Orlen Will No Longer Purchase Russian Oil Starting July
Polish refiner Orlen will not buy Russian oil for its Czech refinery after June 30, Chief Executive Ireneusz Fafara said on Monday.The contract with Rosneft for Russian oil to be supplied to the Litvinov refinery in the Czech Republic was the last one linking Orlen to Russian oil, it said in a statement."We freed Central Europe from Russian oil today," Fafara told a news conference.The Czech Republic had said in April that it had become fully independent of Russian oil supplies for the first time in its history following the completion of capacity upgrades on the TAL pipeline coming from the west.S
Crude Prices Fall After Report of OPEC+ Planning August Production Increase
Brent and U.S. West Texas Intermediate crude prices fell on Friday, reversing gains after a report that OPEC+ was planning to hike production in August following an increase planned for July.Brent crude futures were down 25 cents, or 0.37%, to $67.48 a barrel by 1615 GMT, while U.S. West Texas Intermediate crude fell 20 cents, or 0.31%, to $65.04.Four delegates from OPEC+, which includes allies of the Organization of Petroleum Exporting Countries, said the group was set to boost production by 411…
Palm oil prices fall as Middle East tensions weigh
The price of Malaysian palm oils futures fell on Wednesday, reversing earlier gains as the market was weighed down by uncertainty about the developments in the Israel/Iran conflict. However, strong export data helped to limit the losses. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for September delivery was down 20 Ringgit or 0.5% at $3963 Ringgit ($935.77) per metric ton. Exports of palm oil products from Malaysia for the period June 1-25 increased between 6.6% to 6.8% compared to the same period one month earlier.
Palm prices rise on the back of exports but Middle East unrest caps gains
The price of Malaysian palm oils futures increased slightly on Wednesday. This was a slight recovery from the previous session. Expectations of strong export numbers supported the market while uncertainty about the Middle East conflict limited the gains. At midday, the benchmark palm oil contract on Bursa Derivatives Exchange for September delivery gained 12 ringgit (0.3%), to $3,995 ringgit (USD $943.11) per metric ton. The market was jittery because of uncertainty about the Middle East conflict. Paramalingam Supramaniam is the director at Selangor brokerage Pelindung Bestari.
Hungary's Orban calls on EU to lift Russian energy ban amid US/Iran conflict
Hungarian Prime Minster Viktor Orban urged on Sunday the European Union not to impose a ban on Russian Energy due to the expected increase in energy prices after the US bombings of Iran. The European Commission proposed on Tuesday a legally-binding ban on EU imports from Russia of gas and liquefied gas by 2027. Legal measures were used to ensure that EU members Hungary, and Slovakia could not block the plan. The proposals outline how the EU plans to put into law its pledge to end decades-old relations with Europe's former number one gas supplier following Moscow's invasion of Ukraine in 2022.
The EU's plans to ban Russian gas
The European Commission proposed Tuesday legally binding measures to end the European Union's imports from Russia of gas and liquefied gas by the end 2027. This would put an end to decades-old energy relationships with Europe's ex-top gas supplier. The details of the proposals are below. They still require approval by EU countries and the European Parliament. The ban will be implemented in phases. The EU will first ban imports of Russian gas and LNG under any new deals signed by the end this year.
Palm range bound ahead of MPOB and export estimates
The price of Malaysian palm oils futures was tightly ranged on Tuesday as traders awaited the cargo surveyors’ export estimates, and the Malaysia Palm Oil Board (MPOB) supply-demand data. By midday, the benchmark contract for palm oil on Bursa Derivatives Exchange, August delivery, had fallen 19 ringgit (0.48%) to $3906 ringgit per metric ton ($922.75). The contract traded between 3,900 and 3,947 per ton. A Kuala Lumpur trader stated that the market remained rangebound, with some profit-taking ahead of MPOB results.
China's imports major commodities suffered a hiccup in the month of May: Russell
China's imports have slowed in May. Crude oil, coal and iron ore all saw declines, amid worries about the growth of the world's largest economy. Customs data released Tuesday showed that only natural gas imports improved, with 10.11 million tons in May slightly above the 9.67 millions in April. However, they were still 11% lower than a year ago. The arrivals of crude oil in May fell to 10,97 million barrels a day (bpd), down 6.2% compared with April's 11,69 million bpd. This is also lower than the 12.1 millions bpd for March which was the highest month since August 2023.
China's imports major commodities suffered a hiccup in the month of May: Russell
China's imports have slowed in May. Crude oil, coal and iron ore all saw declines, amid worries about the growth of the world's largest economy. Customs data released Tuesday showed that only natural gas imports improved, with 10.11 million tons in May slightly above the 9.67 millions in April. However, they were still 11% lower than a year ago. The arrivals of crude oil in May fell to 10,97 million barrels a day (bpd), down 6.2% compared with April's 11,69 million bpd. This is also lower than the 12.1 millions bpd for March which was the highest month since August 2023.
Spain's oil imports from Venezuela dry up before US sanctions deadline
Spain did not import crude oil in Venezuela during April. This was ahead of the key deadline for sanctions set by President Donald Trump’s administration. The United States has revoked the permits of foreign companies operating in Venezuela to export oil. This includes Repsol, the largest Spanish oil company. Repsol has been given until May 27 to cease operations in Venezuela. Repsol received the oil as payment from PDVSA, the state oil company. Cores, the energy and environment ministry of Spain…
EIA: US crude stocks fall as refiners increase output
The Energy Information Administration reported on Wednesday that U.S. crude stockpiles dropped last week, as oil refiners increased production to coincide with the start the summer driving season. Fuel inventories, however, rose due to a weaker demand. The EIA reported that crude inventories dropped by 4.3 millions barrels, to 436.1 million in the week ending May 30. This was in contrast with the analysts' polled expectations of a draw of 1 million barrels. The EIA reported that refinery crude runs increased by 670,000 barrels a day. Utilization rates also rose 3.2 percentage points, to 93.4%.
Russian ESPO Oil Tanker Waits Near China As Demand Weakens
The Big Star, a huge tanker with 2.1 million barrels of Russia's ESPO Blend oil onboard, has been waiting near China in a potential sign of weaker demand for the crude in the region, LSEG data showed and two traders said on Friday.Many state oil companies in China are wary of potential secondary sanctions from the United States if they buy the sanctions-hit Russian oil, traders said.China's seaborne oil imports from Russia dropped to the lowest in 26 months in February, with commodity analysts Kpler assessing arrivals at 970…
Palm oil climbs due to short covering and the stronger Dalian oils
The price of Malaysian palm oils futures rose on Wednesday, for the fourth consecutive session. This was due to traders covering short positions and Dalian oil prices rising. The benchmark contract for palm oil delivery in August on the Bursa Derivatives exchange gained 31 ringgit or 0.8% to 3,899 Ringgit ($923.93) per metric ton. Anilkumar bagani, research director of Mumbai-based vegetable oils broker Sunvin Group, stated that crude palm oil futures continued to trade higher as a result of the short covering observed on Tuesday, and the strength in the Chinese market for vegetable oils.
Palm oil rises due to short covering and Dalian oils that are stronger
The price of Malaysian palm oils futures increased on Wednesday, for the fourth consecutive session. This was due to traders covering short positions and Dalian oil's strength providing additional support. At midday, the benchmark contract for palm oil delivery in August on the Bursa Derivatives Exchange rose 25 ringgit (0.65%) to 3,893 Ringgit ($917.73). Anilkumar bagani, research director of Mumbai-based vegetable oils broker Sunvin Group, stated that crude palm oil futures continued to trade higher as a result of the short covering observed on Tuesday…
Orban, Orban: EU's plan to ban Russian imports of energy must be stopped
Viktor Orban, the Hungarian prime minister, told state radio that the European Union's plan of banning Russian energy imports should be stopped "by any means". EU executive announced earlier this month that the European Commission would propose next month legal measures to phase-out the EU's imports for all Russian gas, including liquefied gas, by the end 2027. The proposed ban has been opposed by Slovakia and Hungary who rely on Russian gas and oil supplies. We must stop the Ukrainians from trying to ban Russian gas in Europe. We must stop it at all costs.
Minister: Estimated 6 billion-barrel shale oil reserves in southeast Turkey
The Turkish Energy Minister said that U.S. oil company Continental Resources estimated there to be 6.1 billion barrels of shale-oil reserves in Turkey's southeast Diyarbakir Basin. Continental Resources and the Turkish National Oil Company TPAO signed a Joint Venture Agreement in March for the development of shale-fields in this basin. "The current (crude oil) imports by Turkey amount to 365,000,000 barrels. "A 6.1 billion-barrel reserve is an impressive figure," said Energy Minister Alparslan Bayraktar to reporters on a recent visit to the southeast of Turkey.
Pertamina, an Indonesian company, has imported Russian crude oil since last year
The CEO of Pertamina’s refinery division said that Indonesia’s Pertamina imports Russian crude to its refineries since last year. Taufik Adidiyawarman is the CEO of Kilang Pertamina International, a refinery unit. He spoke to reporters at the Indonesian Petroleum Association Conference. He said that the sanctions imposed by the United States on Russian crude as a result if the Russia-Ukraine conflict still apply. He said that a government investigation into allegations of corruption in oil imports from 2018 to 2023 may limit the ability of trading companies…
Palm oil prices drop on weak Chicago exchanges but export data limits losses
The price of Malaysian palm oils futures fell on Thursday after four sessions of gains. This was due to the weakness in Chicago soyoil, but strong export data helped limit losses. At closing, the benchmark palm oil contract on Bursa Malaysia's Derivatives Exchange for July delivery fell 61 ringgit or 1.55% to 3,862 Ringgit ($902.34) per metric ton. AmSpec Agri Malaysia, an independent inspection company, said that the number of products shipped between April 1 and 15 increased by 14.2%, to 514 713 tonnes, from 450 657 tonnes. Prices of soyoil on the Chicago Board of Trade CBOT dropped by 5.72%.
Palm oil beats out weaker oils at Dalian and Chicago exchanges
After four sessions of gains on the Chicago and Dalian commodities exchanges, the price of Malaysian palm oils futures fell on Thursday. Market participants were awaiting the export data. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for July delivery had fallen 48 ringgit or 1.22% to 3,875 Ringgit ($904.74) per metric ton. A Kuala Lumpur based trader stated that "today, CPO Futures are taking a rest after the recent rally... The contract dropped, following weaker Chicago soybean oil and Dalian vegetable oils.
Russell: Trade truce will not revive China's energy imports from the US
Markets have welcomed the move by China and the United States to negotiate and reduce tariffs, but this will not do much to restore trade in energy commodities. In a truce that will last 90 days, the United States will lower its tariffs for imports from China by 30% while Beijing reduces its duties on U.S. products to 10%. The agreement, which was reached after two days of discussions in Geneva last week between the two parties, has brought the trade relationship off the edge it was heading towards.
