EIA: US crude and gasoline inventories increase, while distillates are drawn down.
The Energy Information Administration (EIA), which is responsible for the U.S. Energy industry, announced on Wednesday that crude oil and gasoline stocks in the United States increased while distillate stockpiles fell. The EIA reported that crude inventories increased by 5.5 millions barrels…
US crude, gasoline stockpiles fall, distillates build, EIA data shows
The Energy Information Administration (EIA), which released its report on Wednesday, said that the U.S. crude and gasoline inventories decreased last week while distillate stocks increased. Data showed that crude stocks dropped by 846,000 barges to 425.2 million bars in the week ending August 23.
The global oil demand must rise faster to absorb OPEC+'s hike
According to analysts, data and industry sources, the global oil demand growth must accelerate in the coming months, or else, the market may struggle to absorb a planned increase in oil production by OPEC+ starting in October. The United States and China, the two largest oil consumers in the world…
China Banks "Massive Volume" of Crude in May
China added to crude oil stockpiles at the fastest rate in nearly three years in May, as robust imports outweighed near-record refinery processing.A total of 1.77 million barrels per day (bpd) was added to inventories in May, the most since July 2020 and reversing the small, and rare…
Saudi Arabia Remains China's Top Crude Supplier
Russia remained China's second-largest source of crude oil in 2022, following repeat top supplier Saudi Arabia, as Chinese refiners snapped up low-cost Russian barrels while Western countries shunned them after the Ukraine crisis.China's crude oil imports from Russia jumped 8% in 2022 from a year earlier to 86.25 million tonnes…
Oil Trade; Asia Imports more Seaborne Russian oil than Europe
Almost four months after Russia’s invasion of Ukraine, Russian crude oil, Urals, has seen a switch in flow from its traditional market of Europe to Asia. Since the start of the war, based on the average of March to May 2022, Indian imports of Urals crude have picked up by 658% compared to 2021 levels…
Russian Oil Production up 5%; Seaborne Exports up 9.5%
Russia's oil production rose almost 5% in the first half of June compared with May, the Interfax news agency reported on Tuesday, citing a source familiar with the output statistics.Average daily oil production, including condensate, was 1.46 million tonnes in the first 13 days of June…
China’s 2021 Crude Oil Imports Down 5.7% - BIMCO
Chinese crude oil imports fell year-on-year in June and July, ending a streak of five months of accumulated year-on-year growth. After the first seven months of 2021, China’s crude oil imports are down 5.7% compared with the same period last year. January to July imports stood at 301.9m tons…
China's Crude Oil Imports Rebound
China's crude oil imports rebounded in July from a six-month low as state-backed refiners ramped up output after returning from maintenance, though independent refineries slowed restocking amid probes by Beijing into trading and taxes.China brought in 41.24 million tonnes of crude oil last month, equivalent to 9.71 million barrels per day (bpd
Oil Slides 4% on China Virus Curbs, Climate Warning
Oil prices fell by 4% on Monday, extending last week's steep losses on the back of a rising U.S. dollar and concerns that new coronavirus-related restrictions in Asia, especially China, could slow a global recovery in fuel demand.A United Nations panel's dire warning on climate…
China Crude Processing Spikes to All-time High
Chinese refinery crude oil throughput has reached its highest level ever, with total processed volumes up 12% in the first five months of this year compared to 2020, and up 10.9% from the same period in 2019. In total 292.7m tonnes have been processed so far this year according…
Surge of Coronavirus in India Dents Bullish Crude Case
The problem for crude oil market bulls is that every time they think they have built up steam, something comes along to knock the momentum off track.The coronavirus surge in India and the imposition of states of emergency in populated parts of Japan, including Tokyo and Osaka…
U.S. Crude Oil Exports: When 'Less is More'
Longer sailing distances cushion fall in US crude oil exportsTon mile demand generated by US crude oil exports has fallen by 9.7% in the first two months of 2021 compared with the start of 2020. The fall could however have been much worse; In volume terms, seaborne crude oil exports have fallen by 18.8%…
China's Saudi Oil Imports Surge to All-time High
China's crude oil imports from Saudi Arabia nearly doubled in May from a year earlier to all-time high as refineries snapped up cheap fuel, while the kingdom retained its position as the top supplier to the world's biggest oil buyer.Arrivals from Saudi last month reached 9.165 million tonnes…
Spanish Crude Oil Imports Fall to Six-year Low
Spanish crude oil imports fell 11.7% in the first three months of 2020 from the same period in the previous year, national oil and gas agency CORES said on Friday, as movement restrictions to stop the new coronavirus spreading sapped demand for fuel.Spain imported 5,063 kilotonnes of crude oil in March, 10.6% less than in the same month last y
China's Daily Crude Oil Imports Rebound in April
China's crude oil imports rebounded in April from a month earlier on daily basis as refiners ramped up output amid a recovery in fuel demand with the impact of the coronavirus outbreak easing while crude prices crashed on slumping consumption elsewhere.Crude oil arrivals were…
China's Crude Imports from Saudi Slip, Russia Up 31%
China's March crude oil imports from top supplier Saudi Arabia fell 1.6% from a year earlier, while purchases from No.2 supplier Russia rose 31%, Reuters' calculations based on customs data showed on Sunday.China's March crude oil imports rose 4.5% year on year to 9.68 million…
U.S. Oil Futures Plumb Historic Sub-Zero Lows, Brent Plunges
U.S. oil futures continued to trade in negative territory on Tuesday, after closing down nearly $40 on Monday in their first-ever sub-zero dive, as concerns grew the United States will run out of storage for a glut caused by the coronavirus lockdown.Global benchmark Brent crude…
China Can't Meet Its US Energy Commitments
The more you delve into the details of China's commitment to buy an additional $52.4 billion in U.S. energy over the next two years, the more it becomes apparent the goal is unachievable, even with the best will in the world.As part of the "Phase 1" trade truce between Beijing and Washington…
Vietnam Inks Crude Oil Supply Deal with SOCAR
Vietnam's state-run Binh Son Refining and Petrochemical Co (BSR) has inked an agreement with Azeri state energy company SOCAR to buy five million barrels of crude in 2020, BSR said late on Friday.SOCAR Trading will provide five million barrels of Azeri Light crude to BSR's Dung Quat refinery during the first half of 2020, BSR said in a stateme
