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.
Oil prices rise, recovering some of the 7% drop from last week
The oil prices increased on Monday as the Middle East conflict continued and markets were worried about the supply of crude from the region. Brent crude futures rose 58 cents or 0.79% to $73.63 per barrel at 11:02 am ET. ET (15:02 GMT). U.S. West Texas Intermediate Crude Futures were up 67 cents or almost 1% at $69.89 per barrel. Brent closed the week more than 7% down, while WTI fell around 8%. These were the biggest weekly drops since September 2…
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…
China's rapid electricification is hurting oil producers, says Russell
O Ver-estimating China's desire for crude oil has played a role in the oil markets, particularly by OPEC. This theme is likely to continue into future years. China is the leader in the transition to electric cars, having already reached 50% of new sales. The rest of the globe is expected to reach this level by 2030. According to this forecast (which is what the IEA calls the Stated Policies Scenario, or STEPS), the growth of EVs will displace around 6,000,000 barrels of crude oil per day.
IEA: 'Age electricity' will follow the looming peak of fossil fuels
International Energy Agency (IEA) said that the world is at the cusp of a new era of electricity, with the demand for fossil fuels set to peak before the end of this decade. This could lead to an increase in investment in green energy due the surplus of oil and gas, it added. It also highlighted a high degree of uncertainty, as conflict engulfs the Middle East and Russia that produce oil and gas and when countries representing half of the global energy demand hold elections in 2024.
Russia says it is too early to tell if the market will be ready for additional oil in Dec
Alexander Novak, the Russian Deputy Premier, said that it was still too early to determine if the market will need the additional volumes of oil the OPEC+ group plans to produce beginning in December. His comments could set the stage for a discussion on whether or not to implement the increase in oil production agreed upon by the group. He said the group, including Russia and Saudi Arabia included…
Analyst Mistry predicts that Malaysian palm oil will trade between 3,700-4 500 rgt/T by mid-2025.
Dorab Mistry, an industry analyst, said that Malaysian palm oils are likely to trade in the range of 3,700-4,500 ringgit per metric ton between now and June. This is because demand will be high during the Chinese Lunar New Year as well as the holy Ramadan month. As of Friday morning, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange gained 42 ringgit or 1.08% to $3,918 ringgit (US$937.74) per metric ton.
Exports of palm oil from Indonesia are falling due to a rising local demand and lower production
An industry official said on Thursday that Indonesian palm oil exports will likely decline this year because of increased domestic consumption due to a higher biodiesel blend mandate and a small decrease in production. Exports would be limited and benchmark Malaysian prices supported by a lower production in the world's largest producer of tropical oil. Fadhil hasan, the head of the trade division of the Indonesian Palm Oil Association…
The demand for palm oil in Indonesia will increase and the production will decrease by 2024.
An industry official said on Thursday that Indonesian palm oil exports will decline by 2024 because of increased domestic consumption due to a higher biodiesel blend mandate and a small decrease in production. Exports would be limited and benchmark Malaysian prices supported by a lower production in the world's largest producer of tropical oil. Fadhil hasan, the head of the trade division of the Indonesian Palm Oil Association…
OPEC lowers its global oil demand growth forecast for 2024 and 2025
OPEC cut its projection for the global oil demand in 2024 based on data collected so far this season. It also lowered its expectations for next year. This is the second successive downward revision by the producer group. The weaker outlook highlights the challenges that OPEC+ faces in balancing the markets. OPEC+ is made up of the Organization of Petroleum Exporting Countries (OPEC) and its allies, such as Russia.
China's oil consumption growth is slowed by the transition to cleaner fuels.
Speakers at the APPEC Conference on Monday said that China's move towards low-carbon fuels, combined with a sluggish economic growth, are reducing the oil demand in the world's biggest crude importer. Daan Struyven is the head of Goldman Sachs' oil research. He said that China's demand has dropped from 500,000 to 600,000 barrels a day in the five-year period before the COVID-19 outbreak, down to 200,000 barrels a day now.
Oil continues to fall on the back of weak China data and the prospect of increased OPEC+ supplies
The oil prices continued to fall on Monday, as OPEC+ is expected to increase production in October. Meanwhile, signs of sluggish consumption in China and America, the two biggest oil consumers in the world, have raised concerns over future growth. Brent crude futures dropped 61 cents or 0.8% to $76.32 a bar by 0450 GMT, while U.S. West Texas intermediate crude fell 52 cents or 0.7% to $73.03 a bar. Last week, Brent fell by 0.3% and WTI dropped 1.7%.
Oil prices continue to fall on the prospect of increased OPEC+ supplies
The oil prices continued to fall on Monday as investors weighed higher OPEC+ output in October against a sharp decline in Libyan production amid sluggish demands in China and the U.S. Brent crude futures dropped 57 cents or 0.7% to $76.36 per barrel at 0108 GMT, while U.S. West Texas Intermediate Crude fell 50 cents or 0.7% to $73.05 per barrel. Last week, Brent fell by 0.3% and WTI dropped 1.7%. Six…
Kemp: Oil bears focus attention on low demand and planned production boost
Investors remain resolutely pessimistic about the future of petroleum prices, despite growing confidence that the U.S. Federal Reserve is going to cut interest rates in order to stimulate consumer spending and business investment. Fund managers sold oil futures and option last week after the rally to cover shorts the previous week quickly lost momentum. In the seven-day period ending August 20, hedge…
Kemp: Oil bears focus attention on low demand and planned production boost
Investors remain resolutely pessimistic about the future of petroleum prices, despite growing confidence that the U.S. Federal Reserve is going to cut interest rates in order to stimulate consumer spending and business investment. Fund managers sold oil futures and option last week after the rally to cover shorts the previous week quickly lost momentum. In the seven-day period ending August 20, hedge…
OPEC faces a moment of truth about planned output increases: Kemp
Saudi Arabia and its OPEC allies will have to make a difficult decision in the coming weeks. They must decide whether they want to proceed with production increases planned for October or postpone them due an uncertain economic outlook. Saudi Arabia and its OPEC?Recent falls in Brent futures prices for the front-month, calendar spreads, and refinery margins amid concerns over the outlook for oil consumption…
Goldman Sachs says that Brent is likely to be hit by a softening of demand in China.
Goldman Sachs said on Tuesday that it expects Brent crude to drop to $68 a barrel by the end of 2025, if China's oil demand stays flat until next year. Brent futures traded around $77 a bar by 11:46 a.m. ET (1546 GMT) Tuesday. U.S. West Texas Intermediate crude (WTI), however, was trading at around $74.16. Goldman Sachs analysts said that "soft China oil demand" and the risk of a slowdown in China's…
IEA reduces its 2025 oil consumption forecast as China offsets gains globally
The International Energy Agency (IEA), citing the impact of a weaker Chinese economy on consumption, kept its forecast for global oil demand growth in 2024 unchanged but lowered its estimate for 2025. This is the second report this week from the IEA (which advises industrialised nations) to warn that a slowing economy will likely curb the demand for oil in China, which is the world's largest oil importer and the second largest oil consumer.
Kemp: Oil investors reduce positions to a record low amid financial meltdown.
Investors reduced their positions in petroleum to the lowest levels for at least 10 years early last week as part of a general retreat from risk amid growing concerns about a global slowdown. Over the course of the week ending August 6, hedge funds and other money mangers sold 110 million barrels equivalent in six important contracts for petroleum futures and options. In each of the last five weeks, fund managers were net sellers.
Kemp: Oil investors reduce positions to record lows amid financial meltdown.
Investors reduced their positions in petroleum to the lowest levels for at least 10 years early last week as part of a general retreat from risk amid growing concerns about a global slowdown. Over the course of the week ending August 6, hedge funds and other money managers sold 110 million barrels equivalent in six important contracts for petroleum futures and options. In each of the last five weeks, fund managers were net sellers.
