Head of industry association says that Canada's oil supply is not as reliable as Japan's, but the Canadian market is still tough.
The head of an industry association in Japan said that Japanese refiners need to diversify their supply sources, as 95% its crude oil imports are from the Middle East. However, importing Canadian oil may be difficult due to its heavy nature. According to two sources who are familiar with the issue, Canada's largest oil-producing province, Alberta, is considering investing in Japan's refinery sector as a way to reduce its dependence on the United States for oil exports. The sources…
Poland Urges EU Members to End Russian Oil Imports by 2026
Poland has urged European Union member states that are still buying Russian energy to end those imports by the end of 2026 and will offer them help towards that effort, Energy Minister Milosz Motyka said on Wednesday.The Druzhba oil pipeline delivers Russian oil to Hungary and Slovakia, which continue to buy energy supplies from Russia after other EU nations cut ties following Russia's full-scale invasion of Ukraine in 2022.The European Commission will propose speeding up the phasing out of Russian fossil imports, the EU executive head Ursula von der Leyen said on Tuesday after a call with U.S.
Sanctioned Russian Oil Vessel Switches to Indian Port after Adani Group Ban
Sanctioned vessel Noble Walker carrying Russian oil has changed course to India's Vadinar port after the country's Adani Group banned entry of blacklisted ships at its Mundra port, ship tracking data showed on Monday.The Noble Walker, carrying about a million barrels of Russian crude for Indian refiner HPCL Mittal Energy Ltd, was until Friday headed to Mundra, according to shipping reports and data from LSEG and Kpler.The vessel has been blacklisted by the European Union and Britain for breaching sanctions in transporting Russian oil.HMEL did not respond to a Reuters email seeking comment.
Prices for EUROPE GAS are on the decline due to increased wind and LNG supplies
Dutch and British wholesale prices of gas fell on Friday morning, as a higher wind output is expected to begin Monday. Also, the supply of liquefied gas (LNG), was also increasing. LSEG data shows that the benchmark Dutch front-month contract for the TTF hub fell by 0.33 euros to 32.05 Euro per megawatt hour at 0815 GMT. The contract for November was lower by 0.23 euros at 32.94 euro/MWh. The British gas prices for the weekend were down 0.50 pennies at 78.50 penny per therm. According to LSEG, the wind generation in North-West Europe will be 60% higher on Monday than it is today.
Interior secretary: US wants to strengthen energy ties with Greece
Interior Secretary Doug Burgum told reporters in Athens that the U.S. is looking to strengthen its energy relations with Greece. This comes as the Trump Administration works to reduce Russia's gas and oil supplies to Europe. Burgum was in Europe this past week to sign energy deals that the U.S. believes will increase its influence in Europe while reducing Russia's. Greece announced on Wednesday that a consortium, including the oil giant Chevron, had bid for exploration of natural gas in their waters.
US Looks to Expand Energy Ties with Greece
The United States wants to expand its energy ties with Greece, U.S. Interior Secretary Doug Burgum said during a visit to Athens on Thursday, as the Trump administration works to further reduce Russia's oil and gas supplies to Europe.Burgum has been in Europe this week aiming to seal energy supply deals, which the U.S. hopes will strengthen its influence in the region while weakening Russia's.On Wednesday, Greece announced that a consortium including oil major Chevron had bid to explore…
Interior secretary: US wants to strengthen energy ties with Greece
U.S. officials say that the United States is looking to strengthen its energy relations with Greece. While visiting Athens, Interior Secretary Doug Burgum stated that the Trump administration is working to further reduce Russia’s oil and natural gas supplies into Europe. Burgum was in Europe to sign energy deals that the U.S. hopes can strengthen their influence in the area while weakening Russia’s. Greece announced on Wednesday that a consortium, including the oil giant Chevron, had bid for exploration of natural gas in their waters.
After US pressure, EU looks to accelerate Russian oil and gas withdrawal
Ursula von der Leyen, the head of the European Commission, said that new sanctions would include a quicker phase-out of Russian fuels. This comes after U.S. pressure for an end to Russian oil purchases. EU officials are in Washington, D.C. to coordinate new sanctions against Russia with the Trump administration. A White House official revealed that Trump, in an effort to end Russia’s war against Ukraine, had told European leaders to stop purchasing oil from Russia last week. Trump has also asked the EU to impose tariffs of up to 100% on China and India to put pressure on Moscow.
Exxon expects EU to sign long-term US gas deals, FT reports
The Financial Times reported that ExxonMobil expected the European Union would sign multi-decade contracts for U.S. natural gas as part of its pledge to purchase billions of dollars in American energy. As part of a broad trade agreement with Washington, the EU pledged in July to buy 750 billion dollars of U.S. power by 2028. Exxon, as well as the EU, did not immediately respond when contacted for comment. Peter Clarke is the senior vice president for Exxon’s liquefied gas business.
Why E20 fuel has caused angst on the Indian auto market
The launch of E20 by the Indian government under Prime Minister Narendra Modi has created confusion and panic in the third largest auto market. How was E20 implemented? How does it help? E20 is petrol blended 20% with ethanol. This alcohol is primarily produced from sugarcane, maize and other grains. The fuel was first introduced in April 2023 at a handful of pumps and is now available across India. It replaces the 10% ethanol, known as E10, which most cars were designed to run on.
India to Continue Buying Russian Oil Despite US Tariffs
India will continue to buy Russian oil as it proves economical, its finance minister said on Friday, despite the Trump administration's decision to impose heavy import tariffs on Indian goods due, in part, to its energy purchases from Moscow.As Europe and the U.S. have shunned Russian oil over Moscow's 2022 invasion of Ukraine, India has taken advantage of discounts on Russian output to become the largest buyer of Russian seaborne crude.New Delhi has said its purchases of Russian oil have kept the markets in balance.U.S.
Crude oil and palm oil are both weaker than their rival oils
The market was pressured by the weaker rival oils and crudes, as well as the inability to breach a technical level. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for delivery in November fell 35 ringgit (0.78%) to 4,441 Ringgit ($1,056.12) per metric ton. The contract increased by 2.19% on Monday. A Kuala Lumpur-based broker said that the absence of follow-through purchases and the failure to break psychologically important levels had a negative impact on crude palm oil futures as well as rival Dalian.
Palm prices rise on US tariff relief for Indonesia; slow demand limits gains
Malaysian palm futures rose on Wednesday after recovering from a two-day decline, supported by the news that U.S. exempted Indonesian oil palm from a tariff of 19%, but sluggish market demand outside China limited gains. At the close, the benchmark palm oil contract on Bursa Derivatives Exchange for November delivery gained 19 ringgit (0.46%) to 4,489 Ringgit ($1,067.54) per metric ton. It had fallen 1.3% over the past two days. CPO futures traded higher after news broke that the U.S.
Slow demand limits palm gains from US tariff exemptions for Indonesia
Malaysian palm futures rose Wednesday, recovering after a two day drop. Supported by the news that U.S. exempted Indonesian oil palm from a tariff of 19%, but sluggish market demand outside China limited gains. At the midday break, the benchmark palm oil contract on Bursa Derivatives Exchange for November delivery gained 40 ringgit or 0.89% to 4,510 Ringgit ($1,072.53) per metric ton. The price had fallen by 1.3% over the past two days. CPO futures traded higher after news broke that the U.S.
Data shows that Pemex crude exports rose in July, while refinery production dropped.
According to the most recent data from the company, Pemex, the Mexican state oil company, reported that crude oil exports rose by 31% in July, compared to last month. However, the company's refining production fell slightly in the same time period. Pemex exports and refinery output are closely monitored as the government attempts to reduce motor oil imports and prioritize domestic processing in order to achieve energy independence. Exports in July reached 600,669 barrels a day (bpd), up 31% compared to June when they hit a multiyear low.
Russian Oil Supplies to Hungary and Slovakia Halted After Ukraine Attack
Russian oil supplies to Hungary and Slovakia could be suspended for at least five days after a Ukrainian strike on a facility in Russia, Hungarian and Slovakian officials said on Friday, in a widening of the fallout of Russia's war in Ukraine.Russia and Ukraine have stepped up attacks on each other's energy infrastructure, hitting Ukrainian domestic heating supplies, Russia's Druzhba pipeline and other facilities, over the past few weeks as U.S. President Donald Trump has pushed for…
Venezuelan Oil Imports Resume Under New Chevron License
Two tankers chartered by Chevron carrying Venezuelan crude reached U.S. waters on Thursday, marking the first U.S. imports of the South American country's oil following a new license granted by Washington, vessel tracking data showed.The U.S. Treasury Department last month issued a restricted license to Chevron allowing the U.S. company to operate in the OPEC country and export its oil after a three-month pause triggered by more strict policies towards sanctioned Venezuela.The vessels…
Russian energy exports disrupted since the start of Ukraine War
One of the bargaining chips that Donald Trump will use to convince Vladimir Putin to progress towards a ceasefire agreement in Ukraine when he meets him on Friday is to reduce U.S. restrictions on Russia's exports and energy industry. Trump has also warned of tougher sanctions in the event that there is not progress. See how the sanctions have affected Russian energy exports. Before the war, Russia was Europe's largest natural gas supplier. The majority of gas was transported via four pipeline routes…
Palm oil posts a weekly gain of more than 5%
Malaysian palm-oil futures closed higher Friday, and recorded a second week of gains after data revealed that exports were up for the period August 1-15. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange was up 75 Ringgit or 1.7% at $4,478 Ringgit ($1,063.66) per metric ton. Futures rose 5.24% in value this week. According to AmSpec Agri Malaysia and Intertek Testing Services cargo surveyors, exports of Malaysian products containing palm oil rose by 21.3% between August 1-15.
Palm little changed; heading for second weekly gain
The price of Malaysian palm oils futures was little changed on the Friday, but traders are waiting for export data to provide further clues. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange was up 9 Ringgit or 0.2% at 4,412 Ringgit ($1,046.24) per metric ton. Futures are up 3.69% this week. A Kuala Lumpur based trader stated that "Futures were trading sideways and tracking Dalian palm oils. Dalian's palm oil contract, which is the most active contract, fell by 0.57% while soyoil prices dropped by 0.37%. Chicago Board of Trade soyoil prices were also down by 0.17%.