations. The election was a shock to an energy industry struggling to address growing investor concerns about global warming and a warning to Exxon managers that years of weak returns were no longer acceptable.

Jun 03 - Brazil probes U.S. oil trader Freepoint in alleged bribery scheme

Authorities in Brazil are investigating senior employees at Connecticut-based trading house Freepoint Commodities for their alleged role in a bribery scheme involving state-run oil company Petrobras, Reuters has learned. Federal police here suspect Freepoint, through an intermediary, routed bribes to Petrobras employees for a roughly seven-year period ending in 2018.

Jun 02 - Crude pushes to fresh highs on rising demand outlooks, nuclear deal delays
Crude oil futures settled at fresh multi-year highs June 2 amid increasingly bullish demand outlooks, delays in US-Iran nuclear talks and OPEC+ supply discipline.

Jun 02 - Russia May refining throughput rises 9.3% on year to 23.046 million mt
The year-on-year increase in throughput was due to run cuts last year while the monthly drop was due to spring refinery maintenance ramping up.

Jun 02 - Japan May 29 oil products stocks rise 1.2% on week to 66.8 mil barrels
May 23-29 oil product exports fall 19% to 1.61 mil barrels.
Low sulfur fuel oil exports increased 48.9% on the week to 464,787 barrels during the period.

Jun 02 - Biden to press Putin on cyberattacks against key US infrastructure: White House
US President Joseph Biden plans to press Russian President Vladimir Putin to crack down on ransomware attackers based in his country who are targeting critical US infrastructure like the Colonial Pipeline, White House spokeswoman Jen Psaki said June 2.

Jun 02 - Singapore 10 ppm gasoil cash differential slides into discount on higher supplies, uncertain demand
The FOB Singapore 10 ppm sulfur gasoil cash differential slid into negative territory June 1, falling 13 cents/b on the day to be assessed at minus 10 cents/b to the Mean of Platts Singapore gasoil assessments, as uncertain demand and higher supplies weighed on sentiment.

Jun 02 - Indonesia March gasoil imports surge to 5-month high on seasonal demand
Indonesia's gasoil imports surged 83.82% month on month to a five-month high of 283,600 mt in March, and were up 5.76% year on year, data from Statistics Indonesia showed, as demand gained momentum ahead of Ramadan.

Jun 02 - Colombia April crude output down 6.3% on year to 745,488 b/d
Colombian crude producers pumped an average 745,488 b/d in April, a 6.3% decline from the year-ago month and virtually the same production level as in March when 745,427 b/d was produced, the energy ministry said June 2.

Jun 02 - Japan Oil products output dips 1% on week at 14.3 mil barrels May 23-29
Local refiners raised their output of low sulfur fuel oil by 5% on the week at 690,000 barrels in the week to May 29.

Jun 02 - Rebounding energy investment to fall short of net zero path - IEA

Investment in energy is on track to recover by nearly 10% in 2021 as the world emerges from the COVID-19 pandemic, the International Energy Agency (IEA) said on Wednesday, but spending will fall far short of meeting urgent climate goals. More of the $1.9 trillion in investment is projected to shift toward electricity than ever, with more than $820 billion due to earmarked for power - the sixth year in a row it will outstrip investment in traditional oil and gas.

Jun 02 - OPEC+ sticks to plan to ease supply cuts through July

OPEC+ oil producers agreed on Tuesday to stick to the existing pace of gradually easing supply curbs through July, as they sought to balance expectations of a recovery in demand against a possible increase in Iranian supply. The Organization of the Petroleum Exporting Countries and allies - known collectively as OPEC+ - decided in April to return 2.1 million barrels per day (bpd) of supply to the market during May through July as it anticipated demand would rise despite high numbers of coronavirus cases in India.

Jun 01 - Crude prices hit multiyear highs as OPEC+ sticks to production plans
Crude oil futures settled at multiyear highs June 1 as the OPEEC+ group agreed to stick with their production plans even as global demand outlooks march steadily higher.

Jun 01 - OPEC+ signals will press on with hiking oil output through July, undecided beyond that
- OPEC to meet again June 24, OPEC+ on July 1, delegates say
- IEA warns on oil market overtightening without more OPEC+ supply.

Jun 01 - Russian's Spimex planned June product sales higher on month
Only planned fuel oil sales are lower on the month, as refineries reduce output in favor of bitumen.

Jun 01 - Japan April oil products sales rebound 5.5% on year on gasoline boost
The transport fuels demand in April rebounded from significantly reduced transport fuels' demand during the country's first round of the state of emergency to curb the spread of the coronavirus pandemic a year ago.

Jun 01 - Japan April oil product imports jump 30% on year to 715,221 b/d
Japan was a net importer of gasoline and gasoil in April.

Jun 01 - Japan April oil product exports drop 14% on year to 270,140 b/d
Japan's oil product exports dropped on the back of reduced crude processing volumes and increased domestic sales of key transport fuels in April.

Jun 01 - China April fuel oil exports rise 13% on year to 1.9 mil mt
- January-April exports surge 62%
- January-April imports fall 25.2%

Jun 01 - China likely to cut key oil product exports in 2021 by slashing quotas
- Exporting companies prefer to save quotas amid better margins at home
- Fuel oil exports quota likely to hit 15 mil mt for 2021

Jun 01 - EMEA Middle Distillates: Key market indicators

Ultra low sulfur diesel cargo markets have been firm of late, while gasoil 50 ppm barges have reached parity with 10 ppm barges and jet fuel markets continue to weaken amid a large jump in stocks in the Amsterdam-Rotterdam-Antwerp hub.

Jun 01 - US records rare Iranian oil imports after seized cargo sold in Houston
A rare 1 million barrels of Iranian crude showed up in the US oil import data for March, likely as a result of US authorities auctioning a China-bound cargo seized off Fujairah in December.

Jun 01 - Singapore MOC gasoil traded volumes slip 9% on month in May
Trades in physical FOB Singapore gasoil cargoes during the Platts Market on Close assessment process fell 8.98% month on month at 5.009 million barrels in May, easing from a 14-month high of 5.503 million barrels in April, S&P Global Platts data showed.

Jun 01 - Primorsk June ULSD exports seen down 12.5% on month at 1.257 mil mt: sources
Exports of ultra low sulfur diesel from the Russian Baltic port of Primorsk are set to fall 12.5% month on month to 1.257 million mt in June, according to market participants on June 1.

Jun 01 - Brazil Recovery boosts April refined product output 15.2% on year
Brazil continued to recover from a brutal second wave of coronavirus infections in April as refineries boosted output of diesel and gasoline, according to data released June 1 by the National Petroleum Agency, or ANP.

Jun 01 - Brazil Refined-product sales surge 22.2% on year in April

Brazil posted a strong 22.2% year-on-year advance in refined-product sales in April as the start of the harvest season stoked demand for diesel, offsetting consumption lost to the country's ongoing battle against the world's second-deadliest coronavirus pandemic, according to data released June 1 by the National Petroleum Agency.

Jun 01 - US crude stock draws likely extend as refinery demand tests prepandemic levels
US crude oil inventory draws likely extended in the week ended May 28 amid an expected uptick in refinery demand to 15-month highs, according to analysts surveyed by S&P Global Platts June 1.

Jun 01 - US extends Venezuela wind-down for Chevron, oil service companies to Dec. 1

The Biden administration has given Chevron and four other US oil service companies until Dec.1 to wind down operations in Venezuela.

Jun 01 - OPEC+ likely to stick with current supply plan, sees orderly Iran return

OPEC+ is likely to stick to the existing pace of gradually easing oil supply curbs at a meeting on Tuesday, OPEC sources said, as producers balance expectations of a recovery in demand against a possible increase in Iranian supply. The Organization of the Petroleum Exporting Countries and allies - known as OPEC+ - decided in April to return 2.1 million barrels per day (bpd) of supply to the market from May to July, as it anticipated global demand would rise despite surging coronavirus cases in India.

Jun 01 - Mexican judge freezes price rule changes due to benefit Pemex

A judge provisionally suspended modifications to Mexico's hydrocarbons law that were intended to eliminate asymmetric price regulations against state oil company Petroleos Mexicanos (Pemex), court documents showed on Monday. The modifications are part of President Andres Manuel Lopez Obrador's efforts to roll back the previous government's liberalization of the energy market, which aimed to increase private investment in the industry and boost competition.

May 31 - U.S. records show Iran oil cargo landed one month after ship seizure

A cargo of 1.033 million barrels of Iranian crude oil landed on U.S. shores in March, data from the U.S. Energy Information Administration (EIA) showed, the second shipment of Iranian oil to be imported into the United States since 1991. The cargo was registered in EIA data released late last week for the month following the seizure by U.S. authorities of the Liberian-flagged tanker Achilleas, which was transporting Iranian crude.

May 31 - We're TotalEnergies: French oil major gets green rebrand

Oil and gas group Total won more than 90% backing for its climate plan to gradually reduce its emissions on Friday, when shareholders also voted overwhelmingly in favour of its rebrand as TotalEnergies to mark its shift to renewable energy. Some shareholders had campaigned to reject Total's green goals as not ambitious enough, echoing growing investor rebellions in the sector.

May 28 - NYMEX futures slide as traders book profits ahead of US holiday weekend
A late session slide pushed NYMEX oil prices to settle in negative territory May 28 as traders booked profits ahead of a long holiday weekend for US markets.

May 28 - Singapore Residual fuel stocks fall to 2-month low amid pickup in exports
Registering its third consecutive weekly decline, Singapore's residual fuel stock levels were at a two-month low 22.88 million barrels, or 3.6 million mt, 8.35% lower on the week, Enterprise Singapore data for the week ended May 26 showed, following a post-holiday pickup in fuel oil exports.

May 28 - Northwest European and Mediterranean diesel markets balance
Northwest European and Mediterranean ultra-low sulfur diesel market pricing has reached parity amid lower-than-normal demand in the Mediterranean and healthy stock levels in Northwest Europe.

May 28 - Belarus may suspend high-octane gasoline supplies to Ukraine
Belarus oil company BNK may suspend supplies of high-octane gasoline to Ukraine in June, industry sources said May 28.

May 28 - Singapore Residual fuel stocks fall to 2-month low amid pickup in exports
Registering its third consecutive weekly decline, Singapore's residual fuel stock levels were at a two-month low 22.88 million barrels, or 3.6 million mt, 8.35% lower on the week, Enterprise Singapore data for the week ended May 26 showed, following a post-holiday pickup in fuel oil exports.

May 28 - South Korea April oil products demand rises for third straight month
South Korea's oil products consumption rose 5% year on year in April, increasing for the third consecutive month, Korea National Oil Corp. data showed May 28, as transportation fuel consumption continued to recover following the rollout of a nationwide vaccination program.

May 28 - NWE gasoline exports to West Africa rise as demand increases
Gasoline exports from Northwest Europe and the Mediterranean destined for West Africa have risen to their highest level since late March, as buying interest picks up in the region.

May 28 - Singapore Middle distillate stocks hit 1-year low on export demand
Singapore's commercial stocks of middle distillates tumbled to a more than one-year low over May 20-26 at 12.45 million barrels, amid healthy drawdowns of gasoil and jet fuel which pushed inventories below the 13-million-barrel mark.

May 28 - Asia petrochemical makers eye $60/mt propane-naphtha discount before switching feedstock
North Asian petrochemical makers are waiting for the usual arbitrage to reopen to resume eastbound US LPG flows after the cancellation of multiple June-loading cargoes, and for the propane-naphtha discount to deepen further, before switching to LPG as feedstock, traders and end-users said.

May 28 - Uncertain about Iranian oil, OPEC+ likely to stick to policy (Reuters)

OPEC+ is likely to stick to the existing pace of gradually easing oil supply curbs at a meeting on Tuesday, OPEC sources said, as producers balance expectations of a recovery in demand against a possible increase in Iranian supply. The Organization of the Petroleum Exporting Countries and allies decided in April to return 2.1 million barrels per day (bpd) of supply to the market from May to July, as it anticipated global demand would rise despite surging coronavirus cases in India.

May 28 - Top Exxon investors State Street, Vanguard backed activist nominees (Reuters)

Asset manager State Street Corp voted for two of the four candidates put forward by activist hedge fund Engine No. 1 for Exxon Mobil's board, a spokesman for the Boston firm said late on Thursday. State Street was Exxon's third-largest investor according to its proxy statement. Late on Wednesday Exxon's largest investor Vanguard Group said it also backed two dissident nominees, details that fleshed out how Engine No. 1 was able to capture at least two board seats at the biggest U.S. oil producer.

May 27 - Spain to cease upstream oil production in June: Repsol
- Three rigs produced 216,000 b/d in Q1
- Climate law to ban new concessions

May 27 - Vertex to add renewable diesel production at Shell's Mobile refinery
Vertex Energy plans to operate its newly purchased 90,000 b/d Mobile, Alabama, refinery as a conventional plant while adding in a renewable diesel production capability, a spokesman for the company said May 27.

May 27 - NYMEX WTI hits 2.5-year high as US demand outlooks soar
Highest front-month settle for WTI since October 2018.

May 27 - European mobility rebounds to seven-month high as region emerges from lockdowns
- Economic mobility approaching post-COVID high
- Road fuel demand set for summer demand rebound
- Jet outlook strengthens as airline capacity grows

May 27 - The little engine that could, and the oil giant that couldn't (Reuters)

Last December, when a week-old hedge fund named Engine No. 1 challenged Exxon Mobil to change its ways, laughter echoed through Wall Street circles, from the fund's name that recalled a famous children's book to its tiny, then-$40 million stake in what was once the world's largest publicly traded company. Just six months later, the fund delivered a massive blow that rippled throughout the oil-and-gas industry. Engine No. 1's campaign forced Exxon to accept new board members who could bring about a reckoning over its business strategy and confront the risk of global climate change that many investors say Exxon has long been reluctant to address.

May 27 - Shell ordered to deepen carbon cuts in landmark Dutch climate case

A Dutch court ordered Royal Dutch Shell to drastically deepen planned greenhouse gas emission cuts on Wednesday, in a landmark ruling that could trigger legal action against energy companies around the world. Shell said it was "disappointed" and plans to appeal the ruling, which comes amid rising pressure on energy companies from investors, activists and governments to shift away from fossil fuels and rapidly ramp up investment in renewables.

May 26 - RBOB climbs as US gasoline demand tests fresh 14-month highs
Market expectations of bullish summer demand outlooks driven by widespread vaccinations rates across US.

May 26 - Iranian crude moving towards the light, in quality shift on Chinese preferences
- sources

May 26 - OPEC+ should consider Iran's potential oil output hike -
Novak

 

May 26 - Shareholder activism reaches milestone as Exxon board vote nears end (Reuters)

The showdown pitting Exxon Mobil Corp against a tiny activist fund to determine the oil giant's board and future direction was too close to call early Wednesday, according to people familiar with the matter. Exxon's 12 directors are up for election on Wednesday in the first major boardroom contest where climate change is a central issue.

May 26 - U.S. to boost pipeline cyber protections in wake of Colonial hack (Reuters)

The Biden administration is working with pipeline companies to strengthen protections against cyberattacks following the Colonial Pipeline hack, with announcements of actions planned in coming days, the Department of Homeland Security (DHS) said on Tuesday. A ransomware attack forced Colonial Pipeline, which runs from Texas to New Jersey, to shut much of its network for several days this month, leaving thousands of gas stations across the U.S. Southeast without fuel.

May 25 - Asia's LNG imports stay robust, justifying strong spot prices: Russell 

Asia's imports of liquefied natural gas (LNG) are holding up strongly and are set for gains in May, even as coronavirus outbreaks spark demand worries in some top consumers, including India and Japan. Asia, home to the world's four biggest buyers of LNG, is on track to import about 22.37 million tonnes of the super-chilled fuel in May, according to Refinitiv vessel-tracking and port data, which has been filtered to show ships that have already discharged, are awaiting discharge, or are en route to a port and expected to arrive before the end of the month.

May 25 - Exxon to add two new directors in battle over company's future (Reuters)

Exxon Mobil said on Monday it would add two more board members, including one with climate experience, just days before a shareholder vote on whether to back new directors supported by activist investors unhappy with its record on climate change and financial performance. The battle is the largest boardroom showdown yet focused on climate concerns at a major energy company. 

May 25 - Cabot Oil & Gas, Cimarex to create $17 bln firm in 'surprise' merger  (Reuters)

Cabot Oil & Gas Corp and Cimarex Energy Co agreed a merger on Monday to form a U.S.-wide oil and gas firm with an enterprise value of some $17 billion, a deal analysts termed surprising in a sector recently focused on "pure-play" models. Cimarex shares tumbled 7.2% to $66.07, while Cabot's stock fell 6.9% to $16.59.

May 24 - Singapore court approves move to freeze Hin Leong's founder's assets

Singapore's High Court has accepted a request to freeze up to $3.5 billion of worldwide assets of Lim Oon Kuin and his two children following the collapse of Lim's oil trading firm Hin Leong Trading Pte Ltd, the company's liquidators told creditors in an email reviewed by Reuters. Court-appointed liquidators of Hin Leong, the Lim family and their lawyers, did not immediately respond to requests for comment on Monday. The Singapore High Court declined to comment.

May 24 - As Iran eyes end of oil export sanctions, will former Asia clients buy?

As Iran gears up to resume oil exports once the United States lifts trade sanctions, former key clients in Japan, South Korea and Taiwan say they'll wait for the U.S. green light before investigating terms under which they might buy Iran's oil again. Iran's president said on Thursday that the United States was ready to lift sanctions, and Indian refiners plus at least one European refiner are already reassessing purchases to make room for Iran's oil in second-half 2021.

May 21 - OPEC says IEA net-zero pathway could add to oil-price volatility (Reuters)

OPEC has said that an IEA report suggesting that investors should not fund new oil projects to curb emissions could lead to oil-price volatility if it is acted on. The International Energy Agency on Tuesday said investors should not fund new oil, gas and coal supply projects if the world wants to reach net zero emissions by mid-century, in its starkest warning yet to curb fossil fuels. 

May 21 - India's crude imports stall in April as virus stifles demand (Reuters)

India's crude oil imports in April were little changed from the previous month as a second COVID-19 wave forced several states to impose mobility restrictions, stemming fuel demand and leading to larger stockpiles. Crude oil imports in April were at 18.26 million tonnes, although on a yearly basis they rose about 10.3%, data on the website of the Petroleum Planning and Analysis Cell (PPAC) showed on Thursday.

May 20 - While the outlook for South32 has vastly improved with its sale of its South African thermal-coal unit, Morgans reckons there aren't many catalysts to materially move the stock in the near term, as the market awaits studies on the Taylor and Clark metal deposits. As such, Morgans keeps its hold rating on the miner, but lifts its target price to A$3.25 from A$2.65--above the current price of A$2.85. "The divestment of South32's South African Energy Coal business has been in the works for a long time but the quality of this segment meant we could not increase our conviction in South32 while it remained 'on the books'," Morgans says.

May 20 - A bleaker outlook for wholesale electricity prices in Australia prompts UBS to cut its valuation of Origin Energy by 8% to A$5.15/share. UBS reduces its average wholesale price forecast by up to A$7/MWh over 2021-30 due to lower grid demand and increasing renewable-power capacity. As Origin sources 16-18 TWh of energy from fixed-cost generation sources, UBS estimates lower wholesale prices reduce the company's electricity gross profit margin to A$18/MWh in FY 2022, from A$35/MWh in FY 2020. Still, it retains a buy call on Origin's stock due to its stake in the Australia-Pacific LNG project and exposure to liquefied natural-gas demand. "While we expect Energy Markets' Ebitda to decline circa 30% from FY 2021-2022 we still see value via Origin's interest in APLNG," UBS says.

May 20 - Natural gas prices fall for a second session after reaching a three-month-high earlier this week, ending 1.6% lower today at $2.964/mmBtu. The market may be able to creep back above $3 tomorrow if the EIA's weekly storage report is as bullish as most analysts are expecting. A WSJ survey is forecasting the morning data will show a 61B cubic feet injection that would be comfortably below the 86-bcf five-year average injection. If forecasts are confirmed, total storage would rise to 2.090T cubic feet, a nearly 5% deficit to the average. But upcoming weather forecasts will also be a price-mover as bullish investors hope for an early start to summer.

May 20 - WTI oil prices finish 3.3% lower at $63.36 a barrel, the lowest closing price in three weeks due to stronger dollar and rising risk aversion as investors worry inflation could lead to tighter monetary policies that hamper economic recovery. Concerns about a US-Iran nuclear deal that could allow Iranian crude back into the global market added to the sell-off. Stewart Glickman at CFRA Research also notes a 1.3M-barrel rise in weekly US oil inventories, but adds that "even with the surprise crude build today, inventory levels are still 1% below the five-year average for this time of year, and inventories of key refined products are also marginally below their respective five-year averages."

May 20 - Iran's oil exports, on rising trend, drop in May as China buying ebbs (Reuters)

Iranian oil exports, which have been on a rising trend while talks make progress on reviving the 2015 nuclear deal, have dropped so far in May, according to three assessments, reflecting a lull in demand from China. Tehran's oil exports have risen since late 2020, despite U.S. sanctions toughened under U.S. President Donald Trump. 

May 20 - Indian, European refiners get ready to buy Iranian oil (Reuters)

Indian refiners and at least one European refiner are re-evaluating their crude purchases to make room for Iranian oil in the second half of this year, anticipating that U.S. sanctions will be lifted, company officials and trading sources said. Former U.S. President Trump abandoned the 2015 Iran nuclear deal and reimposed sanctions on Tehran in late 2018.

May 19 - Colonial Pipeline hit by brief network outage amid efforts to harden system (Reuters)

Colonial Pipeline's said its scheduling system was back online on Tuesday after a network outage earlier in the day prevented customers from planning upcoming shipments on the biggest U.S. fuel pipeline. The disruption was caused by efforts by the company to harden its system as it restored service following a week-long outage due to a cyberattack, Colonial said, and was not the result of a reinfection of its network. 

May 19 - U.S. Gulf Coast refineries stumble as severe weather strikes the region (Reuters)

Four U.S. Gulf Coast refineries slowed production on Tuesday as heavy rains fell, flooding areas across East Texas and Louisiana this week. Heavy rainstorms and tremendous lightning are forecast this week to continue to strike the U.S. Gulf Coast, which is home to about half of the United States' oil refining capacity.

May 18 - U.S. Supreme Court backs energy companies over Baltimore in climate case (Reuters)

The U.S. Supreme Court on Monday ruled in favor of BP PLC, Chevron Corp, Exxon Mobil Corp, Royal Dutch Shell PLC and other energy companies contesting a lawsuit filed by the city of Baltimore seeking monetary damages from them due to costs caused by global climate change. The 7-1 ruling, authored by conservative Justice Neil Gorsuch, came on a technical legal issue that could help the companies in their effort to have the case heard in federal court, as they would prefer, instead of state court, which the city favors as it is seen as a more amenable venue.

May 18 - U.S. shale oil output to climb for first time in 3 months in June - EIA

U.S. oil output from seven major shale formations is expected to climb by 26,000 barrels per day (bpd) in June to 7.73 million bpd, the first rise in three months, the U.S. Energy Information Administration said in a monthly forecast on Monday. The biggest increase is set to come from the Permian, the top producing basin in the country, where output is expected to rise by 54,000 bpd to about 4.59 million bpd, the highest since March 2020.

May 17 - India Retail gas, LNG by trucks, hydrogen figure in H-Energy's growth vision
India's H-Energy is expecting that the start of its FSRU-based LNG regasification terminal will help to push its strategic expansion plans forward by helping capture a substantial share of India's gas market, as well as realizing its vision to make inroads into the retail gas and hydrogen sectors, the company's CEO told S&P Global Platts.

May 17 - WTI hits two-year high on improved demand outlooks, weaker dollar
Crude futures settled higher May 17 as a weaker dollar and signs of continued demand recovery in the US and Europe overshadowed renewed demand concerns in Asia.

May 17 - Kobe/Kansai to account for 10% of Japan's hydrogen demand within 10 years
Hydrogen demand in Japan's Kobe and Kansai regions -- currently negligible -- is set to rise to 330,000 mt by 2031 on demand from the power generation and industrial sectors, the Kobe/Kansai Hydrogen Utilization Council forecast in a report on May 17.

May 17 - Oman wants to extend gas pipeline network to Iran and Yemen: minister
Oman would like revive plans to import Iranian gas via pipeline should the nuclear deal be reinstated, and is also considering extending its pipeline network to Yemen, Mohammed al-Rumhy, the sultanate's oil and gas minister told S&P Global Platts.

May 17 - US gasoline stocks expected higher as Colonial shutdown disrupts flows
US gasoline inventories likely climbed during the week ended May 14, analysts surveyed by S&P Global Platts said May 17, as the closure of the Colonial Pipeline disrupted shipments and left product stranded on the US Gulf Coast.

May 17 - Asia crude oil: Key market indicators this week
Crude oil futures were higher at the start of the week of May 17 compared to the Asian close on May 14 as crude held on to the gains made during the overnight trading session on May 14, despite the region grappling with the prospect of further demand destruction amid renewed mobility restrictions.

May 17 - Nigeria's Pengassan union warns of security threat in oil-rich southern states
The rising wave of insecurity across Nigeria's southern oil states could pose a major threat to the country's oil output if it remained unchecked, Nigeria's senior oil workers' union Pengassan warned May 17.

May 17 - Nigeria's NNPC narrows list of new term crude supply deal to 38 recipients: sources
State-owned Nigerian National Petroleum Corp. had handed its 2021-23 crude oil term contracts to 38 recipients including 26 foreign and local companies and 12 countries based on government-to-government supply deals, industry and trading sources said May 17.

May 17 - DAPL cites Colonial Pipeline outage as reason to remain open
The owners of the Dakota Access Pipeline cited the recent Colonial Pipeline outage from a cyberattack and a May 16 train derailment in Iowa as reasons to keep the major Bakken Shale crude oil artery open as it faces a potential court-ordered shutdown.

May 17 - China April crude throughput surges 7.5% on year, but slows from peak (Reuters)

China's crude oil throughput rose 7.5% in April from the same month a year ago, but remained off the peak seen in the last quarter of 2020 as several state-run oil refineries carried out maintenance amid thin margins and high fuel products stocks. The country processed 57.9 million tonnes of crude oil in April, data from the National Bureau of Statistics (NBS) showed on Monday, equivalent to 14.09 million barrels per day (bpd). 

May 17 - U.S. gasoline shortage eases, but pumps dry in some areas (Reuters)

Gasoline shortages that have plagued the U.S. East Coast slowly eased on Sunday, with 1,000 more stations receiving supplies as the country's largest fuel pipeline network recovered from a crippling cyberattack. The six-day closure of Colonial Pipeline's 5,500-mile (8,900-km) system was the most disruptive cyberattack on record, preventing millions of barrels of gasoline, diesel and jet fuel from reaching fuel tanks throughout the eastern United States.

May 14 - Brazil's Petrobras to maintain asset sales, pricing policies under new CEO
Brazil's Petrobras will maintain established policies for asset sales and refined-product pricing under new CEO Joaquim Silva e Luna and his management team, executives said May 14 during a conference call with analysts and investors.

May 14 - European jet imports from East for June so far at 430,000 mt
Around 430,000 mt of jet fuel coming from the East of Suez is so far scheduled to arrive in Europe in June, according to S&P Global Platts trade-flow software cFlow and fixtures from shipping sources.

May 14 - Crude rally extends as US dollar falters following weak retail sales
An overnight crude price rally accelerated in midday trading May 14 amid a pullback in the US dollar.

May 14 - Asian gasoline hits 2-month low as Colonial Pipeline restart takes center stage
Asian gasoline crack spreads fell to a two-month low in light of a lower than expected US gasoline stock build, as the restart of the Colonial Pipeline in the US on late-May 13 pared back earlier supply-side concerns.

May 14 - Crude rallies on back of weaker dollar, strengthened demand outlooks
Crude futures climbed 2.5% May 14, clawing back much of the previous session's losses amid a weakened US dollar and optimistic demand outlooks.

May 14 - Ukraine introduces measures to regulate gasoline, diesel fuel prices
The Ukrainian government has introduced state regulation in the retail sector, effective from May 15, in an attempt to curb the skyrocketing prices of gasoline and diesel fuel, the economy ministry said May 14.

May 14 - Canadian Pacific will respond but will not get into 'bidding war' for KCS
Canadian Pacific Railway said it will not get into a bidding war for Kansas City Southern, but promised to respond within the allotted five business days after KCS spurned its $25 billion acquisition agreement with CP for a bigger deal with larger rival Canadian National in an escalation of the Canadian railroad war.

May 14 - Biden says East Coast fuel shortages to end in days as pipeline reopens

U.S. President Joe Biden on Thursday reassured U.S. motorists that fuel supplies should start returning to normal this weekend, even as more filling stations ran out of gasoline across the Southeast nearly a week after a cyber attack on the nation's top fuel pipeline. Colonial Pipeline said late Thursday it had restarted its entire pipeline system and had begun deliveries in all of its markets. 

May 14 - U.S. appeals court denies Dakota Access request, fate of pipeline not decided

A U.S. appeals court on Thursday denied a request from operators of the Dakota Access oil pipeline to freeze the company's case while it seeks a Supreme Court review in its battle to keep the line open. The 570,000 barrel-per-day (bpd) crude oil pipeline is the largest out of the Bakken shale basin of North Dakota and operators, led by Energy Transfer LP, have been locked in a legal battle with Native American tribes on whether the line can stay open.

May 13 - Tellurian to finish commercialization of Driftwood LNG first phase in few weeks: Souki
Tellurian expects to complete commercial agreements within the next few weeks sufficient to support the first phase of its Driftwood LNG export project in Louisiana, Executive Chairman Charif Souki said May 12.

May 13 - Azerbaijani crude supplies to Belarus stall on changes to US sanctions
Azerbaijan is not planning to ship crude to Belarus in May, a spokesman for Azerbaijan's state-owned oil and gas company Socar said May 12, in the wake of tightening of US sanctions against Belarus.

May 13 - US exports reported sharply lower on week as flows to Asia sink
US crude exports over the week-ended May 7 were reported sharply lower at 1.796 million b/d, the lowest weekly average reported by the US Energy Information Administration since October 12, 2018, when weekly exports were reported at 1.782 million b/d.

May 13 - Biden administration to address cyber security of energy assets: Secretary Granholm
US President Joe Biden's administration will address the vulnerability of the nation's pipelines and other energy assets in the wake of the Colonial Pipeline hacking attack, US Energy Secretary Jennifer Granholm said May 13.

May 13 - US grants single Jones Act waiver to move fuel to East Coast as Colonial Pipeline restarts
The US has issued a Jones Act waiver to a single shipper to move gasoline and jet fuel from the Gulf Coast to the East Coast as the Colonial Pipeline restarts, the Department of Homeland Security said May 13.

May 13 - Crude falls as Colonial Pipeline due to resume full operations soon
1004 GMT: Oil futures prices fell in midmorning London trading May 13 on news that the key Colonial Pipeline in the US has restarted operations following a cyberattack on May 7.

May 13 - Crude sees largest selloff since late March amid Colonial restart, profit taking
Crude oil futures settled down more than 3% on May 13 as supply concerns eased following the reopening of a key US refined products pipeline.

May 13 - Brazil's Enauta restarts second well at offshore Atlanta heavy oil field
Brazilian independent oil and natural gas producer Enauta restarted a second production well at the offshore Atlanta field on May 7, boosting the field's output to about 18,500 b/d of oil equivalent, executives said during a conference call May 13.

May 13 - White House tackles outdated cyber tools for federal networks, urges industry to follow suit
US President Joe Biden took steps to modernize national cyber defenses with an executive order and encouraged the private sector to similarly pursue ambitious measures to align their cybersecurity investments with the goal of mitigating future breaches.

May 13 - Japan's INPEX raises 2021 oil, gas production outlook to 570,000 boe/d as OPEC+ cuts ease
Japan's largest upstream company INPEX said May 13 it has revised higher its 2021 oil and gas production outlook by 2% to 570,000 b/d of oil equivalent as a result of the eased OPEC+ output cuts and other factors.

May 13 - Pemex to invest $2.6 billion at Tula refinery to cut dependence of imported fuels: CEO
Mexico's Pemex will invest $2.64 billion to complete a coking plant at its Tula refinery as the country seeks to reduce its dependence on imported fuels, the state company's CEO said May 12.

May 13 - Wolf Midstream to build NGL North system from Alberta oil sands
Calgary-based Wolf Midstream will build the NGL North pipeline and separation system from the Alberta oil sands to produce more petrochemical feedstock and help reduce emissions from hydrocarbons that would otherwise be burned off in natural gas consumption, the company said.

May 13 - Colonial Pipeline to deliver products to all markets by midday
Colonial Pipeline said it expects to deliver fuel to all of its markets by midday May 13 following the substantial progress made overnight on the restart after being downed for five days from a cyberattack.

May 13 - Cheniere Energy sees first-quarter lift from strong global LNG market fundamentals
Cheniere Energy delivered to Europe what it described as its first carbon neutral LNG shipment, the company said May 4 as it recorded an almost 5% increase in its quarterly profit because of strong global demand and prices and no cargo cancellations.

May 13 - Limetree Bay temporarily shuts St. Croix refinery
Limetree Bay refinery announced it suspended production operations May 12 after an incident at a flare unit "resulted in the release of oil droplets, which traveled directly west," according to a company press release.

May 13 - USAC product cracks retreat as Colonial Pipeline prepares to restart
ICE New York Harbor ULSD crack versus Brent fell to around $16.91/b, down around 50 cents from a 14-month high at the close May 12. The ICE NYH RBOB crack versus Brent, which had closed at the highest since August 2017 on May 12, was down around 20 cents at $21.01/b.

May 13 - Chevron shuts Tamar gas field off Israeli coast as unrest flares

Chevron has shut down the Tamar natural gas platform off the Israeli coast at the instruction of the country's energy ministry, the company said on Wednesday, following the wave of unrest in the region. The Israeli energy ministry said all of Israel's energy needs will continue to be met despite the shutting down of Tamar, the main source of natural gas for the local market.

May 13 - Colonial Pipeline slowly restarts as Southeast U.S. scrambles for fuel

Colonial Pipeline began to slowly restart the nation's largest fuel pipeline network on Wednesday after a ransomware attack shut the line, triggering fuel shortages and panic buying in the southeastern United States. It will take several days for the 5,500 mile (8,850 km) pipeline to return to normal operations, Colonial said, even as motorists in southeastern states jammed stations seeking fuel. 

May 13 - U.S. crude stockpiles fall, exports hit 2018 low - EIA

U.S. crude oil stockpiles dropped last week and exports fell to their lowest since 2018, while gasoline inventories rose unexpectedly and distillate hit their lowest levels in more than a year, the Energy Information Administration said on Wednesday. Crude inventories fell by 427,000 barrels in the week to May 7 to 484.7 million barrels, compared with analysts' expectations in a Reuters poll for a 2.8 million-barrel drop.

May 13 - Natural gas prices finish the session up 0.5% at $2.969/mmBtu, the highest closing price since Feb. 19 as some analysts forecast this week's EIA storage report will show another injection that's smaller than normal. A WSJ survey is forecasting, on average, a 73-billion-cubic-feet injection for the week ended May 7, which would be below the five-year average of 82 bcf. But other analysts say the report's likely to come in close to the average, and also caution that upcoming injection reports could be bearishly above the five-year average as mild weather weakens demand.

May 13 - WTI crude-oil prices finish the session 1.2% higher at a two-month high of $66.08 a barrel, and RBOB gasoline futures close at a nearly three-year high, up 1% at $2.1610 a gallon, as the key Colonial fuel pipeline remains shut due to a Friday cyberattack. The shutdown is causing regional shortages or outages of fuel at thousands of gas stations in the southern US, while some cities along the East Coast are also reporting some shortages as drivers rush to fill up as prices spike higher. Crude prices also got a boost from a weekly EIA report that showed another small decline in US crude-oil inventories.

May 12 - Eni touts upstream resilience to lower oil and gas prices
Eni expects to be able to develop 81% of its existing oil and gas reserves by 2035 with an oil price over $50/b, the Italian energy company said May 12, flagging the resilience of its upstream assets to an accelerated transition away from fossil fuels.

May 12 - Strength in Russian Urals crude may be short-lived: traders
The recent strength in Russia's Urals crude may be short-lived, traders said in the week of May 9, with a host of bearish factors looming.

May 12 - Gasoline imports continue to arrive in Atlantic Coast amid supply concerns

Gasoline imports into the Atlantic Coast remained high as recent disruptions to Colonial Pipeline operations create supply uncertainty in the region.

May 12 - Crude rally extends as US sees smaller-than-expected gasoline build
An overnight crude price rally extended in midmorning US trading May 12 as a smaller-than-expected build in US gasoline stocks offset a modest crude inventory draw.

May 12 - Colonial Pipeline making 'progress' on system restart, working to curb fuel shortages
The Colonial Pipeline is making "forward progress" in the full restart of its operations, and is working with the US government to help alleviate fuel supply disruptions, it said late on May 11.

May 12 - West Mediterranean butane at lowest level against naphtha since September 2019

Butane coasters in the West Mediterranean have fallen to their lowest value against naphtha in 17 months, as increasing length in supply has accrued across the region.

May 12 - Germany brings net-zero forward to 2045, power sector hit hardest by new 2030 target
Germany approved a reform of the 2030 climate law, tightening annual targets from 2024 and bringing net-zero forward to 2045, environment minister Svenja Schulze said May 12.

May 12 - US crude inventories edge higher as refinery demand, exports weaken: EIA
US crude oil stocks saw a modest draw in the week ended May 7 amid an unexpected pullback in refinery demand and sharply lower exports, US Energy Information Administration data showed May 12.

May 12 - Crude climbs on improved demand outlooks, modest US gasoline build
Crude oil futures settled higher May 12 amid strengthened global demand outlooks and a smaller-than-expected US gasoline build.

May 12 - Pipeline outage causes U.S. gasoline supply crunch, panic buying

Gas stations from Florida to Virginia began running dry and prices at the pump rose on Tuesday, as the shutdown of the biggest U.S. fuel pipeline by hackers extended into a fifth day and sparked panic buying by motorists. The administration of U.S. President Joe Biden projected that the Colonial Pipeline, source of nearly half the fuel supply on the U.S. East Coast, would restart in a few days and urged drivers not to top up their tanks.

May 12 - Advisory firm PIRC slams Shell on climate strategy before AGM

Shareholder advisory PIRC recommended investors vote against Shell's non-binding resolution on its energy transition strategy on Tuesday, setting up a showdown at its annual general meeting next week. The Pensions & Investment Research Consultants (PIRC), a major proxy advisory, said Royal Dutch Shell's strategy to cut emissions "does not seem to have a clear plan for the competitive aspects of the energy transition".

May 11 - India pandemic weighs on natural gas demand amid souring GDP outlook
India's deadly COVID-19 outbreak and widening localized lockdowns have soured the country's economic growth outlook, stifled its natural gas demand and resulted in more LNG carriers being diverted by gas companies, an analysis by S&P Global Platts showed.

May 11 - US crude draw likely extends as refinery demand pushes to 14-month high
US crude oil inventory draws likely extended in the week ended May 7 amid an expected uptick in refinery demand, an S&P Global Platts analysis showed May 10.

May 11 - RBOB, ULSD climb as market weighs impact of Colonial outage
NYMEX refined product futures finished a volatile session slightly higher May 10 amid concerns that the shutdown of a key US pipeline could lead to supply disruptions.

May 11 - Colonial pipeline outage highlights need for energy systems to be more cyber resilient: IEA
The outage of a critical US oil pipeline from a cyberattack underscores the need for energy infrastructure to become "more cyber resilient," with digitalization and automation of energy systems increasing the scope for such attacks, the International Energy Agency said May 11.

May 11 - Colonial Pipeline outages spur clean freight jumps across Atlantic Basin
The disruption of clean petroleum product flows on the Colonial Pipeline spurred a flurry of spot clean tanker activity on both sides of the Atlantic Basin in the week started May 10, though upward momentum was stifled in Europe as requirements slowed due to growing expectations of the pipeline restoring supply by the end of the week.

May 11 - EPA issues emergency fuel waiver in states hit by Colonial Pipeline shutdown
The Environmental Protection Agency issued a one-week emergency fuel waiver for select states impacted by the Colonial Pipeline closure that removes vapor pressure requirements for reformulated gasoline sold in areas of Maryland, Pennsylvania, Virginia and Washington.

May 11 - Colonial attack highlights particular vulnerability of pipelines from cyber threats
The successful cyberattack of the main artery of the US' fuel supply show how energy pipelines are acutely vulnerable in an underregulated sector with many remote field locations potentially exposed to attacks, cybersecurity experts said.

May 11 - US weighs Jones Act waivers to move fuel up East Coast during Colonial shutdown
The Biden administration is considering a "temporary and targeted" waiver of the Jones Act to allow foreign-flagged vessels to carry petroleum products from the Gulf of Mexico up the Eastern seaboard, meeting supply shortages the Colonial Pipeline shutdown created.

May 11 - Crude edges higher on weaker dollar, return of USGC refinery units
Oil futures moved higher May 11 as US Gulf refiners brought units back online and the US dollar tested fresh 10-week lows.

May 11 - Top U.S. fuel pipeline remains days from reopening after cyberattack

The biggest U.S. gasoline pipeline will not resume full operations for several more days due to a ransomware cyberattack blamed on a shadowy criminal network called DarkSide. The attack on the Colonial Pipeline, which carries nearly half the fuel consumed along the U.S. East Coast, is one of the most disruptive digital ransom schemes ever reported.

May 11 - Iraq formally asks to buy $350 mln Exxon oilfield share

Iraq has formally asked to buy U.S. energy giant ExxonMobil's share in one of Iraq's biggest oilfields, West Qurna 1, the head of the state-run oil operating company said on Monday. Iraq said last month that Exxon was seeking to sell its 32.7% stake in West Qurna 1, and that the oil ministry had started discussions over a possible purchase.

May 10 - U.S. government working to aid top fuel pipeline operator after cyberattack

The White House was working closely with top U.S. fuel pipeline operator Colonial Pipeline on Sunday to help it recover from a ransomware attack that forced the company to shut a critical fuel network supplying populous eastern states. The attack is one of the most disruptive digital ransom schemes reported and has prompted calls from American lawmakers to strengthen protections for critical U.S. energy infrastructure from hacking attacks.

May 10 - Oil for oxygen: Covid-hit India welcomes Saudi medical aid, boosts oil imports

Indian oil minister Dharmendra Pradhan on Friday thanked Saudi Arabia and other Middle Eastern oil producers for supplying liquid medical oxygen (LMO) to help the country in its battle with the COVID-19 crisis. In a series of tweets, Pradhan also welcomed offers by Saudi Arabia, UAE and Qatar to supply containers for the next six months and for an assurance of a steady commercial supply of LMO to India.

May 07 - Crude climbs as US dollar retreats following weak US jobs print
A weaker US dollar helped propel crude futures higher May 7 despite a weaker-than-expected US jobs report and continued concerns regarding Asian demand.

May 07 - 'Advantage Canada' adds more uncertainty for paused Jordan Cove LNG in US
Improving commodity prices and new energy infrastructure that provides outlets for Western Canada oil and natural gas supplies are positive signs for Pembina's growth outlook, executives said May 7.

May 07 - Crude rangebound as upbeat outlook marred by Asian demand fears

Potential disruption to demand in Asia may have moderated the growth in oil futures.

May 07 - Europe's beleaguered refining sector faces challenge of rising carbon costs

 

May 07 - Texas freeze delivers billions in profits to gas and power sellers 

Natural gas suppliers, pipeline companies and banks that trade commodities have emerged as the biggest market winners from February's U.S. winter blast that roiled gas and power markets, according to more than two dozen interviews and quarterly earnings reports. The deep freeze caught Texas's utilities off-guard, killed more than 100 people and left 4.5 million without power. Demand for heat pushed wholesale power costs to 400 times the usual amount and propelled natural gas prices to record highs, forcing utilities and consumers to pay exorbitant bills.

May 07 - China's April oil imports fall 0.2% y/y as refining margins narrow

China's crude oil imports in April fell 0.2% from a year earlier as refiners curbed production to relieve a squeeze in profit margins brought about by rising crude oil prices and bulging inventories. The world's biggest crude oil buyer brought in 40.36 million tonnes of crude oil in April, or 9.82 million barrels per day (bpd), data from the General Administration of Customs showed on Friday.

May 07 - India offers to lift regular Saudi oil volumes in June after May cuts - sources

Indian state refiners on Thursday placed orders for regular supplies from Saudi Aramco for June, after reducing purchases this month, drawn by lower prices by the world's top oil exporter, four sources said on Thursday. The refiners - Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum Corp and Mangalore Refinery and Petrochemicals Ltd - normally buy 14.8 million-15 million barrels of Saudi oil a month.

May 06 - Crude flatlines as Brent fails to cross the $70/b mark
"Worries over Indian oil demand are coinciding with OPEC+ gradually starting to bring supply back onto the market, along with growing Iranian supply," ING Head of Commodities Strategy Warren Patterson and ING Senior Commodities Strategist Wenyu Yao wrote in a daily note.

May 06 - Crude settles lower amid uncertain demand outlooks, profit-taking
Crude oil futures finished a second session lower May 6 as demand uncertainty and rising supply outlooks prompted profit-taking.

May 06 - Cepsa restarts halted Huelva units
The company cited "new opportunities in the international market" and the "geographical position" of the refinery as contributing factors to its decision.

May 06 - OPEC+ oil quota overproduction rises to 3.316 million b/d: document
Russia, Iraq biggest quota violators through March. Excess output must be compensated with extra cuts. Compensation cuts due by end-September.

May 06 - Exxon expects $200 mln in charges this year for job cuts

Exxon Mobil Corp expects up to $200 million in charges this year related to job cuts in an era of cost savings, according to a regulatory filing. The biggest U.S. oil producer has slashed costs, delayed projects and said it could trim an estimated 14,000 employees globally, or 15%, including contractors. 

May 06 - Saudi Arabia cuts June crude oil official selling prices for Asia -sources

Top oil exporter Saudi Arabia has cut the June official selling prices (OSPs) of all crude grades it sells to Asia, two sources with knowledge of the matter said on Wednesday. It set the June OSP for the flagship Arab light crude at $1.7 a barrel above the Oman/Dubai average for Asia, down 10 cents from May and its first price cut since December last year, the sources said.

May 05 - Open interest for front month Singapore gasoil on ICE drops 11.36% on month in April
Open interest for front-month May Singapore gasoil contracts on the Intercontinental Exchange declined 11.36% month on month to 56.81 million barrels in April, the latest ICE data showed.

May 05 -  WTI slides as tepid US product demand offsets large crude draw

Crude futures settled mixed May 5 as an unexpected US gasoline build added headwinds to an overnight rally.

May 05 - Fujairah Oil product stocks climb to 2021 high on signs of slowing exports

Fuel oils dominated shipments last month at 260,000 b/d.

May 05 - LNG market upheavals push Asian buyers to seek more legal protection in contracts
The price extremes of the Asian LNG market in the past year, due to the pandemic-driven demand destruction of 2020 and winter demand spike of early 2021, created friction between buyers and sellers that are likely to feed into negotiations as more LNG contracts get signed.

May 05 - Russia April refining throughput rises 6.3% on year to 23.279 million mt
The year-on-year rise in throughput was due to run cuts last year.

May 05 - Brent up near $70/b after US API stocks data
A weekly report from the American Petroleum Institute on May 4 showed US crude oil inventories fell 7.69 million barrels in the week to April 30.

May 05 - Saudi Aramco beats quarterly profit forecast, maintains dividend

State-run oil producer Saudi Aramco beat analysts' forecasts on Tuesday with a 30% rise in first-quarter net profit and maintained its dividend payout, helped by strong oil prices. Earnings by global energy companies such as Exxon Mobil have climbed on the back of rising crude prices, which are up by about a third this year, as fuel demand recovers from the pandemic and as a global surplus of crude shrinks.

May 05 - India's March crude imports edge up but pandemic concerns loom

India's oil imports in March rose from the previous month, buoyed by an upturn in economic activity that could take a knock again because of renewed lockdowns in the world's third-largest crude importer. Crude imports rose 7.3% from February to 18.26 million tonnes, data on the website of the Petroleum Planning and Analysis Cell (PPAC) showed, although imports were still down about 6.5% year on year.

May 04 - European fuel oil swaps volume traded in Platts MOC falls to 110,000 mt in April
The volume of fuel oil swaps traded during the Platts Market on Close assessment process in London in April dropped to 110,000 mt from March's 370,000 mt, as the market slowed down following a busy month.

May 04 - ICE LSGO futures net speculative length reaches 15-month high

Speculative net long positions in ICE low sulfur gasoil futures were up 15,264 contracts to a 15-month high of 116,147 in the week to April 27, according to ICE data.

May 04 - April fuel oil barge volumes traded in London MOC rose 64.18% on month
April volumes of fuel oil traded in the Platts Market on Close assessment process in London rose 64.18% on the month, with 0.5% sulfur barge volumes up 148.65%% and 3.5%S barges were up 14.96%.

May 04 - Crude hits 7-week high on bullish demand outlooks
Crude oil futures on May 4 settled at the highest since mid-March as improved demand outlooks in Europe, the US and China overshadowed the downside impacts of regional pandemic lockdowns.

May 04 - Open interest for Singapore fuel oil forward curves on ICE tick lower in April
The inflow of arbitrage cargoes is expected to fall in May, while the downstream bunker market remained bearish due to weak demand, market sources said.

May 04 - EMEA Middle Distillates: Key market indicators
European distillates markets looked mostly stronger May 4, with the prompt structure on the ICE low sulfur gasoil futures trading at the two-month high reached on April 30.

May 04 - US Gulf Coast Colonial Pipeline no. 2 gasoil price sinks to near one-year low amid RVO strength
The US Gulf Coast pipeline no. 2 gasoil assessed price fell to a near one-year low May 4 as Renewable Volume Obligation blending costs surged to new all-time highs.

May 04 - Works at some Russian refineries draw to a close: sources
Spring maintenance has been completed or is drawing to a close at some Russian refineries, but elsewhere works are ongoing or about to start, according to market sources.

May 04 - Crude edges higher as easing restrictions in Europe offset India's COVID-19 surge
"The uncontrolled COVID-19 outbreak in India will continue to pose the biggest downside risk to oil prices for now," OCBC Treasury Research analysts said in a May 4 note.

May 04 - Venezuela's April crude output falls to an average 520,000 b/d: internal reports
Lack of light crude to dilute the extra-heavy crude, electrical failures, thefts of materials, and unscheduled well shutdowns led to the decline.

May 04 - OPEC's share of Indian oil imports plunges to 2 decade low – trade

OPEC's share of India's oil imports fell to the lowest in at least two decades in the year to the end of March as overall purchases by Asia's third largest economy fell to a six-year low, data obtained from industry and trade sources showed. Total crude imports by the world's third-biggest oil importer fell to 3.97 million barrels per day (bpd) in the 2021 fiscal year to March 31, down 11.8% from a year earlier, the data showed. 

May 04 - Iraq considering buying Exxon stake in West Qurna 1 oilfield - oil minister

Iraq is considering buying ExxonMobil's stake in the southern West Qurna 1 oilfield through state-owned Basra Oil Co (BOC), the country's oil minister said on Monday. The oil ministry is discussing BOC "taking ownership of the Exxon stake in West Qurna 1 and leading the project, as happened with Majnoon," Ihsan Abdul Jabbar told a news conference, referring to the huge Majnoon oilfield in Iraq's south.

May 03 - Crude settles higher amid strong US demand outlook, weaker dollar
Crude oil futures settled higher May 3, clawing back most of the previous session losses on the back of a weaker US dollar and robust US economic data.

May 03 - Platts Singapore MOC fuel oil swap trades inch up 0.3% on month in April
The total volume of fuel oil swaps traded during the Platts Market on Close assessment process in Singapore inched up 0.3% month on month to 10.63 million barrels in April, S&P Global Platts data showed, with a fall in high sulfur fuel oil trades offsetting a rise in 0.5%S Marine Fuel.

May 03 - Brazil Oil exports jump 2.5% on year in March as pandemic dampens demand
Brazil's crude oil exports advanced 2.5% year on year in March as soaring coronavirus infections dampened domestic demand, according to data published May 3 by the National Petroleum Agency, or ANP.

May 03 - Asia middle distillates: Key market indicators this week
The Asian middle distillates market is set to enter the week of May 3-7 on a steady-to-weaker note.

May 03 - Asia LPG market near contango on weak pre-summer N Asia demand, ample supply
believe it could flip to contango soon, a trade source said.

May 03 - Vietnam mulls loosening oil inventory rules amid market backwardation, fragile demand
Vietnam is expected to import more than 100,000 mt/month of gasoline throughout the second quarter, compared with 61,767 mt purchased in March.

May 03 - Exxon Mobil begins lockout of workers from Texas plant -USW official

Exxon Mobil Corp began escorting United Steelworkers (USW) union members from its Beaumont, Texas, complex, a Reuters witness said, as a deadline passed without a new labor contract. The oil company had set a 10 a.m. (1500 GMT) May 1 deadline to lock out and replace union-represented workers with managers and temporary staff if there were no vote on a company proposal. No vote was taken. 

May 03 - Huge rise in coronavirus cases hit India's April fuel demand

Indian state refiners' local fuel sales in April declined due to state-level restrictions aimed at stemming a rampant second wave of coronavirus infections, preliminary data shows. The deadly second wave topped 400,000 new daily cases for the first time on Saturday.

Apr 30 - BIDEN'S FIRST 100 DAYS: US agencies 'moving with remarkable speed' on energy, climate
One hundred days into office, President Joe Biden has made rapid progress in dismantling his predecessor's energy and climate agenda and implementing his own.

Apr 30 - Crude settles lower on coronavirus spread in India, economic data
Crude futures settled lower April 30 as the spread of the coronavirus in India combined with lackluster economic releases from Europe and China.

Apr 30 - Japan March oil product sales rise 4.9% to 2.78 mil b/d
Fuel oil consumption contributed to the decrease.

Apr 30 - Italy's Eni reports lower throughput in Q1
Italian energy group Eni said that throughput at its Italian refineries in the first quarter fell 5% year on year to 3.85 million mt, "in response to a sharply depressed refining scenario"

Apr 30 - Singapore Middle distillate stocks at 54-week low on planned maintenance, higher exports
Singapore's commercial stockpiles of jet fuel, kerosene and gasoil reversed the upward trend of the last two weeks as healthy outflows of gasoil, against a backdrop of reduced inflow of middle distillates due to scheduled refinery turnarounds, pushed inventories below the 13-million barrel mark, Enterprise Singapore data released late April 28 showed.

Apr 30 - US land drillers see improving activity in 2021 as E&Ps expand operating spheres
US land drillers' rig counts are continuing to inch forward, and exploration and production companies are enjoying lower costs as they reap the benefits of efficiency improvements, with increasing activity projected for 2021, top executives said in Q1 earnings calls April 29.

Apr 30 - Belarus pledges domestic fuel market stability despite looming US sanctions
Belarusian refineries are operating normally and will supply the domestic market with sufficient amounts of gasoline and diesel despite US sanctions being re-imposed against state facilities, Belneftekhim spokesman Alexander Tishchenko said April 29.

Apr 30 - Mediterranean 0.1% gasoil cargoes hit one-year low on increased production
Mediterranean gasoil cargoes hit a one-year low April 29, with Platts assessment of the 0.1% CIF Mediterranean gasoil cargoes hitting minus $7.25/mt as a differential to ICE low sulfur gasoil futures.

Apr 30 - Global oil demand recovery seen shrugging off Indian setback this year
India's growing COVID-19 crisis will do little to derail an expected rebound in global oil demand in the coming months as activity in other key oil consumers continues to lift the oil outlook, according to market watchers.

Apr 30 - Petrobras to reduce Brazil diesel, gasoline prices at refinery gate May 1
Petrobras will reduce wholesale diesel and gasoline prices in Brazil, effective May 1, in an adjustment that coincides with the end of a two-month holiday on federal fuel taxes, the company said April 30.

Apr 30 - Europe's oil majors leave pandemic blues behind

Europe's major energy companies profited from a rise in oil prices to report big increases in first-quarter earnings on Thursday, putting the worst of the pandemic-driven slump in fuel demand behind them. Last year's demand collapse forced BP, Royal Dutch Shell and Equinor to slash their dividends and preserve cash as they to try to transform themselves into companies that can thrive in a low-carbon world.

Apr 30 - Singapore adds 23 charges against founder of oil trader Hin Leong

A Singapore prosecutor filed 23 additional forgery-related charges on Friday against Lim Oon Kuin, the founder of collapsed oil trading firm Hin Leong Trading Pte Ltd. Last year, police had charged the 79-year-old former oil tycoon, better known as O.K. Lim, with two counts of abetment of forgery for the purpose of cheating.

Apr 30 - Credit Suisse investors call for tougher coal finance policy - letter

Credit Suisse investors managing $2.5 trillion have called for the bank to take a tougher stance on coal financing, amid concern its current policies are too lax, a letter seen by Reuters showed. The role of lenders in financing the activities of companies responsible for the major share of greenhouse gas emissions has increasingly been the focus of investors and policymakers, keen to accelerate climate action.

Apr 30 - BHP’s Mt. Arthur bind illustrates mining’s coal dilemma

As BHP Group looks at options to spin off or sell its thermal coal assets, the miner is facing pressure from climate conscious investors who want divergent paths and that's even before getting to the tough task of finding a buyer. The world’s largest miner has been in talks with stakeholders on its plans to divest the Mt. Arthur thermal coal mine, its stake in a steel-making coal project with Japan's Mitsui and a stake in a thermal coal mine in Colombia.

Apr 29 - Crude hit six-week highs as market eyes US, Europe demand recovery
Improved global demand outlooks and a late session slide in the US dollar pushed crude oil futures to settled at their highest since mid-March April 29.

Apr 29 - Continental Refining to repurpose idled Kentucky refinery to a biofuel facility
CRC has completed its evaluation of the project feasibility and is currently progressing with detailed design, equipment procurement, permitting, the company said.

Apr 29 - Crude rises on signs of further strength in demand
US downstream demand and expectations of improving gasoline requirements are lending support to prices.

Apr 29 - Sentiment for Brazil's Tupi crude firms amid pockets of Chinese demand
China's buying sentiment for Brazil's Tupi crude has seen some recovery, market participants in the Asia Pacific sweet crude market said April 29, as pockets of trading activity has emerged ahead of the conclusion of maintenance season in June.

Apr 29 - South Korea March gasoil production jumps to 3-month high
South Korea's March gasoil output rose 7.43% on the month to touch a three-month high of 27.35 million barrels, the latest Korea National Oil Corp. data showed. Market participants said the gains have come on the back of a hike in refinery run rates.

Apr 29 - ARA diesel, gasoil stocks rise 4.2% on week as fundamentals remain soft
Diesel and gasoil inventories at the Amsterdam-Rotterdam-Antwerp trading hub rose 4.2% to 2.173 million mt over the week ended April 29, according to Insights Global data.

Apr 29 - PBF Energy plans higher Q2 runs on rising demand, lower stocks
PBF Energy expects higher second quarter refinery utilization than in the previous two quarters as market conditions improve, with stronger demand and refined product inventory levels at or near five-year average levels.

Apr 29 - Market observers in Mexico concerned about blackouts as summer approaches
Market observers in Mexico are concerned about the possibility of power outages in Mexico during the summer if the country fails to secure enough fuel to meet demand ahead of the heat of summer.

Apr 29 - Major Chinese investors in talks to take Aramco stake - sources

Major Chinese investors are in talks to buy a stake in Saudi Aramco, several sources told Reuters on Wednesday, as Saudi Arabia's state oil firm prepares to sell another slice of its business to international investors. Saudi Arabia was in discussions to sell 1% of Aramco to a leading global energy company and could sell further shares including to international investors within the next year or two, Crown Prince Mohammed bin Salman said in televised remarks on Tuesday.

Apr 29 - Goldman sees commodities rallying over next six months on strong demand

U.S. bank Goldman Sachs expects commodities to rally another 13.5% over the next six months on a worldwide reversal of coronavirus curbs, lower interest rates and a weaker dollar, its commodities research team said on Wednesday. The bank now sees Brent prices rising to $80 a barrel and U.S. West Texas Intermediate (WTI) prices to $77 a barrel over the six month period.

Apr 28 - Crude climbs on smaller-than-expected US build, OPEC+ confidence
Crude oil futures settled higher April 28 on the heels of a smaller-than-expected US inventory build and improved demand outlooks.

Apr 28 - Iran state oil producer ready to lift production to 2018 levels
NISCO is capable of producing more than 3 million b/d. Preparations made to increase output if sanctions lifted.

Apr 28 - Japan April 24 oil products stocks dip 1% on week to 61.71 million barrels

Apr 28 - Saudi sees future demand for its oil amid Aramco share sales plan: Crown Prince
There is a wrong perception among many analysts that Saudi Arabia wants to get rid of oil Mohammed bin Salman said.

Apr 28 - OPEC's output pledge music to ears of pandemic-hit Asian oil buyers
The last thing Asian buyers would want are higher prices as they try to rebuild their economies.

Apr 28 - China to cut May gasoil exports to 1.89 million mt, down 23% from April: sources
China's oil companies plan to cut gasoil exports by 22.9% month on month in May to 1.89 million mt due to tightening supplies in the domestic market amid heavy maintenance, market sources told SP Global Platts on April 28.

Apr 28 - Brazil Petrobras Q1 refinery output slides on pandemic, maintenance
Brazilian state-led oil company Petrobras registered a 0.8% year-on-year decline in refinery output in the first quarter as the country's brutal coronavirus pandemic and maintenance work at four refineries undercut production, the company said in a production and sales report.

Apr 28 - African oil demand poised to reach pre-pandemic levels by H2 2021: analysts
African oil demand is recovering steadily with demand likely to reach pre-coronavirus pandemic levels by the second half year, with imports continuing to account for a larger share of total fuel needs, analysts said on April 28.

Apr 28 - NWE 50 ppm diesel tightens as Belgian CO2 rule change on 10 ppm shifts buying patterns
Changes to the calculation of CO2 reductions required from the sale of red-dyed 10 ppm sulfur diesel in Belgium from April 1 have seen consumers in the country turn to 50 ppm gasoil as an alternative, in turn tightening the 50 ppm barge market across Northwest Europe, according to market sources.

Apr 28 - Brazil Petrobras posts 2.3% rise in Q1 refined-product sales
Petrobras registered a 2.3% year-on-year advance in refined products sales in the first quarter as ULSD sales partially offset the impact of fresh social-distancing measures caused by an upswing in Brazil's coronavirus battle, the state-led company has reported.

Apr 28 - Oil and gas companies can play important role in the energy transition
The energy transition to lower emission resources in the US and globally often focuses on renewable energy, but oil and gas will continue playing a role for the foreseeable future and that industry is making some decarbonization efforts that can be boosted with government support, energy experts said April 28.

Apr 28 - Argentina roadblocks seen lifting soon to free up access to Vaca Muerta shale play: Vista CEO
Protests that have been blocking access to oil fields for 22 days in Argentinian province Neuquen are poised to be lifted in the next few days, allowing producers to resume activities in the fields and production to grow, a source close to the situation said April 28.

Apr 28 - US sees large distillate inventory draw amid steady demand, weaker imports
US distillate fuel oil inventory draws extended during the week ended April 23, as demand rose to seven-week highs and imports fell to the lowest since early November, US Energy Information Administration data showed April 28.

Apr 28 - OPEC+ sticks to plan to ease oil output cuts from May 1

OPEC, Russia and their allies will stick to plans for a phased easing of oil production restrictions from May to July amid upbeat forecasts for a recovery in global demand and despite surging coronavirus cases in India, Brazil and Japan. The group known as OPEC+ ditched plans to hold a ministerial meeting on Wednesday, four OPEC+ sources said, following Tuesday's meeting of ministers who are members of a market monitoring panel.

Apr 28 - Saudi Arabia in talks to sell 1% of Aramco to foreign investor, says crown prince

Saudi Arabia's crown prince said in televised remarks on Tuesday that the kingdom was in discussions to sell 1% of state oil firm Saudi Aramco to a leading global energy company. Crown Prince Mohammed bin Salman said Aramco, the world's biggest oil company which listed on the Saudi bourse in late 2019, could sell further shares including to international investors within the next year or two.

Apr 27 - Crude settles at one-week high as OPEC+ sees improving market conditions
Crude oil futures settled higher April 27 as OPEC and its allies, citing favorable market conditions, agreed to move ahead with plans to raise production levels in May.

Apr 27 - Saudi forces intercept bomb-laden vehicle in Red Sea: SPA
Saudi forces have intercepted and destroyed a bomb-laden unmanned surface vehicle (USV) off the Red Sea port of Yanbu, according to a statement issued by the kingdom's ministry of defense, the latest incident amid escalating tensions in the region.

Apr 27 - Crude steady as OPEC+ JMMC commits to production increase
Analysts had largely expected the group to proceed with the production increases as planned, however, a recent surge of COVID-19 infections in India, Turkey, and elsewhere had added some uncertainty in recent days.

Apr 27 - OPEC+ committee endorses plan to hike crude oil production in May: delegates
Quotas rise 350,000 b/d, Saudis unwind 250,000 b/d of extra cut. Full OPEC+ meeting scheduled for April 28 will be canceled. Ministers will convene again in late May/early June to review decision.

Apr 27 - Brazil's Promar makes mature offshore oil fields attractive, more needed: executives
Brazil's Promar program of regulatory measures and incentives aimed at boosting the revitalization efforts of mature offshore fields made the country's legacy production assets more attractive to small and medium-sized companies, but more work needs to be done for a recovery to gain momentum, executives said during a webinar April 27.

Apr 27 - Ukraine to increase diesel imports to head off possible shortages
Ukraine is preparing to increase imports of diesel fuel within the next weeks to address concerns of shortages in May, the Economy Ministry said April 27.

Apr 27 - Japan's ENEOS seeks to hike April-June fuel oil prices by 14%-18% on firmer oil
Japan's largest refiner ENEOS is seeking to hike its April-June quarter fuel oil prices for domestic industrial customers mainly due to firm oil prices.

Apr 27 - BP forecasts further drop in oil, gas output this year as asset sales bite
Q1 upstream output falls 14% on year despite OPEC+ easing. Gas project ramp-up to help ease asset decline. Sees market recovery, return to normal stock levels by year-end.

Apr 27 - Chinese Mar fuel oil exports rise 52.3% on year to 1.68 mil mt
Jan-Mar exports surge 76.6% on year. Imports for Jan-Mar decline 27.6% on year.

Apr 27 - Total declares force majeure on Mozambique LNG after insurgent attacks

French energy group Total declared force majeure on its $20 billion liquefied natural gas (LNG) project in Mozambique and confirmed it had withdrawn all staff from the construction site following insurgent attacks last month. Dozens of civilians were killed in the Islamic State-linked attacks in the coastal Mozambique town of Palma, near gas projects that are worth $60 billion and are aimed at transforming the East African nation's economy.      

Apr 27 - CalPERS to back activist's four director nominees in Exxon board fight

The California Public Employees' Retirement System (CalPERS) said on Monday it plans to vote for Engine No. 1's four director nominees to Exxon Mobil Corp's board, throwing additional support to the activist hedge fund in its proxy fight with the company. "CalPERS is supporting additional board refreshment due to the long-term financial underperformance at ExxonMobil and the need for a greater depth of skill sets and experience on the board to address the significant challenges the company faces," the pension fund said on Monday.

Apr 27 - OPEC+ keeps oil demand forecast, but worried by COVID surge – sources

The OPEC+ joint technical committee (JTC) has kept its forecast for growth in global oil demand this year, but is concerned about surging COVID-19 cases in India and elsewhere, three sources from the producer group told Reuters. In its most recent monthly oil market report, the Organization of the Petroleum Exporting Countries (OPEC) raised its forecast for global oil demand growth by 70,000 barrels per day (bpd) to 5.95 million bpd.

Apr 26 - Crude edges lower as regional coronavirus spikes blunt outlooks
Crude oil futures finished lower after a volatile session as the market searched for direction amid signs of an uneven recovery of global demand.

Apr 26 - Petroecuador cancels long-term No. 6 fuel oil tender
Ecuadorean state oil company Petroecuador canceled its No. 6 fuel oil tender after facing serious blowback for awarding an unusually long two-year sales contract to Unlimited Corporations.

Apr 26 - China March oil product output rises 20% on year to 41.5 mil mt

China's fuel oil output posted strong year-on-year increase, rising 24.4% to 3.44 million mt in March, and surging 35.4% over January-March to 9.14 million mt, the NBS data showed.

Apr 26 - Crude rangebound as investors monitor pandemic, await OPEC+ meet
"The market is looking at the evolving situation in India, which has raised some concerns about the demand outlook for oil in the region," ING's Patterson said.

Apr 26 - Oman's Duqm refinery project more than 80% complete: Muscat Daily
The refinery has been under construction since 2018, and is expected to start up in 2022.

Apr 26 - China March transport fuel output jumps 19% on year to 29.18 million mt
China's total output of transport fuel petroleum products, including gasoline, gasoil and jet fuel, rose 19.2% year on year to 29.18 million mt in March, data from the National Bureau of Statistics showed.

Apr 26 - Brazil March refined-product output climbs 0.5% on year
March production of diesel, fuel oil, and gasoline from Brazilian refineries ticked up 0.5% from March 2020 despite coronavirus-related lockdowns and an ongoing maintenance program, according to data the National Petroleum Agency released April 26.

Apr 26 - Volvo, Uber join call for EU-wide ban on gasoline, diesel cars by 2035
Volvo, Vattenfall and Uber are among 27 companies calling on the EU to ban the sale of new gasoline and diesel cars by 2035 in order to accelerate the transition to electric cars.

Apr 26 - Libya crude output to rebound as force majeure lifted on Marsa el-Hariga exports
Libya's crude output could rebound in the coming days after the state-owned National Oil Corporation lifted force majeure on exports out of the eastern Marsa el-Hariga terminal on April 26.

Apr 26 - Japan domestic clean product shipments fall 12% in Feb on weak demand
Japan's total clean product domestic shipments in February fell 12% year on year to 4.86 million kl, or 30.56 million barrels, due to the weak domestic demand, according to the latest data from the Japan Federation of Coastal Shipping Associations.

Apr 26 - US crude draws likely resume amid expected uptick in refinery runs

US crude oil inventory draws likely resumed during the week ended April 23 amid an expected uptick in refinery demand, an S&P Global Platts analysis showed April 26.

Apr 26 - Brazil March biodiesel production rises despite higher feedstock costs
Brazil boosted biodiesel production year on year in March after Latin America's biggest country increased its biodiesel-diesel blend March 1, but high raw-materials prices remain a challenge to additional growth in 2021, according to data released April 26 by the National Petroleum Agency, or ANP.

Apr 26 - China Jan-Mar fuel oil output surges 35.4% on year to 9.1 mil mt
China's fuel oil output over January-March climbed 35.4% year on year to 9.1 million mt, according to latest data released by the National Bureau of Statistics.

Apr 26 - US hikes climate targets; cites international, market momentum in face of policy divide
The US committed April 22 to reducing economywide greenhouse gas emissions by 50%-52% from 2005 levels by 2030, as some of the world's top emitters also reaffirmed or raised their ambitions to cut emissions at the start of a two-day climate summit hosted by US President Joe Biden.

Apr 26 - Singapore gasoil derivative crack soars to 7-week high on demand uplift optimism
The Singapore front month gasoil derivative crack spread against Dubai crude swaps rallied to a seven-week high at the Asian close on April 23 on expectations of firmer demand for the middle distillate product stemming from Europe's reopening following a prolonged period of coronavirus-related restrictions

Apr 26 - New York state pension fund backs activist nominees in Exxon proxy fight

New York state's pension fund on Friday threw its support behind an activist fund's slate of nominees to Exxon Mobil Corp's board, heating up a proxy fight for the company's future. The biggest U.S. oil producer Exxon and activist hedge fund Engine No. 1 are battling over board seats following Exxon's historic net annual loss of $22.4 billion for 2020. The fund has criticized the producer for "significant underperformance" and a lagging approach to cleaner fuels.

Apr 26 - Speculators cut U.S. crude oil net longs - CFTC

Money managers cut their net long U.S. crude futures and options positions in the week to April 20, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group cut its combined futures and options position in New York and London by 4,778 contracts to 372,169 during the period.

Apr 23 - Brent crude oil is up 0.5% at $65.74 a barrel and WTI futures are up 0.7% at $61.88 a barrel, with oil clawing back some of this week's losses stemming from bearish U.S. inventory data, rising coronavirus caseloads and concerns that Iran could rejoin the oil market in the coming months. Brent and WTI are set for weekly losses of 1.5% and 2%, respectively, though a drop in the U.S. dollar may be relieving some of the pressure of recent days. Sucden Financial's Daria Efanova says investors are continuing to monitor Indian Covid-19 case numbers.

Apr 23 - OPEC says NOPEC bill could put U.S. overseas assets, personnel at risk

U.S. assets and personnel overseas could be at risk if the country decided to pass a bill against OPEC, known as NOPEC, the head of the Organization of the Petroleum Exporting Countries told member states. In a letter, seen by Reuters, Mohammad Barkindo encouraged member countries to engage with the U.S. administration.

Apr 23 - Texas energy fund shuts, founder says millions squandered

The founder of a Texas oil and gas investment firm that raised about $31 million shut the business this month and acknowledged in a Reuters interview that he had squandered investors' cash on "bad" and "non-arm's-length" deals. Christopher Bentley, who founded Bellatorum Resources LLC in 2016 and raised funds from about 150 wealthy individuals, closed its doors on April 9 and contacted U.S. prosecutors. His firm bought mineral rights in Texas shale fields, betting on appreciation as oil and gas drilling rose.

Apr 22 - Oil extend losses into 3rd day on U.S. stock build, pandemic fears (Reuters)

- Oil prices extended their losses into a third day on Thursday as a surprise build-up in U.S. crude inventories and a resurgence of COVID-19 cases in India and Japan fuelled fears that a recovery in global economy and fuel demand may be stalled.
- Brent crude futures fell 18 cents, or 0.3%, to $65.14 a barrel by 0721 GMT, following a drop of $1.25 on Wednesday. U.S. West Texas Intermediate (WTI) crude futures were down 17 cents, or 0.3%, at $61.18 a barrel, after losing $1.32 on Wednesday. Both contracts dropped more than 2% on Wednesday, closing at their lowest since April 13. They are down about 3% so far this week.
- U.S. crude oil stockpiles unexpectedly edged higher in the week ended on April 16, the Energy Information Administration said on Wednesday, with the inventories rising by 594,000 barrels, against analysts' expectations in a Reuters poll for a 3 million-barrel drop. ,
"An unexpected and high increase in the U.S. inventories fuelled concerns over weak demand which came against expectations for a strong recovery in demand," said Satoru Yoshida, a commodity analyst with Rakuten Securities.
"What is hurting the market sentiment is also the fact that the COVID-19 pandemic is spreading again at a fast pace in India and Japan despite the fact there had been hopes that the spread of vaccination would improve the infection situation," he said.
- India, the world's third-largest oil user, reported on Thursday 314,835 new cases of the coronavirus over the previous 24 hours, the highest daily increase recorded anywhere. Japan, the world's No.4 oil importer, is expected to issue a third state of emergency on Tokyo and three western prefectures that could last for about two weeks, according to media reports. read more
- The Organization of the Petroleum Exporting Countries and allies led by Russia, a producer group known as OPEC+, are heading for a largely technical meeting next week in which major changes to policy are unlikely, Russian Deputy Prime Minister and OPEC+ sources said.
"Earlier this week, the market rose briefly on news of Libya's force majeure on exports, but concerns over the spread of the pandemic in Asia are outweighing the Libya's news now," said Toshitaka Tazawa, an analyst at commodities broker Fujitomi Co.
- Libya's National Oil Corp (NOC) declared force majeure on Monday on exports from the port of Hariga and said it could extend the measure to other facilities due to a budget dispute with the country's central bank.

Apr 22 - OPEC+ heads for largely technical meeting next week - Russia, sources

OPEC+ is heading for a largely technical meeting next week where major changes to policy are unlikely, Russian Deputy Prime Minister and OPEC+ sources said. Alexander Novak said on Wednesday the group may confirm or tweak output plans following its decision to ease production curbs.

Apr 22 - Halliburton, Baker Hughes beat estimates, eye oil recovery

Baker Hughes Co and Halliburton Co on Wednesday said North American oil markets were showing signs of recovery as the two energy services firms beat Wall Street expectations for first-quarter earnings. The upbeat outlooks marked a sharp change from a year ago, when the coronavirus pandemic slashed energy demand and production and oil companies reduced spending on new equipment and drilling.

Apr 21 - U.S. House panel advances bill allowing anti-trust suits against OPEC

A U.S. House panel on Tuesday passed a bill to open the OPEC oil production group and countries working with it to lawsuits for collusion in boosting petroleum prices, but it was uncertain whether the full chamber would consider the legislation. The so-called NOPEC bill, introduced by Representative Steve Chabot, a Republican, passed on a voice vote in the House Judiciary Committee. 

Apr 21 - February freeze to hit refiners' earnings as investors look to demand

Refiners are expected to report big first-quarter losses after February's winter storm froze activity along the Gulf Coast, but as more Americans are vaccinated against COVID-19, analysts expect the industry's outlook to brighten as demand rebounds. Seven independent U.S. refiners are projected to post an average earnings-per-share loss of $1.32, versus a loss of $1.77 in the fourth quarter of 2020, according to IBES data from Refinitiv.

Apr 20 - Energean's Karish gas development project in Israel is mostly complete, however there still remains some doubt on the timeline for first gas, according to Berenberg. The energy company said it is focusing on its Singapore yard, which has limited access to workers and yard productivity, and Energean said it is working with contractors to firm up the timetable, all of which could lead to a delay in first gas. "Given previous statements and confidence in the timeline, any indication of an additional delay would be taken negatively," says the brokerage. Berenberg maintains its buy rating on the stock with a target price of 1,090 pence.

Apr 20 - Tsakos Energy Navigation Ltd., a Greek oil shipping company, said Friday that it was under investigation by U.S. authorities for possible violations of an anti-bribery law. The company said it was conducting an investigation in parallel with the Department of Justice and Securities and Exchange Commission. The probes stem from offenses by various shipbrokers who have been charged in Brazil in connection with charters between a major state oil entity and certain international shipowners, Tsakos said in an annual report to the SEC. Bribery by its brokers could be considered a violation of the US Foreign Corrupt Practices Act by Tsakos, the company said. A long-running corruption probe in Brazil centers on a far-reaching bribery scheme involving the country's state-controlled oil company, Petróleo Brasileiro SA, also known as Petrobras.

Apr 20 - Saudi crude exports drop to eight-month low in February

Saudi Arabia's crude oil exports fell to their lowest in eight months in February, the Joint Organisations Data Initiative (JODI) said on Monday, as the world's biggest oil exporter voluntarily capped output to support oil prices. Crude exports fell to 5.625 million barrels per day (bpd), their lowest since June 2020 in February, from 6.582 million bpd in the prior month.

Apr 20 - China boosts crude oil storage, but higher price may deter future builds: Russell

China boosted the flow of crude oil into storage tanks in March as strong imports and domestic output exceeded an increase in the volume of fuel being processed by refiners. About 1.63 million barrels per day (bpd) of crude was directed into commercial and strategic inventories last month, up from about 920,000 bpd in the first two months of 2021, according to calculations based on official data.

Apr 19 - SDG&E, Dominion starting hydrogen pilot programs to help reach net-zero emissions
US utilities are moving ahead with hydrogen pilot programs as part of their push toward net-zero emissions, with San Diego Gas & Electric and Dominion Energy April 19 providing details about projects to blend hydrogen into natural gas distribution systems, along with other applications.

Apr 19 - Crude edges higher amid weaker dollar, strong US demand outlooks
Crude oil futures finished a volatile session slightly higher April 19 on the back of a weaker dollar and strong US demand outlooks, but surging regional COVID-19 outbreaks added headwinds to global demand recovery outlooks.

Apr 19 - Guarantees of origin to ensure Norwegian hydrogen fueling is renewable: Hynion
Certified renewables to be used at Oslo station. H2 Trucks projects aims for 100 vehicles by 2025. Implenia, Teco in construction site agreement.

Apr 19 - Brazil's Petrobras to maintain diesel, gasoline prices at import parity: New CEO
Petrobras will maintain its policy of keeping domestic refined product prices at parity with international prices, while also looking to reduce volatility for consumers, new CEO Joaquim Silva e Luna said April 19.

Apr 19 - Saudi crude stock draws continue, exports fall due to production cut
Supplies to market fell to 8.241 million b/d in February. Output 8.15 b/d, following OPEC quota and voluntary cut. Closing stocks lowest since at least January 2002.

Apr 19 - USGC middle distillate shipments to Europe at 80,000 mt in April: cFlow
The European ULSD market remains heavy as a third wave of lockdowns have reduced mobility in several countries while refinery run rates remained unclear.

Apr 19 - Natixis to stop financing trade in Ecuadorian crude oil

French bank Natixis said it plans to stop financing the trading of Ecuadorian crude oil by 2022, after pressure from campaigners over the trade's links to environmental damage in the Amazon. The role of European banks in backing the trade came under scrutiny in August, when a report by advocacy groups Stand.earth and Amazon Watch named six European banks as major financiers of Ecuadorean oil exports to U.S. refineries.

Apr 19 - Clean crude? Oil firms use offsets to claim green barrels

In January, Occidental Petroleum announced it had accomplished something no oil company had done before: It sold a shipload of crude that it said was 100% carbon-neutral. While the two-million-barrel cargo to India was destined to produce more than a million tons of planet-warming carbon over its lifecycle, from well to tailpipe, the Texas-based driller said it had completely offset that impact by purchasing carbon credits.

Apr 16 - Oil to hit $40 by 2030 if climate goals are met - consultancy

Global oil prices could drop to around $40 a barrel by 2030 if governments push to reduce fuel consumption in step with U.N.-backed plans to limit global warming, a leading energy consultancy said on Thursday. In a report outlining a scenario where the world acts decisively to tackle greenhouse gas emissions by electrifying transport and industry, Edinburgh-based Wood Mackenzie said oil consumption would begin a steep drop as early as in 2023.

Apr 16 - Aramco pipeline investors to refinance loan with bonds next year – sources

EIG Global Energy Partners will lead a yet-unnamed consortium to issue billions of dollars in bonds across two or three transactions to replace bank debt backing an investment in Saudi Aramco's oil pipeline assets, two sources said. The Washington, D.C.-based firm's consortium will issue bonds to replace $10.5 billion in so-called staple financing that was arranged by Aramco for potential suitors to take the 49% stake, the sources said.

Apr 15 - France's Total partners with Siemens Energy on LNG emissions reductions
French energy major Total said April 13 it is working with Germany's Siemens Energy to study ways to reduce carbon emissions in LNG production, amid similar efforts by North American exporters and liquefaction terminal developers.

Apr 15 - Crude price rally extends as US dollar approaches one-month low
Crude futures settled higher for a fourth straight session April 15, buoyed by bullish forward demand outlooks and a weaker US dollar.

Apr 15 - Crude eases from bull rally as prices reach a ceiling
Market drivers in the oil markets this week have been bullish, particularly on outward-looking sentiment. But rising COVID-19 infection rates in Europe and India have moderated further gains.

Apr 15 - Global energy leaders to work with India to meet hydrogen needs
US, UAE, Australia, Denmark pledge cooperation. ADNOC aims to supply both oil, hydrogen to India. US, Australia aim for green hydrogen under $2/kg

Apr 15 - Major industry groups urge UK, EU to agree emissions trading link before COP26
A coalition of more than 40 major industry associations from Europe and the UK has urged leaders from both regions to link up their respective emissions trading systems before the COP26 climate summit in November.

Apr 15 - Global SAF output will double when LanzaJet's plant starts up in end-2022
Can produce higher yield of SAF under new technology: CEO. Considered less carbon, capital intensive than other processes. Price between SAF-Jet A-1 will narrow as more airlines adopt SAF.

Apr 15 - Eni to upgrade Venice biorefinery units to eliminate palm oil feedstock use
Venice plant currently processing from 25% of waste oils. Expects to stop processing palm oil in 2023. Plans to double its biorefining capacity by 2024.

Apr 15 - IEA ups oil demand forecast as vaccinations brighten outlook

Vaccine rollouts are brightening the outlook for global oil demand, the International Energy Agency (IEA) said on Wednesday, though rising cases in some major oil-consuming countries show a recovery may be fragile. "Fundamentals look decidedly stronger," the IEA said in its monthly report.

Apr 15 - U.S. crude stockpiles fall as refiners ramp up output - EIA

U.S. crude oil stockpiles dropped more than expected as refiners increased activity heading into the summer driving season, the Energy Information Administration said on Wednesday. Crude inventories fell by 5.9 million barrels in the week to April 9 to 492.4 million barrels, compared with analysts' expectations in a Reuters poll for a 2.9 million-barrel drop.

Apr 15 - Natural gas prices end the session a tiny, 0.04% lower from yesterday's closing price, at $2.618/mmBtu. The small declines brings to an end a five-session streak of price increases and suggests investors are once again turning a bit bearish as they await a weekly EIA storage report tomorrow that may show a large increase in inventories due to weak demand amid mild weather. A WSJ survey of analysts is forecasting, on average, a 66B cubic feet injection into storage for the week ended April 9, which would be well over double the normal 26-bcf injection for that week.

Apr 15 - Oil prices roar back to life after stalling out in recent weeks, with WTI crude finishing today's session 4.9% higher at $63.15 a barrel, the biggest one-day gain in three weeks and the highest closing price in four weeks. The price-surge comes after a weekly EIA report showed a much-larger-than-forecast, 5.9M barrel decline in US oil inventories, and saw US gasoline demand jump to an eight-month-high 8.9M barrels a day. Also, oil refinery activity climbed to a nearly 13-month-high capacity utilization rate of 85%. "Despite recent concerns over both the AstraZeneca and J&J COVID vaccines, the crude demand outlook is starting to improve," says Edward Moya at Oanda.

Apr 14 - China's Iranian oil buying spree crushes demand for Brazil, Angola crude

China's record imports of Iranian crude in recent months has squeezed out supply from rival producers, forcing sellers of oil from countries such as Brazil, Angola and Russia to slash prices and divert shipments to India and Europe. The jump in Iranian volumes took the market by surprise and has capped global oil prices although the Biden administration had been expected to resume talks with Tehran to revive a nuclear deal. 

Apr 14 - OPEC raises 2021 oil demand growth forecast on hope pandemic wanes

OPEC on Tuesday raised its forecast for growth in world oil demand this year on expectations the pandemic will subside, providing help for the group and its allies in their efforts to support the market.  Demand will rise by 5.95 million barrels per day (bpd) in 2021, or 6.6%, the Organization of the Petroleum Exporting Countries forecast in its monthly report. That is up 70,000 bpd from last month.

Apr 13 - China's crude imports jump 21% yoy on robust demand, maintenance season looms

China's crude oil imports jumped 21% in March from a low base of comparison a year earlier as refiners ramped up operation amid robust fuel demand post-COVID-19, though purchases slowed ahead of the maintenance season. The world's top crude oil buyer imported 49.66 million tonnes last month, equivalent to 11.69 million barrels per day (bpd), data from the General Administration of Customs showed on Tuesday.

Apr 13 - Texas oil pipelines face dry months as production languishes

Nearly half of all oil pipelines from the Permian basin, the biggest U.S. oilfield, are expected to be empty by the end of the year, analysts and executives said.  Pipeline companies went on a construction spree throughout 2018 and 2019 to handle blistering growth in U.S. crude production to a record 13 million barrels per day (bpd). However, the coronavirus pandemic crushed both fuel demand and oil production, and neither have recovered fully, leaving many pipelines unused.

Apr 12 - Crude edges higher amid improved global demand outlooks
Crude prices settled higher April 12 as rising refined product consumption offset some concerns regarding the impact a resurgent pandemic would have on global demand.

Apr 12 - EMEA middle distillates: Key market indicators
European distillates were looking firm, despite rising COVID-19 cases, as easing restrictions in the UK and lower refinery production across the region supported markets.

Apr 12 - Sahara Energy doubles oil product storage capacity in Tanzania
Sahara now has a storage capacity of 72 million liters consisting of eight storage tanks and 20 loading arms, it said.

Apr 12 - East of Suez ULSD shipments to Europe set to rise to 700,000 mt in April: cFlow
The delay in arrivals due for March caused little stir in the European ULSD market, with good availability already in the region.

Apr 12 - India's March oil products demand up 17.9% on year to 4.8 mil b/d
The demand data reflects improvement in Asia's third-largest economy compared with a lower base of the year-ago month, when the coronavirus-induced lockdown was introduced.

Apr 12 - Aramco agrees $12.4 bln deal to sell stake in pipelines

Saudi oil producer Aramco has agreed a $12.4 billion deal to sell a 49% stake in its pipelines to a consortium led by U.S.-based EIG Global Energy Partners. Announced late on Friday, it is the company's largest deal since its record $29.4 billion initial public offering in late 2019.

Apr 12 - U.S. Army Corps allows Dakota Access pipeline to stay open during review

The U.S. Army Corps of Engineers on Friday said it will allow Energy Transfer LP's Dakota Access oil pipeline to keep running without a federal permit, frustrating activists who wanted the line shut after a key environmental permit was scrapped last year. The pipeline has been the flashpoint for a years-long legal battle between Energy Transfer and several Native American tribes who say it could contaminate drinking water supplies.

Apr 12 - Biden budget's $14 bln hike for climate includes big boosts for EPA, science

U.S. President Joe Biden on Friday proposed $14 billion in spending on initiatives to fight climate change in the 2022 budget, including large cash injections for environmental regulation and science research. The proposal underscores the administration's ambitions to decarbonizing the economy by 2050 to stem global warming, reversing a policy direction set by former President Donald Trump to slash red tape that hindered fossil fuel production.

Apr 12 - Commodities trader Trafigura launches carbon trading desk

Trafigura has begun launching a carbon trading desk led by Hannah Hauman, the global commodities trading firm said on Friday, as part of its push to gain a foothold in the global energy transition.  The Geneva-based firm set up a renewables and power division in 2019 to be a third core pillar alongside metals and oil trading. It also formed a joint venture called Nala Renewables to invest in green energy.

Apr 09 - East-West jet fuel shipments show uptrend, but uncertainty remains
Jet fuel shipments from the Persian Gulf and India to Europe improved marginally in March from February, propelled by optimism from vaccination programs and travel initiatives, which are poised to pave the way for the reopening of air travel. But several brokers tracking such deals said that concerns over their sustainability over the coming months remain.

Apr 09 - Higher supply pressures Middle East LPG prices as Chinese demand grows
Asia is bracing for higher Middle East LPG supply, as Saudi Arabia unwinds its voluntary 1 million b/d in extra crude production cuts over May through July, while US-Iran indirect talks over restoring the nuclear deal boost hopes of sanctions relief that could see restrictions on Iran oil sales lifted.

Apr 09 - Exxon mulls closure of Norway's Slagen refinery as region's clean fuel shift continues

ExxonMobil is considering closing its 116,000 b/d Slagen refinery in Norway to convert the site into a fuel import terminal, the company said April 8, marking a potential further casualty of Europe's surplus refining capacity as the region's fuel demand shrinks and competition from new markets continues to grow.

Apr 09 - Crude edges lower amid higher OPEC+ output, US-Iran talks
Crude oil futures settled lower April 9 as the market eyed rising global supply outlooks.

Apr 09 - Middle distillate stocks fall below 13 mil-barrel mark to a year low
Singapore's onshore commercial middle distillate stocks slipped for the sixth straight week as healthy jet fuel exports propelled yet another drawdown in inventories.

Apr 09 - UK to allow international travel from May 17 in boost for jet fuel
International travel from the UK could resume from May 17 at the earliest, Transport Secretary Grant Shapps has said, providing a boost for the jet fuel outlook in Europe.

Apr 09 - RINs costs offset refined products demand increase for smaller US refiners

US refinery margins have been rising this year as the lifting of coronavirus restrictions has boosted demand for transportation fuels, although that demand increase has been offset for some smaller refiners by the rising costs of adhering to the Renewable Fuel Standard.

Apr 09 - Total restarts crude extraction at Italy's Tempa Rossa after maintenance
Total's long-delayed Tempa Rossa heavy oil development in southern Italy, which began ramp-up operations toward the end of 2019 and is still short of reaching full capacity output levels of 50,000 b/d, has restarted extraction activities after an extraordinary maintenance cycle, the French company said April 8.

Apr 09 - U.S. renewable fuels market could face feedstock deficit

Demand for feedstocks from renewable fuel producers is expected to surge in the United States in coming years as companies scramble to expand output. Energy from material that comes from plants and animals, or biomass, currently accounts for roughly 5% of U.S. energy use, slightly more than wind and solar energy. Most U.S. energy use is still based around fossil fuels like petroleum and natural gas. 

Apr 09 - Saudi $7 trillion investment goal puts spotlight on oil prices

In order to wean Saudi Arabia off its dependency on crude the kingdom needs higher oil prices. A multi-trillion dollar spending push designed to diversify the economy's sources of income will require state companies to cut the dividends they pay the government to boost capital spending, Crown Prince Mohammed bin Salman has said. It is not clear how much companies like oil group Saudi Aramco - whose $75 billion dividends last year were vital to support state revenues - would cut their dividends, but any reduction would likely need to be compensated by higher oil prices, analysts say.

Apr 09 - EDF Energy could bring forward decommissioning of Dungeness B nuclear plant

EDF Energy, owned by French utility EDF, is exploring a range of scenarios for its Dungeness B nuclear plant in Britain, including bringing forward its decommissioning date of 2028, it said on Thursday. The phasing out of ageing nuclear and coal-fired power plants, combined with declining North Sea oil and gas output, is putting pressure on Britain to develop new sources of energy and build new nuclear plants, something it has not done in around three decades. 

Apr 09 - Equinor, SSE aim to build the world's first hydrogen power plant

Norwegian energy firm Equinor and British utility SSE have agreed to jointly develop the world's first 100% hydrogen-fuelled power plant in Britain, the companies said on Thursday. Hydrogen is seen as a potential replacement for natural gas in power and heat generation, helping to achieve global climate goals.

Apr 08 - Russian gasoline prices to be capped by rising volumes: Spimex
Russia's St. Petersburg International Mercantile Exchange does not expect domestic gasoline prices to surge in April and May as the volumes being offered and traded on the exchange floor have increased.

Apr 08 - US April LPG exports estimates to Europe lower month on month: Kpler
US LPG exports to Europe and the Mediterranean so far in April have fallen overall from March as arbitrage economics for European delivery worsen.

Apr 08 - New coronavirus curfew may delay recovery in Argentina's crude, products demand
Argentina's demand for oil and petroleum products likely will won't fall by much during a three-week curfew starting April 9 as a second wave of the coronavirus hits the country, but it could delay a recovery in crude consumption as well as production, industry sources said April 8.

Apr 08 - Asia's prompt gasoil strengthens as demand gains momentum
The Asian gasoil market remained on an upward march as demand indications firmed, spurred by healthy cross-regional flows and firmer sentiment amid news of the imminent revival of international flights.

Apr 08 - Crude lacks direction amid rising supply outlooks, pandemic demand risks
Crude futures ended a volatile session mixed as the market searched for direction as a weaker US dollar offset weakened fundamental outlooks.

Apr 08 - Brazil's Bolsonaro warns of potential changes to Petrobras' fuel-price policy

Brazilian President Jair Bolsonaro has once again warned of changes at state-led Petrobras, raising the specter of renewed government interference at the company that could lead to changes in its policy for pricing transportation fuels.

Apr 08 - Bakken crude to be rerouted in every direction if DAPL shuts
Bakken Shale crude oil volumes would ship to the west, east and even up north into Canada and back into the US again as producers and pipeline operators target alternative routes if the Dakota Access Pipeline is shuttered, even temporarily, according to industry sources.

Apr 08 - Valero, Phillips 66 see negative first quarter from February freeze
Valero Energy warned it will post a loss when it reports first quarter earnings later this month, with mid-February polar vortex's impacting its earnings and operations, the company said in an April 8 statement.

Apr 08 - Russia tops up April oil exports yet again as output rises - traders

Russian Urals oil exports in April were revised up by 0.1 million tonnes on Wednesday following several other increases this week and last, pushing up overall Baltic exports of the grade to 4.5 million tonnes this month, according to traders. It was the sixth extra cargo added to the loading plan from Russia's Baltic ports after the final version was issued late last month, an unusually high number. The increases reflect a rise in Russian output, helped by warmer weather and more relaxed OPEC+ output limits, the traders said. 

Apr 08 - U.S. crude stockpiles drop, fuel inventories rise - EIA

U.S. crude oil stockpiles fell more than expected last week, while gasoline inventories jumped sharply as refining rates to the highest in over a year, the Energy Information Administration said on Wednesday. Crude inventories fell by 3.5 million barrels in the week to April 2 to 501.8 million barrels, compared with analysts' expectations in a Reuters poll for a 1.4 million-barrel drop. Stocks in the Midwest fell to their lowest since March 2020.

Apr 08 - Biden tax plan replaces U.S. fossil fuel subsidies with clean energy incentives

U.S. Treasury Secretary Janet Yellen on Wednesday released details of a tax hike proposal that would replace subsidies for fossil fuel companies with incentives for production of clean energy in President Joe Biden's infrastructure plan. Linked to the $2.3 trillion infrastructure package, it is part of wider plan that includes boosting the corporate income tax rate from 21% to 28%. 

Apr 08 - World Bank, IMF eye ways to link debt relief to climate change spending

The World Bank and the International Monetary Fund are planning to launch a platform to advise poor countries on funding climate and conservation activities, amid a broader push that could link such spending to debt relief, according to a draft document seen by Reuters. The advisers would include U.N. officials, nongovernmental organizations, private investors and even ratings agencies with expertise in sourcing investment, including grants, low- or no-interest loans and conditional debt relief, the document says.

Apr 07 - February air passenger demand down amid tentative recovery outlook
Air passenger demand in February was almost 75% lower than in February 2019, worse than in January, on the back of travel restrictions, the International Air Transport Association said in a statement April 7.

Apr 07 - Crude oil, fuel prices dip as US gasoline stocks spike
Both crude oil prices and fuel benchmarks dropped slightly April 7 following the news that US gasoline inventories rose by greater volumes than commercial crude stocks fell in the week ended April 2.

Apr 07 - NWE 0.1% gasoil at 2-month high on low production, weak demand

The Northwest Europe 0.1% gasoil cargo market's relative value has risen to a two-month high amid lower availability for finished grade products and despite poor demand, sources said.

Apr 07 - NWE jet fuel cargoes hit two-and-a-half month high despite bearish fundamentals
Cargoes of jet fuel trading in Northwest Europe strengthened to a two-and-a-half month high versus front-month ICE low-sulfur gasoil futures on April 6, with stocks having been drawn down amid lower eastern arrivals in the first half of April, as well as very limited regional production and a marginal increase in consumption.

Apr 07 - Republic of Congo produced 282,661 b/d in March, just above OPEC quota
The Republic of Congo pumped above its OPEC quota in March, producing 282,661 b/d of crude, a marginal increase from the previous month, according to a senior official from the country's hydrocarbons ministry.

Apr 07 - EIA says Gulf Coast ULSD stocks see largest regional week-on-week build
Ultra low sulfur diesel inventories on the Gulf Coast saw the largest regional week-on-week build in the US, rising 1.07 million barrels to 45.51 million barrels during the week ended April 2, US Energy Information Administration data released April 7 showed.

Apr 07 - Argentina launches incentive program to raise oil production, exports
Argentina launched an incentive April 7 to spur oil production and exports, allowing companies making new investments of more than $100 million to freely use 20% of their export proceeds.

Apr 07 - U.S. crude output to decline more than previously forecast in 2021 - EIA

U.S. crude oil production is expected to fall by 270,000 barrels per day (bpd) in 2021 to 11.04 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, a steeper decline than its previous forecast for a drop of 160,000 bpd. U.S. production has grown slowly as oil prices have climbed because large public companies, under pressure from investors, have maintained capital discipline and preserved cash.

Apr 07 - More crude to China helped Venezuela maintain exports in March - data

U.S.-sanctioned Venezuela managed to ship more crude in March directly to China, its main export destination, even as overall shipments dipped modestly last month, according to internal documents and Refinitiv Eikon data. The South American country's state-run oil company, PDVSA, and its joint ventures exported an average of 690,323 barrels per day of crude and fuel in March, a 3.9% decrease from the 718,180 bpd in February and a 14.5% fall from the 808,000 bpd shipped in March of 2020.

Apr 07 - Big ECB climate change role may be step too far warns Wunsch

A major role in tackling climate change may go beyond the European Central Bank's mission and competence, Belgian policymaker Pierre Wunsch said, weighing in on a debate that could reshape Europe's most powerful financial institution. The ECB is reviewing its role in fighting climate change, with options under consideration including the skewing of asset purchases or access to central bank funding to punish polluters and reward sustainable firms.

Apr 07 - Occidental CEO Hollub opposes a carbon tax despite rivals' support for idea

Occidental Petroleum Corp Chief Executive Vicki Hollub said on Tuesday she opposes a carbon tax, an idea that has gained the backing of large rival oil companies and some trade groups. "A carbon tax would be bad for a lot of the industry, a carbon tax would be bad for the consumers and especially for those consumers who are more disadvantaged from an economic standpoint," Hollub told the virtual summit of the Texas Independent Producers and Royalty Owners Association.

Apr 07 - American Petroleum Institute reports inventories of crude oil in the US fell by 2.6M barrels in the latest week, a source citing the data says, but gasoline supplies surged higher by 4.6M barrels. The mixed-to-bearish results were released ahead of official inventories data from the Department of Energy set to be published tomorrow morning. Average forecasts in a WSJ survey indicate the DOE report will show crude supplies fell by 1.6M barrels the previous week and that gasoline supplies fell by 900,000 barrels. In late trading, US benchmark oil prices that were higher before the data remained so afterward to trade up 1.1% at $59.31 a barrel.

Apr 07 - Natural gas prices reverse earlier gains to end the session 2.2% lower at $2.456 / mmBtu, the lowest closing price since Jan. 22. Natural gas investors have turned overwhelmingly bearish in recent days due to a combination of weakening demand and rising supply. The mild weather of spring began earlier than normal, and across most regions appears set to continue throughout April, leaving only negligible demand for gas to either cool or warm homes and businesses. At the same time, analysts say production is churning higher, in part because rising oil prices are leading to more drilling and production of crude oil, which often includes associated gas production.

 Apr 07 - US benchmark oil prices end the session 1.2% higher at $59.33 a barrel in a choppy, rangebound session, as investors remain hopeful that rising production for major global producers won't overwhelm the market but will instead be needed to meet recovering demand as the coronavirus pandemic eases. California is reportedly looking to fully reopen its economy--the largest state economy in the US--by June 15. At the same time, states like Texas that fully reopened last month are reporting ongoing success, with Covid hospitalizations now at a 10-month-low, according to the office of Gov. Greg Abbott. Oil investors next turn to weekly US oil inventory reports this afternoon and Wednesday.

Apr 06 - KKR to buy 20% stake in Sempra unit that includes North American LNG portfolio
Sempra Energy has agreed to sell a 20% stake in a new infrastructure unit that includes its North American LNG portfolio to private equity firm KKR for $3.37 billion in cash, the company said April 5.

Apr 06 - UK union threatens strike at Brent loading point Sullom Voe
UK trade union Unite is to ballot its members on possible strike action in May at the Sullom Voe oil terminal in the Shetland Islands, loading point for the Brent crude oil blend, it said April 6.

Apr 06 - ICE Dubai crude futures trading volumes hit one-year high in March

Total trading volume of Dubai crude futures forward curves on the Intercontinental Exchange surged in March as higher volatility brought about by the interplay of bullish and bearish developments increased the market's hedging needs.

Apr 06 - Elba Liquefaction train offline since 2020 fire could resume service in Q4: Kinder
Kinder Morgan may be able to restore service in the fourth quarter to one of the 10 units at its Elba Liquefaction facility in Georgia that has been offline for nearly a year following a fire, a spokeswoman said April 5.

Apr 06 - ARA jet/kerosene stocks slip 3.4% on week: Insights Global
Jet fuel/kerosene inventories in the Amsterdam-Rotterdam-Antwerp trading hub dip 3.4% week on week to 890,000 mt in the week to March 31, Insights Global data showed late on April 1.

Apr 06 - Asian benzene-naphtha spread rises to month high on benzene export demand
Asia's benzene-naphtha spread has widened to a month high of nearly $300/mt, due to the strength in the Asian benzene complex as a result of strong export demand for trans-Pacific shipment of Asian benzene to the US.

Apr 06 - US crude stock draws likely extend amid expected increase in refinery runs

US crude oil inventory draws likely extended in the week ended April 2 amid an expected uptick in refinery demand, an S&P Global Platts analysis showed April 5.

Apr 06 - Indian refiners deepen cuts to Saudi oil purchases in May – sources

Indian state refiners will buy 36% less oil from Saudi Arabia in May than normal, three sources said, in a sign of escalating tensions with Riyadh even after the Kingdom supported the idea of boosting output from OPEC and allied producers last week. Energy relations between India, the world's third biggest oil importer and consumer, and Saudi Arabia have soured as global oil prices spiked. 

Apr 06 - Exxon sues Energy Transfer over charges from pipeline dispute

Exxon Mobil Corp's XTO Energy shale unit filed a breach of contract lawsuit against Energy Transfer LP over disputed payments for the Dakota Access Pipeline, according to a Texas state court filing. The suit alleges the pipeline operator hit XTO with deficiency charges and revoked other credits after the oil producer shifted some oil to other outlets last August.

Apr 06 - Winds of change: how Enel and Iberdrola powered up for the energy transition

Europe's biggest utilities Enel and Iberdrola saw the clean energy transition coming decades ago when others baulked at the high cost of producing energy from the sun and wind and instead stuck with coal and oil. Thanks to early decisions to buy power grids and build renewable plants, the once-staid utilities are now among a handful of global green energy majors going into battle with Big Oil to supply low-carbon power full of confidence.

Apr 06 - Sempra Energy to sell 20% stake in unit to KKR for $3.37 bln

Energy infrastructure company Sempra Energy said on Monday it would sell a 20% stake in its new business platform, Sempra Infrastructure Partners, to investment firm KKR for $3.37 billion in cash. The sale was flagged by Sempra in December and comes as the company sharpens its focus on renewables and energy storage to capitalize on the growing global demand for cleaner fuels.

Apr 05 - Crude slides 4% amid rising global supply, uncertain demand outlooks
Crude oil futures settled sharply lower April 5 as a rising supply picture was weighed against uncertain demand outlooks.

Apr 05 - Saudi Aramco Asian OSPs raised to higher end of expectations: traders
The hike in prices for its Asia-bound crude grades by Saudi Aramco, the region's leading oil producer, was at the higher end of market expectations, traders told S&P Global Platts April 5.

Apr 05 - Iran to seek removal of US sanctions in Vienna talks, having already boosted oil exports.

Apr 05 - Iraq March oil exports drop 0.8% amid signs of tighter OPEC+ compliance.

Apr 05 - OPEC+ to ease oil curbs from May after U.S. calls Saudi

OPEC+ agreed on Thursday to gradually ease its oil output cuts from May, after the new U.S. administration called on Saudi Arabia to keep energy affordable for consumers. The group, which has implemented deep cuts since a pandemic-induced oil price collapse in 2020, agreed to ease production curbs by 350,000 barrels per day (bpd) in May, another 350,000 bpd in June and further 400,000 bpd or so in July.

Apr 05 - Power play: India wields oil 'weapon' to cut dependence on Saudi

When India's government last month asked refiners to speed up diversification and reduce dependence on the Middle East - days after OPEC+ said it would maintain production cuts - it sent a message about its clout and foreshadowed changes to the world's energy maps. It was a move that had been in the works for years, fuelled by repeated comments from Indian Oil Minister Dharmendra Pradhan, who in 2015 called oil purchases a "weapon" for his country.

Apr 05 - U.S. LNG export bonanza reshapes energy map in Asia

U.S. exports of liquefied natural gas (LNG) to China, Japan and South Korea, the biggest importers of the fuel, have surged to record highs in recent months as the heavily industrialised region recovers from the COVID-19 pandemic, Eikon trade data shows. As with the ramp-up of U.S. oil exports that forced heavyweights like Saudi Arabia to find other buyers, what was dubbed Freedom Gas by the administration of President Donald Trump is also changing global energy flows and quietly gaining a stranglehold on key markets in Asia.

Apr 05 - Pandemic slowdown led to record fall in EU carbon market emissions

Emissions regulated by Europe's carbon market fell by 14.4% in 2020, their biggest percentage decline yet, as pandemic restrictions stifled economic activity and grounded flights, official data examined by carbon analysts at Refinitiv showed. Around 45% of the European Union's output of greenhouse gases is regulated by the Emissions Trading System (ETS), the bloc's flagship instrument to tackle global warming by charging for the right to emit carbon dioxide (CO2).

Apr 05 - Sales of gasoline blended with 15% ethanol rose 24% in Iowa in 2020, setting a new record says the Renewable Fuels Association.
Iowa retailers sold 60.59M gallons of E15 in 2020, up from 48.96M gallons in 2019, according to the RFA--this despite a 14.3% drop in Iowa's overall motor gasoline consumption for the year due to the Covid-19 pandemic. Other states reported steady sales of E15 gasoline despite the pandemic, the RFA says. "These trends prove that consumers are actively seeking out lower-carbon, lower-cost fuels at the pump and that the expansion of retail infrastructure facilitated by USDA's Higher Blends Infrastructure Incentive Program is working," says RFA CEO Geoff Cooper.

Apr 02 - Saudi oil minister tells OPEC+ recovery 'far from complete'
The following is an edited summary of remarks made on April 1 by Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, at the opening of the meeting of the OPEC+ producer group.

Apr 02 - OPEC+ seeks clearer signs of oil recovery, as Saudi Arabia urges continued caution
The OPEC+ alliance's conservativeness in maintaining tight control over oil supply has been "proven right," Saudi energy minister Prince Abdulaziz bin Salman said April 1, urging his counterparts to stay disciplined in their mission to bring the market back to its pre-pandemic health.

Apr 02 - Pressure builds for European crude markets after buoyant start to 2021
European and African crude markets are leaving a relatively strong Q1 2021 behind them and heading into the second quarter under renewed pressure from the coronavirus pandemic, as lockdowns are extended and Chinese demand remains focused elsewhere.

Apr 02 - Brazilian Refined product sales retreat 6.8% on year in February
Brazil sold fewer barrels of diesel, gasoline and hydrous ethanol in February as the short month, the Carnival holiday and a second wave in the country's brutal battle against the coronavirus undermined sales, according to data released March 31 by the National Petroleum Agency, or ANP.

Apr 02 - OPEC+ throws caution to the wind with deal to unwind oil production cuts
After months of preaching caution and saying the time was not right to raise oil production, OPEC and its partners abruptly agreed April 1 to loosen their quotas and add more than 2 million b/d into the market by July.

Apr 02 - Brazilian Oil exports sink 12.4% on year in February
Brazilian crude-oil exports contracted 12.4% year on year in February amid expectations that Petrobras will have fewer barrels available for overseas buyers in 2021, according to data published March 31 by the National Petroleum Agency.

Apr 02 - Crude rallies more than 3% as OPEC+ announces production cut phaseout
Crude oil futures finished a volatile session higher amid reports the OPEC+ group has agreed to gradual production increases over the next three months.

Apr 02 - Crude MOC: Sour complex strengthens ahead of OPEC+ meeting
The gains come as the market keenly awaits the outcome of the OPEC+ meeting later in the day, where production quotas for May are expected to be decided.

Apr 01 - OPEC+ panel lowers oil demand growth forecast 

OPEC+ has lowered its 2021 oil demand growth forecast by 300,000 barrels per day reflecting concerns about the market's recovery as new coronavirus lockdowns take hold, a move that could strengthen the case for a cautious output decision this week. The Joint Technical Committee, which advises the group of oil-producing nations that includes Saudi Arabia and Russia, met on Tuesday ahead of a ministerial meeting on Thursday to decide output policy.

Apr 01 - Oil price structures show market balance returns in second half of 2021

The oil market is likely to be in balance in the second half of 2021, even though European coronavirus lockdowns and U.S. winter storms caused disruptions in March, crude and petroleum products market price structures showed. After sharp declines of oil inventories this year, the pace of destocking slowed in recent weeks, prompting OPEC and its allies, a group known as OPEC+, to lower its 2021 demand growth forecast by 300,000 barrels per day (bpd). The group now sees demand rising by 5.6 million bpd.

Apr 01 - World Bank revises climate policy but stops short of halting fossil fuel funding

A revised World Bank policy on climate change commits to making financing decisions in line with efforts to limit global warming, but stops short of promising to halt funding of fossil fuels, according to a draft bank presentation seen by Reuters. The World Bank, the biggest provider of climate finance to developing countries, is finalizing a new five-year climate action plan amid growing political momentum in Britain, the United States and other countries for ending public financing of high-emission fossil fuel projects.

Apr 01 - Biden proposal seeks billions of dollars to advance climate change agenda

U.S. President Joe Biden's vast plan to modernize the nation's infrastructure includes hundreds of billions of dollars to boost the market for electric vehicles, renewable power and advanced clean energy technologies, while stripping away subsidies for fossil fuels. That makes the $2 trillion infrastructure blueprint one of the administration's biggest steps to date in achieving its agenda to decarbonize the U.S. economy by 2050 and restore the nation's leadership in addressing global warming.