- Jet fuel prices have risen to levels never recorded in January as demand from China's lifting of COVID-19 travel restrictions and U.S. refinery outages, with the surge likely to continue, analysts and refining executives say. Chinese flight activity has more than tripled since early December to more than an average of 10,700 flights per day, according to data from flight tracking firm Airportia.
Jet fuel prices have risen to levels never recorded in January as demand from China's lifting of COVID-19 travel restrictions and U.S. refinery outages, with the surge likely to continue, analysts and refining executives say. Chinese flight activity has more than tripled since early December to more than an average of 10,700 flights per day, according to data from flight tracking firm Airportia.
Majors had many cargoes on offer on Friday but appetite remained thin owing to holidays in China. * Total was offering Angolan Pazflor at dated Brent minus 80 cents, Congolese Djeno at dated Brent minus $3.50 and Nigerian Forcados at dated Brent plus $6.50 a barrel.
U.S. natural gas futures fell about 2% to a fresh 20-month low on Friday ahead of the
expiration of the front-month and a growing belief that there is more than enough gas in storage for the rest of ...
Ambassadors of European Union governments on Friday discussed a European Commission proposal to set price caps on Russian oil products from Feb 5, but the talks were preliminary and were likely to continue next week, EU diplomats said.
-Oil prices settled lower on Friday, making their weekly finish flat to lower, as indications of strong Russian oil supply offset better-than-expected U.S. economic growth data, strong middle distillate refining margins and hopes of a rapid recovery in Chinese demand. Brent futures settled down 81 cents, or 0.9%, at $86.66 per barrel, up just 3 cents from last week's settlement.
U.S. natural gas futures dropped 4% to a 20-month low on Thursday despite a big weekly
storage draw, as forecasts called for milder weather and lower heating demand next week than previously expected.
Oil prices rose about 2% on Thursday on expectations that global demand will strengthen as top oil importer China reopens its economy and on positive U.S. economic data.
Shares of U.S. hydraulic fracturing firm Liberty Energy fell more than 5% on Thursday, despite a fourth-quarter earnings beat, on concerns that fracking activity was slowing. The company said that while the pressure pumping market is tight in all U.S. shale basins, there could be a pullback in response to lower natural gas prices, which were trading down 7.8% to roughly $2.8 per mmBTU on Thursday.
The European Commission is proposing that the EU set a $100 per barrel price cap on premium Russian oil products like diesel and a $45 per barrel cap on discounted products like fuel oil, an EU official said on Thursday.
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