- India's crude oil imports in September hit a five-month high, government data showed on Wednesday, as a pick up in economic activity and mobility led to higher fuel demand. Crude oil imports in the world's third largest oil consumer and importer rose 16% to 17.61 million tonnes from a year earlier, according to data on the website of the Petroleum Planning and Analysis Cell.
Gasoline for prompt delivery on the U.S. Gulf Coast fell Wednesday, as the market focused on deliveries in December, a month when U.S. demand declines seasonally, traders said. U.S. Gulf Coast M4 conventional gasoline fell three quarters of a cent, trading 2.85 cents higher than the gasoline futures benchmark on the New York Mercantile Exchange, market participants said.
Oil prices fell on Wednesday for a second straight day, with Brent hitting its lowest in two weeks after official figures showed a surprise jump in U.S. inventories of crude. Brent crude dropped $1.36, or 1.6%, to $83.22 a barrel by 0130 GMT, a two-week low, having declined by 2.1% in the previous session.
President Vladimir Putin on Wednesday told the head of Kremlin-controlled energy giant Gazprom, Alexei Miller, to start pumping natural gas into European gas storage once Russia finishes filling its own stocks, which may happen by Nov. 8. Gas markets in Asia and Europe have sky-rocketed this year, with benchmark Dutch gas hub spot prices jumping by 365% since the start of the year, fuelled by l...
Fujairah Oil Industry Zone on Wednesday published the
following weekly inventory data for oil products for the week ended Oct. 25, according to
industry information service S&P Global Platts.
Crude oil tanks at the Cushing, Oklahoma storage and delivery hub for U.S. crude futures are more depleted than they have been in the last three years, and prices of further dated oil contracts suggest they will stay lower for months. U.S. demand for crude among refiners making gasoline and diesel has surged as the economy has recovered from the worst of the pandemic.
China's thermal coal futures slumped to their lowest in more than a month on Wednesday in their sixth consecutive day of declines, after the country's state planner said it would conduct "clean up and rectification" work on coal storage sites.
Oil prices fell on Wednesday after U.S. crude oil stockpiles rose more than expected, even as fuel inventories dropped and tanks at the nation's largest storage hub emptied further. The bigger-than-expected rise in U.S. crude stocks gave some investors an impetus to unload long positions after strong gains in recent weeks brought both the Brent and U.S. crude benchmarks to multi-year highs.
Oil prices edged up to their highest since 2014 on Tuesday, supported by a global supply shortage and strong demand in the United States, the world's biggest consumer. The rally came ahead of U.S. inventory reports from the American Petroleum Institute, an industry group, on Tuesday and the U.S. Energy Information Administration on Wednesday.
Petroleum futures and options saw another influx of hedge fund inflows last week as renewed bullishness about output restrictions overcame concerns about the already-high level of prices. Hedge funds and other money managers purchased the equivalent of 10 million barrels in the six most important futures and options contracts in the week to Oct. 19.
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