Xinhua reports that China's CNOOC has discovered a 100 million-ton oilfield on the South China Sea.
Xinhua reported Monday that the China National Offshore Oil Corporation has discovered an oilfield with reserves of more than 100 million tonnes in the South China Sea. Huizhou's 19-6 oilfield, recently discovered, is not located in an area of the South China Sea that has been contested. It lies within China’s Exclusive Economic Zone which extends for 200 nautical mile or 370 kilometers from its coast. The report stated that the oilfield is located approximately 170 km (106 mi) off the coast Shenzhen at an average depth of 100 meters.
Vucic: Serbia will lose access to oil imports when the deadline for sanctions looms.
Serbia may lose access to essential oil imports as of Friday, after discussions to stop the imposition by the United States of sanctions on its sole oil refinery failed. President Aleksandar Vucic stated this in an interview published. The waiver of sanctions expires at midnight. If it is not extended, NIS, which is owned by Russia's Gazprom and Gazprom in majority, may face a reduction in crude oil supply. NIS is the sole oil refinery in Serbia, with a capacity of 4.8 millions tons per year. This facility covers most of Serbia's energy requirements.
EIA: US crude oil inventories are rising, but fuel is being drawn down due to ongoing maintenance.
The Energy Information Administration (EIA), which tracks seasonal refinery maintenance, reported on Wednesday that U.S. crude stockpiles increased and fuel inventories decreased last week. The EIA reported that crude inventories increased by 1.4million barrels, to 435.2million barrels for the week ending March 7. This was compared to analysts' expectations in an online poll of a 2million-barrel increase. The EIA reported that crude stocks at Cushing, Oklahoma's delivery hub, fell by 1.2 millions barrels in the past week. The report prompted a rise in oil futures. Oil futures rose after the report.
Palm slips due to weaker Dalian oil; Indian imports increase limit fall
The Malaysian palm futures continued to decline for a second consecutive session on Tuesday. Pressured by Dalian Oils, whose prices were lower, an increase in India’s palm oil imports helped limit the loss. At the close, the benchmark contract for palm oil delivery in May on the Bursa Derivatives Exchange fell 11 ringgit or 0.24% to 4,488 Ringgit ($1,017.69). David Ng is a proprietary trader with Kuala Lumpur's Iceberg X Sdn. Bhd. He said that the market was down because of soybean oil's overnight drop and Dalian’s weakness. These factors were mainly influenced by U.S. tariffs and China tariffs.
Palm falls due to profit-taking and weakness in Chicago Soyoil
Malaysian palm futures dropped on Monday, ending three sessions of gains. Profit-taking and lower Chicago soybean oil prices were to blame. At midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for May delivery fell 18 ringgit or 0.39% to 4,607 Ringgit ($1,043.02), a metric tonne. Anilkumar bagani, the commodity research director at Mumbai's Sunvin Group, said that during Asian hours the market traded lower due to profit-taking and weakness in Chicago Soyoil Futures. Dalian's palm oil contract, which is the most active contract, rose by 1.62%.
Russell: China's commodity imports will continue to decline until 2025 due to economic and trade concerns
China's imports have been weak in 2025. This is in line with the recent trend of a softer economy. According to data released by the official customs on Friday, imports of crude, natural gas and iron ore, as well as copper, have all decreased in the first half of this year when compared to the same period of last year. The January-February period saw a rise in coal imports compared with the same period of 2024. However, the figures were significantly lower than in November and Decemeber, indicating that China's appetite is decreasing for the fuel.
Russell: China's commodity imports will continue to decline until 2025 due to economic and trade concerns
China's imports have been weak in 2025. This is in line with the recent trend of a softer economy. According to data released by the official customs on Friday, imports of crude, natural gas and iron ore, as well as copper, have all decreased in the first half of this year when compared to the same period of last year. The January-February period saw a rise in coal imports compared with the same period of 2024. However, the figures were significantly lower than in November and Decemeber, which suggests that China is losing interest in this fuel.
VEGOILS - Palm oil gains over Chicago soyoil; inventory data to be released
After two sessions of losses on the Chicago Soyoil Market, the Malaysian Palm Oil Board's futures prices rose on Wednesday. By midday, the benchmark contract for palm oil delivery in May on the Bursa Derivatives exchange was up 21 Ringgit or 0.48% to 4,370 Ringgit ($983.13) per metric ton. On March 10, the Malaysian Palm Oil Board will release its monthly statistics. The Chicago Board of Trade's (CBOT), which trades soyoil, rose by 0.58%. Dalian's palm oil contract, however, fell 1.16 % and its most active contract, a contract for Dalian’s most active contract, lost 1.3%.
Palm oil falls on weaker Dalian oil, Sino-US Tariff War
Malaysian palm oils futures ended lower on Tuesday due to weaker Dalian oils, and fears over China's response to new U.S. duties on Chinese products. The benchmark May palm oil contract on Bursa Derivatives Exchange dropped 137 ringgit or 3.06% to close at $4,347 ringgit (US$973.79) per metric ton. This was the lowest close for nearly a whole month. China had retaliated swiftly against new U.S. import tariffs earlier in the day. It raised import levies on $21 billion of American agricultural and foodstuffs and moved the world's two largest economies closer to a full-blown trade war.
Indonesia's Pertamina promises to improve transparency after corruption allegations
Indonesia's state owned energy company Pertamina publicly apologized on Monday and promised to improve its governance following the arrest of five executives from one of its units for alleged corruption in relation to oil imports. Last week, the Attorney General's Office arrested five executives from three Pertamina units on suspicion of corruption in relation to oil imports that occurred between 2018 and 2023. This allegedly caused state losses of $12 billion. He said the company would continue to import crude and refined products and work with energy minister to improve transparency.
US oil licenses and authorizations for Venezuela
Since the United States first imposed sanctions against Venezuela's energy industry in 2019, it has granted licenses to certain oil companies, allowing them to export Venezuela's oil into specific destinations. Washington imposed sanctions after international observers reported irregularities at elections which have kept Nicolas Maduro on the throne repeatedly. Donald Trump, the U.S. president, announced on Wednesday that he would revoke a license for a U.S. oil producer Chevron Corp. He accused Maduro of not making progress in electoral reforms or migrant return.
EIA: US crude stocks fall as refining increases, fuel inventories increase
The Energy Information Administration (EIA), which released its report on Wednesday, said that U.S. crude stockpiles dropped unexpectedly as refining activity increased, while gasoline and distilate inventories showed a surprise build. The EIA reported that crude inventories dropped by 2.3 millions barrels, to 430.2 million in the week ending February 21. This was in contrast with the analysts' polled expectations of a rise of 2.6 million barrels. Cushing, Oklahoma's delivery hub for U.S. Crude Futures, saw its stocks rise by 1.3m barrels. They now total 24.6m barrels.
As alternatives gain market share, palm oil prices will be pressured by a slowing demand.
Prices are expected to fall as palm oil production recovers and imports drop due to price-sensitive consumers. This will reduce the advantage of tropical oil over its rivals even though top producer Indonesia increases biodiesel production. Benchmark palm futures have lost market share due to the shift of top importers such as India to cheaper alternatives like soybean and sunflower oil. In recent months, palm oil has traded at a premium to other oils due to the disruptions in supply from top producers Indonesian and Malaysia caused by flooding.
Indonesian prosecutors have arrested three Pertamina executives for oil imports
A senior official revealed that the Attorney General's Office in Indonesia has arrested three executives from Pertamina, a state-owned energy company. They were accused of corruption in relation to oil imports which cost the government $12 billion. Abdul Qohar told reporters that prosecutors arrested Riva Saifuddin and Yoki Firnandi late on Monday. Pertamina stated in a press release on Tuesday that they respected the legal process being conducted by the Attorney General's Office. "Pertamina will cooperate with authorities, and we hope that the legal process goes smoothly.
Palm oil follows Dalian and Chicago oils in lowering prices
The market was pressured by the weakness of rival oils Dalian and Chicago, as well as a weak demand from India, which is a major buyer. By midday, the benchmark contract for palm oil delivery in May on the Bursa Derivatives exchange had fallen 73 ringgit or 1.57% to 4,591 Ringgit ($1,044.36) per metric ton. A Kuala Lumpur based trader said that sharp losses in rival oils had dampened the market's sentiment. Dalian's palm oil contract, which is the most active contract in Dalian, fell by 2%. Chicago Board of Trade soyoil prices were down by 0.7%.
Cenovus' quarterly profit drops due to weak oil prices
Cenovus, a Canadian oil and natural gas company, reported a decline in profit for the fourth quarter on Thursday. Lower commodity prices and lower refining margins were offset by higher production. In mid-morning trade, the company's stock was down by 4.5%. The average Brent crude futures fell 3% in 2024 as the economy of the major consumer, China, remained weak. The OPEC+ producer's group also postponed their planned supply increases to 2026 and extended the deep cuts in output until the end of the year.
Palm closes over 3% higher due to stronger rival oils and output concerns
Malaysian palm futures closed more than 3% higher Wednesday. Prices were boosted by the stronger edible oils of rivals and concerns about production. Increased buying in anticipation of an industry conference was also supportive. The benchmark May palm oil contract on the Bursa Derivatives Market gained 169 Ringgit or 3.75%. It closed at 4,673 Ringgit ($1,052.95) per metric ton after hitting an intraday peak of 4,695 Ringgit. The contract dropped 0.84% during the previous session. Paramalingam Supramaniam is the director of Selangor brokerage Pelindung Bestari.
Palm prices rise on lower production and log a fourth weekly gain
Malaysian palm futures closed higher on Friday, logging a fourth consecutive weekly gain. Lower stocks supported the market in spite of demand concerns and uncertainty surrounding Indonesia's mandate for biodiesel. At the close, the benchmark April palm oil contract on Bursa Derivatives Exchange rose 41 ringgit (0.9%), to 4,595 Ringgit ($1,036.78) per metric ton. The contract increased by 2.02% in the past week. Paramalingam Supramaniam of Selangor-based brokerage Pelindung Bestari said that the market was slightly adjusted due to concerns about demand, but lower end stocks supported prices.
Palm production drops, resulting in a fourth-week gain.
Malaysian palm futures increased on Friday as lower inventories supported the market, despite concerns about demand and uncertainty surrounding Indonesia's mandate for biodiesel. At midday, the benchmark April palm oil contract on Bursa Derivatives Exchange rose 35 ringgit or 0.77% to 4,589 Ringgit ($1,033.56) per metric ton. This week, it has increased by 1.62%. Paramalingam Supramaniam of Selangor-based brokerage Pelindung Bestari said that the market was slightly adjusted due to concerns about demand, but lower end stocks supported prices.
Official Russian energy says US sanctions shouldn't hinder oil trade with India
The latest sanctions by the United States against Russia shouldn't affect the oil trade between Moscow and India, Pavel Sorokin said, Russia's first vice minister of energy, on Tuesday. He added that it is too early to determine the effects. India has become the largest buyer of Russian oil shipped by sea at a discounted price after Western nations implemented sanctions against Moscow and reduced their energy purchases as a response to Russia's invasion in Ukraine in 2022. Washington imposed new sanctions last month targeting Russia's supply chain for oil.
