EIA: US Crude, Gasoline Inventories Rise
U.S. crude oil and gasoline inventories last week rose more than forecast, while distillate stockpiles posted a larger-than-expected draw, the Energy Information Administration said on Wednesday.Crude inventories rose by 545,000 barrels to 430.3 million barrels in the week ended Nov. 15, the EIA said, compared with analysts' expectations in a Reuters poll for a 138,000-barrel rise.Crude stocks at the Cushing, Oklahoma, delivery hub fell by 140,000 barrels in the week, the EIA said. Net U.S.
Petrobras and Yara Sign Agreement for Diesel Exhaust Fluid Sales in Brazil
Petrobras, Brazil's state oil company, has signed agreements with ANSA and fertilizer firm Yara. Yara could sell AUS 32 diesel-exhaust fluid in Brazil. Brazil imports AUS32, or 32% solution of aqueous Urea, to reduce the emissions from diesel cars. ANSA will produce AUS 32 in its plant in Parana in the south of Brazil, which should be operational again in May. This is also another step in Petrobras's goal to enter the fertilizer industry. Petrobras stated that Yara will supply the urea for AUS 32, and then sell the finished product.
US crude stockpiles jump, fuel posts surprise drawdown, EIA says
The Energy Information Administration (EIA), which released its report on Thursday, said that U.S. crude stockpiles increased more than expected, while gasoline and distillate inventories showed unexpected declines. The EIA reported that crude inventories increased by 2.1m barrels, to 429.7m barrels during the week ending Nov. 8. This was compared to analysts' expectations based on a poll of 750,000 barrels. The Cushing, Oklahoma delivery hub for U.S. Crude Futures saw a drop of 688,000 barrels. Exports increased by 590,000. Brent and U.S.
Oil drops as US storm threat subsides, China's stimulus disappoints
The oil prices continued to fall on Monday, as investors disappointed by China's stimulus program and the threat of disruptions in supply from a storm in the United States. Oil prices continued to fall on Monday as the threat of a supply disruption from a U.S. storm eased and after China's stimulus plan disappointed investors seeking fuel demand growth in the world's No. Brent crude futures fell 31 cents or 0.4% to $73.56 a bar by 0340 GMT, while U.S. West Texas intermediate crude futures were down 38 cents or 0.5% at $70 a bar. Last Friday, both benchmarks dropped more than 2%.
US renewable fuel credits reach multi-month highs in spite of Trump's reelection
U.S. renewable energy credits reached multi-month highs Friday, thanks to increased demand by refiners to meet mandates as well as higher soyoil prices. This surprised traders who had expected Donald Trump’s reelection to the U.S. presidency to impact on the market. The rising prices of the credits (also known as Renewable Identification Numbers, or RINs) are good news for biofuels producers that rely on them to cover high production costs. They also make it worse for refiners, whose profits have been slashed sharply due to an oversupply of petroleum and low demand this year.
California will vote on stricter regulations for low-carbon fuels policy
California regulators are voting on Friday whether to tighten up a policy that aims to boost low-carbon fuels in order to reduce greenhouse gas emissions and achieve the state's ambitious goals for climate change. California's Low Carbon Fuel Standard, which has been around since 2011, is being changed to require a greater reduction in carbon intensity in transportation fuels. This would be required by 2030 for fuel producers in order to receive the tradable credits of the program. Transport accounts for approximately 50% of the greenhouse gas emissions in the state.
Vitol: China remains the main driver of global oil demand despite energy transformation
The global head of Vitol’s research department said that China will continue to play a major role in the global oil market because it is focused on petrochemicals, even though fuel consumption for road transport in China peaks during energy transition. The No. The world's No. There is no doubt about it, this will be the driving force for oil demand in China as well as globally. This is because there is less decarbonisation in that area. The oil consumption in China has barely increased in 2024…
EIA reports that US crude, gasoline, and distillate stocks rose last week.
The Energy Information Administration (EIA), which released its report on Wednesday, said that the U.S. crude, gasoline, and distillate inventory increased last week. The EIA reported that crude inventories increased by 2.1 millions barrels, to 427.7million barrels during the week ended Nov. 1. This was a far cry from the 1.1 million barrels analysts had predicted in a recent poll. Crude oil stocks at Cushing, Oklahoma's delivery hub, rose by 522,000 barrels during the past week. U.S. crude oil prices rose after the report.
Oil India's Q2 profit forecast misses the mark due to lower prices and muted demand
State-run explorer Oil India reported a smaller-than-expected second-quarter profit on Tuesday, weighed down by lower crude prices and tepid fuel demand. The company's profit grew six-fold in three months to 18,34 billion rupees ($218 million), but it was below analysts' expectations, which were 18.72 billion rupees. Data compiled by LSEG. Oil India's earnings are exclusive of profits from joint ventures or operations outside the country. India's Oil Ministry data showed that…
Chevron exceeds expectations for quarterly profits on the back of higher oil production
Chevron Corp. beat Wall Street expectations for the third quarter profit on Friday. However, its earnings dropped from a previous year. Chevron Corp, which has had its proposed $53 billion takeover of Hess delayed by Exxon Mobil Ltd and CNOOC Ltd due to their challenge, reported a profit adjusted of $4.53 billion. This compares to $5.72 million a year earlier. The shares rose by 2.6% ahead of normal trading hours. The oil industry has seen profits fall this year as a result of lower crude prices and a weaker growth in fuel demand. Oil futures for the quarter ending Sept.
US crude, fuel inventories fall last week, EIA says
The Energy Information Administration (EIA), which released its report on Wednesday, said that the U.S. crude, gasoline, and distillate inventory fell last week. The EIA reported that crude inventories dropped by 515,000 barrels, to 425.5 millions barrels for the week ending October 25. This was in contrast with the analysts' polled expectations of a rise of 2.3 million barrels. Crude oil stocks at Cushing, Oklahoma's delivery hub, rose by 681,000 bbls. Exports increased by 149,000 barrels per day, to 4,26 million bpd. The futures for U.S.
Reeves, UK's Reeves, announces that fuel duty will not increase
In her first budget address on Wednesday, British Finance Minister Rachel Reeves announced that the temporary five-pence reduction in fuel duty will remain in effect. She said it would be unfair to increase it in a period of global uncertainty and high living costs. "I have decided today to freeze fuel duties next year... and I will also maintain the current 5p reduction for another year." Reeves, Reeves's deputy in the House of Commons, said that there would be no increase in fuel taxes next year.
Canada's renewable fuel projects are hit by a surge in US imports
Canadian renewable fuel producers will see lower returns from new facilities as a result of a slump in British Columbia’s low-carbon fuel standard (LCFS). This trend is expected to continue amid an influx of US exports. The weakness in British Columbia's LCFS Credit Market reflects the growing pains of the international biofuels sector, where many regulators are clamping down on imports in order to protect their nascent national markets from an oversupply. Low-carbon fuels cost more to produce than gasoline or diesel based on petroleum.
Sinopec's Q3 profits fall by 52.1% due to lower oil prices and refining margins
Sinopec, a Chinese refiner, reported a 52.1% drop in its net profit year-on-year to $8.54 billion yuan (US$1.2 billion) during the third quarter due to lower oil prices. Sinopec, the world's biggest refiner based on capacity, reported 790.4 billion Yuan in revenue for its third quarter, a 9.8% drop from the year before, according to a filing made by the company. CNOOC Ltd, a domestic oil and gas company that operates offshore and is a major competitor in China, reported an increase of 9% in its quarterly profit at 36.93 billion Yuan due to higher production and lower prices.
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, to 426,000,000 barrels for the week ending October 18. This was compared to analysts' expectations based on a poll of 270,000 barrels. The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, fell by 346,000 barrels. U.S. Crude and Brent Futures extended losses following the data.
US fuelmakers report lower profits in Q3 due to weaker margins and fuel demand
Energy analysts predict that the third quarter profits of U.S. refiners will be lower than last year due to a decline in margins, as fuel demand has slowed and more refining capacity is coming online. After the pandemic, and Russia's invasion in Ukraine, which boosted margins at record levels, refiners are now reversing their favorable pricing and high demand. The difference between the product price and the crude oil price for U.S. gasoline, diesel, and jet fuel declined in the third quarter.
GAPKI reports that Indonesian palm oil exports in August were up 15% year-on-year.
GAPKI, Indonesia's largest palm oil industry association, said Tuesday that the country's palm oils stock will remain around 2.5 million metric tonnes at end-2024. This is after production was affected last year by dry weather. GAPKI data show that palm oil exports from the world's biggest producer rose by 15% in August compared to a year ago, to 2,38 million metric tonnes. This lowered its end-August stock of palm oil to 2,45 million tons down from 2.51 millions tons a month before. GAPKI data shows that this was the lowest stockpile of Indonesian rice since March 2019.
Prabowo wants to increase Indonesia's energy independence through biofuels and oil and gas reforms
Officials have stated that Indonesia's new Government aims to revitalize oil and gas production. They plan to reduce regulations, reactivate inactive wells, and increase output in producing assets to reverse a decades-long drop in output.The new president, Prabowo Subianto, took his oath on Sunday. He also plans to continue the efforts of the previous administration to exploit the massive gas finds in South Andaman, and to increase the use of biofuels.Indonesia, a former member of the Organization of the Petroleum Exporting Countries(OPEC)…
Petrobras signss agreement to supply Vale fuel with renewable content
Petrobras and Vale have agreed to sell Vale diesel containing renewable content. The two Brazilian giants announced the agreement on Friday. The agreement represents a concrete step by Vale in decarbonizing its operations. It also marks a victory for Petrobras, the state-owned oil company that is working to create a market for its sustainable fuels. Petrobras and Vale, two of Latin America’s largest companies in terms of market value, are both owned by Petrobras. Magda Chabriard…
US crude, fuel inventories fall last week, EIA
The Energy Information Administration reported on Thursday that U.S. crude, gasoline, and distillate stocks fell last week. The EIA reported that crude inventories dropped by 2.2 millions barrels, to 420.6 million in the week ending Oct. 11. This was in contrast with the analysts' polled expectations of a 1.8-million barrel increase. Crude oil stocks at Cushing, Oklahoma's delivery hub, rose by 108,000 barrels during the past week. Crude production increased by 100,000 barrels per daily (bpd), reaching a record of 13.5 million bpd. Meanwhile, net U.S.
