Heating Oil

Canada's main oilproducing province Alberta has submitted a federal court difficulty to Ottawa's carbon tax exemption for home heating oil, arguing it is unconstitutional and illegal, the Alberta federal government stated on Tuesday. WHY IT MATTERS The court difficulty from Alberta's conservative government, which regularly clashes with the federal Liberals on environment and energy concerns, is the current attack on the consumer carbon tax ahead of a federal election due to happen within the next year. Opposition Conservative leader Pierre Poilievre, whose party is ballot far ahead of Trudeau's Liberals, has actually promised to axe. the tax if elected. CONTEXT...

Asia's frontmonth regrade spread, the difference in between jet fuel and gasoil swaps, leapt to a sixyear high, prices data from LSEG showed on Monday, with traders associating the relocate to strength in timely market fundamentals for jet fuel. The spread has been expanding for the past four-trading session to strike $2.50 a barrel - its largest given that Nov. 26, 2018, when levels were around $2.55 a barrel, the information revealed. Jet fuel markets have been rallying considering that a week earlier, as increased purchasing interest - with regional buyers seeking to cover their immediate November requirements - stimulated...

Many U.S. homes will invest about the same as in 2015 to heat homes over the winter regardless of colder temperature levels that will increase overall fuel consumption, the U.S. Energy Details Administration (EIA). stated on Tuesday. With energy rates comparable to or slightly lower than last. winter season, EIA expects costs for lots of households will have to do with. the same as last winter, the company kept in mind in the 2024 Winter season. Fuels Outlook report. Residences using heating oil will see the sharpest decline in. fuel costs over the winter at 5%, whereas typical propane fuel....

U.S. oil demand increased in July to the highest seasonal level because 2019 while output decreased for the second time in three months, information from the U.S. Energy Information Administration revealed on Monday. U.S. oil need has actually been more durable this year compared to other significant customers, such as China, which have actually lagged under financial pressures. Overall oil usage rose 1.2% from June to 20.48 million barrels each day (bpd) in July, the highest for that month because 2019. Demand for both gas and ultra-low sulfur diesel was at the highest seasonal levels given that 2019, whereas jet...

U.S. crude oil stockpiles fell while gasoline and distillate inventories rose last week, the Energy Details Administration (EIA) said on Wednesday. Crude stocks fell by 1.6 million barrels to 417.5 million barrels in the week ending Sept. 13, the EIA said, compared with analysts' expectations in a Reuters poll for a. 500,000-barrel draw. Net U.S. crude imports fell by 1.8 million. barrels daily, the EIA said. Unrefined stocks at the Cushing, Oklahoma, delivery hub. fell by 2 million barrels, the EIA said. Oil futures pared losses following the report. Brent futures. were trading at $73.53 a barrel, down 19 cents...

California Governor Gavin Newsom proposed a plan on Thursday requiring oil refiners to keep minimum reserves of gasoline in an effort to prevent rate spikes. The California Energy Commission said that on 63 days last year California refiners preserved less than 15 days of supply of gasoline, a situation that it stated spiked rates and expense motorists $650 million. Cost spikes at the pump are earnings spikes for Big Oil. Refiners should be needed to plan ahead and backfill products to keep prices steady, instead of playing games to earn even more revenues, Newsom, a Democrat, said in a release....

U.S. petroleum refiners have trimmed crude processing rates in reaction to an increase in fuel inventories and a decline in refining margins because the start of the second quarter of 2024. Refiners' gross inputs of crude and incomplete oils slowed to 16.6 million barrels daily (b/d) over the 7 days ending on Aug. 2, according to data from the U.S. Energy Details Administration. Gross inputs were the slowest for the time of year given that the initially wave of the coronavirus pandemic in 2020 and before that 2014. Refiners made use of simply 90.5% of their operable capacity, below 93.6%...

U.S. oil refineries have been processing petroleum at the fastest rate for the time of year given that before the pandemic, however rising fuel stocks have begun to weigh on crack spreads and likely signal a slowdown ahead. Refineries processed 17.5 million barrels per day (b/d) of crude and other feedstocks over the week ending on June 7, the fastest seasonal rate since 2018, according to information from the U.S. Energy Details Administration (EIA). Refineries were using 95% of their operable capability, up 94% in 2015, and the highest percentage considering that 2019, weekly data from the EIA show. However...

Portfolio financiers offered record volumes of petroleum last week after OPEC? amazed the market by announcing plans to increase production beginning with the fourth quarter of 2024. Hedge funds and other money supervisors sold the equivalent of 194 million barrels in the six most important futures and choices agreements over the seven days ending on June 4. Fund sales were the fastest for any week since at least 2013 when the U.S. Commodity Futures Trading Commission and ICE Futures Europe began releasing data in the existing format. Sales were more than three standard discrepancies far from the typical weekly change,...

U.S. crude oil stockpiles increased all of a sudden last week, while fuel and distillate inventories also increased as refining ramped up and demand fell despite the kickoff of the summer season driving season, the Energy Information Administration (EIA) said on Wednesday. Unrefined inventories increased by 1.2 million barrels to 455.9 million barrels in the week ended May 31, the EIA said, compared with experts' expectations in a poll for a 2.3 million-barrel draw. Despite constant production and net imports, crude stocks grew due as the EIA's change figure increased to 1.3 million barrels recently, analysts said. The modification element...

Portfolio investors purchased petroleum agreements for the very first time in seven weeks as traders squared up short positions ahead of a conference of OPEC? ministers to decide production policy in the second half of 2024. Hedge funds and other money managers bought the equivalent of 21 million barrels in the 6 crucial futures and choices contracts over the 7 days ending on May 28. The purchases were the first after 6 weeks of sales amounting to 304 million barrels given that April 9, according to records published by ICE Futures Europe and the U.S. Product Futures Trading Commission. The...

U.S. diesel need fell to its most affordable seasonal level in March since 1998, while petroleum output increased to a multimonth high, data from the U.S. Energy Details Administration revealed on Friday. Need for extract fuels, which includes diesel and heating oil, has actually been struck sharply this year under pressure from sluggish production activity, milder-than-expected winter weather condition and flourishing eco-friendly fuel supply. Products provided of distillate, EIA's procedure of demand, tipped over 6% from February to 3.67 million barrels per day (bpd) in March, lowest for the month because 1998. The two most immediate U.S. ultra-low sulfur diesel...

Singapore's middle extracts stockpiles fell 4% weekonweek to below 11 million barrels as an increase in jet fuel/kerosene net exports outweighed gains in diesel/kerosene net exports, main data showed on Thursday. Stocks of diesel/gasoil and jet fuel/kerosene at secret oil storage center Singapore were at 10.919 million barrels for the week ended Sept. 11, a little down from 11.374 million barrels a. week back, information from Enterprise Singapore showed. For jet fuel/kerosene, net exports surged nearly ten-fold. from a week earlier as total imports went back to almost. negligible levels. Total exports continued to drain of Singapore to numerous. local...

Asian refiners' margins dropped to their most affordable seasonal levels given that 2020 this week as products of diesel and gasoline increased after peak summer season travel need ended, market authorities and analysts said on Friday. Relentless weak margins could prompt refiners to trim their output, suppressing crude need in Asia, the area that contributes most to international oil need growth. Asia has actually been cutting runs considering that May, 400,000-500,000. barrels daily, including China, said Amrita Sen, creator and. director of Research at consultancy Energy Aspects. We've already included 300,000 bpd of run cuts for Q4. potentially another 100,000...

Indonesia's Pertamina is seeking additional gasoil and jet fuel freights for June shipment after recent procurements, three sources said on Monday. The state energy business is wanting to purchase least three more 100,000-300,000 barrel cargoes of 2500ppm sulphur gasoil for shipment between June 13 and June 16 to Tuban, Tanjung Uban and Semarang. This follows purchases of at least 3 freights in the past 2 weeks, records showed. Pertamina is also looking for four 20,000-50,000 barrel freights for shipment between June 5 and June 30 to Batam, Surabaya and Plumpang. Both tenders close on May 27 with validity as much...

Singapore's middle distillates stockpiles drew for a second week, falling by 2%. week on week, however China import volumes for diesel/gasoil and jet. fuel/kerosene remained popular, official information revealed on. Thursday. Gasoil/diesel and jet fuel/kerosene inventories at key oil. storage center Singapore were at 10.134 million barrels, below. 10.349 million barrels a week ago, figures from Enterprise. Singapore showed. Jet fuel/kerosene net exports climbed by nearly 10%, fuelled. by the 43% rise in overall exports week on week. Key factors today were Australia and Vietnam, with. the latter drawing more freights regionally given some planned. refinery maintenance there that simply...

Singapore's middle extracts stockpiles increased almost 2% week on week, driven by the dip in net exports of jet fuel/kerosene, while diesel/gasoil exports for March to northwest Europe were at more than 140,000 metric tons, official information showed on Thursday. Gasoil/diesel and jet fuel/kerosene inventories at essential oil storage center Singapore were at 10.301 million barrels, up from 10.134 million barrels in the previous week, figures from Business Singapore revealed. Net exports of jet fuel/kerosene fell about 85% from the previous week, with the 87% decline in overall exports being a secret factor. China's import volumes slipped to slightly below...

Singapore's middle extracts stockpiles slipped weekonweek as net exports of diesel/gasoil rose, main information showed on Thursday. Inventories of diesel/gasoil and jet fuel/kerosene at key oil storage center Singapore were at 8.845 million barrels in the week of Feb. 21, below 9.547 million barrels from a week earlier, the data from Business Singapore showed. Net exports of diesel/gasoil increased by 37% from recently, mainly due to an 11% decrease in overall imports. Import arrivals were mostly from Russia and Saudi Arabia for the week, the information showed. Around 100,000 metric loads of India-origin diesel/gasoil were bound for Singapore in February,...