Heating Oil








Asia

North America

Oil & Gas

OPEC? surprise triggered record hedge fund oil sales: Kemp

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,...

Fossil Fuels

United States crude, fuel stockpiles increase as refining ramps up, EIA says

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...

Natural Gas

United States oil futures draw renewed interest from hedge funds: Kemp

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...

Oil & Gas Refining

United States diesel need for March hits 26-year seasonal low, EIA says

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...

Oil Storage

Oil market torpor sends investors to other products: Kemp

International petroleum markets have ended up being calm again after massive interruptions brought on by the coronavirus pandemic, Russia's invasion of Ukraine, and the sanctions imposed in response by the United States and its allies. Production and consumption are growing at similar rates; inventories are near normal; prices are close to typical when adjusted for inflation; and volatility is low-- all signs the market has found a balance after a tempestuous couple of years. With a comfy production-consumption balance, hedge funds and other speculators have actually scaled back oil positions to redeploy capital to more interesting markets in power, gas,...

Crude Oil

United States refiners reward investors with big returns regardless of softer Q1 profits

Significant U.S. fuel makers returned billions in capital to shareholders in the very first quarter and improved share repurchase programs, even as refining margins softened from current records and usage rates fell. 3 of the most significant U.S. independent oil refiners - Marathon Petroleum, Phillips 66, and Valero Energy - earned combined adjusted profits of $2.93. billion and returned $5.5 billion to investors through stock. repurchases and dividends in the very first quarter, according to. calculations. That compares to $6.6 billion returned during the very same. quarter a year back, when profits totaled $7.75 billion. Refiners are tapping into their...

LNG

Ships queue at Freeport LNG plant in Texas as complete operations resume

LNG tankers started loading at Freeport LNG in Texas today as full operations resumed at the liquefied natural gas export plant after repair work and upkeep, information from financial firm LSEG revealed on Wednesday. Interruptions at the second-largest U.S. liquefaction plant have pushed U.S. gas prices lower and raised LNG rates in Europe in the past. The plant, which has actually been undergoing repair work for a number of weeks, has resumed complete operations, a Freeport LNG representative validated. The Shinshu Maru LNG tanker was moored at Freeport LNG's. terminal on Wednesday, and Flex Vigilant left on Tuesday,. LSEG information...

Oil & Gas Refining

US crude stocks post surprise develop as refining slows - EIA

U.S. petroleum and fuel inventories rose all of a sudden last week as refineries slowed down running rates, the Energy Info Administration said on Wednesday. Unrefined stocks rose by 7.3 million barrels to 460.9 million barrels in the week ended April 26, the EIA stated, compared to analysts' expectations in a survey for a 1.1 million-barrel draw. Unrefined stocks were at the highest point considering that June, driven by a large 6.8 million-barrel rise in Gulf Coast stocks, enhancing them to their to highest since April 2023 at 261.6 million barrels, the EIA said. Refinery unrefined runs fell by 230,000...

Fossil Fuels

United States oil output, demand rose more than forecast in Feb, EIA information programs

U.S. oil supply recovered faster than projection in February from severe cold-related issues the prior month, while need increased even more rapidly, data from the U.S. Energy Information Administration revealed on Tuesday. Overall U.S. field production of crude oil increased by 578,000 barrels per day (bpd) in February to 13.15 million bpd, the greatest month-to-month increase given that October 2021, EIA's monthly 914 production information revealed. EIA had actually anticipated output of 13.08 million bpd in February, as per its Short-Term Energy Outlook (STEO). Extreme cold had actually wreaked havoc on U.S. energy facilities in January, knocking offline big swathes...

Crude Oil

United States crude stockpiles plunge suddenly as exports dive, EIA says

U.S. crude oil stocks suddenly fell sharply last week as exports leapt, while gasoline stockpiles reduced less than forecast, the Energy Details Administration (EIA) said on Wednesday. Crude stocks slumped by 6.4 million barrels to 453.6 million barrels in the week ended April 19, the EIA said, compared to analysts' expectations in a survey for a. 825,000-barrel rise. Petroleum inventories fell following the largest weekly increase. this year in exports of 453,000 barrels each day (bpd) to 5.18. million. Net U.S. crude imports fell by 417,000. bpd, the EIA said. It was all about the exports, stated Bob Yawger,. director...

Heating Oil

United States crude, fuel stocks rise on strong unrefined imports, weak fuel need

U.S. crude oil and gasoline stocks increased all of a sudden last week driven by an increase in crude imports and sluggish fuel need, the Energy Details Administration stated on Wednesday. Crude inventories increased by 3.2 million barrels to 448.2 million barrels in the week ended March 22, the EIA stated, compared to analysts' expectations in a poll for a 1.3 million-barrel draw. The crude construct was supported by a net increase in U.S. unrefined imports by 1.12 million barrels per day, and is setting the stage for a month-to-month build in crude oil, according to Matt Smith, lead oil...

Oil & Gas Refining

US oil stocks increase throughout the board on low exports, weak need - EIA

U.S. crude oil, fuel and extract stocks rose last week mainly driven by low crude exports and as suggested demand for fine-tuned items declined, the Energy Info Administration said on Wednesday. Crude inventories rose by 5.8 million barrels to 457.3 million barrels in the week ended April 5, the EIA said, compared with analysts' expectations in a poll for a 2.4 million-barrel increase. Unrefined futures fell after the bigger-than-expected build. Brent futures were trading 3 cents lower at 89.39 a. barrel by 10:48 a.m. ET (1448 GMT). West Texas Intermediate. crude futures (WTI) were down 11 cents at $85.12 a....

Europe

Refined Products

Sluggish need and oversupply sap European diesel markets

European diesel futures spreads are flashing signs of oversupply and slow demand with the threemonth contango trading on Monday at its largest because August 2021. Contango is a market structure in which an existing contract trades at a discount rate to a contract for a later date and normally gives traders a signal to store the fuel to maximise profit. On Monday, the May low-sulphur gasoil futures contract traded at $6.25 a metric ton below the August contract and more than $3.50 below the June contract The May agreement. turned from backwardation into contango late last week. Europe is one...

Fossil Fuels

Russia's Kuibyshev oil refinery halts main system after drone attack - sources

The Rosneft-owned Kuibyshev oil refinery in Russia's city of Samara stopped CDU-5, one of 2 main improving units, knocking out half of its capacity following a. drone attack over the weekend, two market sources told . on Monday. Regional Guv Dmitry Azarov has stated that a fire broke. out at the refinery after a Ukrainian drone assaulted it on. Saturday early morning, according to Interfax news agency. The blaze. engulfed the primary oil refining system, he said. Ukraine has stepped up attacks on Russian oil infrastructure. since the start of the year, striking numerous big refineries. in an effort to...

Natural Gas Utilities

Trading house Mercuria to work with ex Shell LNG head Steve Hill

Energy trader Mercuria will hire popular gas trader Steve Hill, previously head of LNG at Shell, as the trading house broadens its existence in melted natural gas (LNG), 3 sources said. Hill, who at Shell oversaw the world's biggest LNG trading company, signs up with Geneva-based Mercuria as owners Marco Dunand and Daniel Jaeggi seek to obtain skill to develop on two years of bumper revenues. In 2022, Mercuria made a record $3 billion. LNG showed to be a boon for commodity traders with big books over the last 2 years. After Russia's intrusion of Ukraine in 2022, Europe's currently...

East Asia

South-East Asia

Heating Oil

Indonesia's Pertamina seeks more June gasoil, jet fuel, sources state

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...

Jet Fuel

Singapore middle distillates stocks dip 2% but China imports remain vigorous

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...

Energy Markets

Singapore middle extracts stocks rebound; volumes to Europe robust

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...

Jet Fuel

Singapore middle distillates stocks fall as diesel/gasoil net exports rise

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,...