The crude oil markets—including some physical markets—are showing signs of tightening as concerns about crude oil transit times due to bypassing the volatile Red Sea continue to drag on, traders, analysts, and LSEG data now show. Historically, turmoil in the Middle East have caused crude oil prices to spike—sometimes in a big way, even if.
Both Prime Minister Rishi Sunak and US President Joe Biden cited the global economic impact of Houthi attacks on Red Sea cargo ships in overnight statements as the reasoning behind military action. The Treasury has modelled scenarios suggesting that disruption in the Red Sea could further shrink the UK economy, risking a recession. The main.
Oil prices have risen after Iran seized a tanker off the coast of Oman, raising concerns fuel prices could increase. The oil tanker was heading for Turkey on Thursday when armed men ordered it to sail to an Iranian port. The price of Brent crude oil jumped by more than 2%, to $78.40 a barrel.
The Biden Administration took one more baby step towards refilling the nation’s Strategic Petroleum Reserves (SPR), announcing on Friday a request for proposal for another 3 million barrels of crude oil for May delivery. The Strategic Petroleum Reserve started out at the onset of the current administration’s term with 638.1 million barrels in storage—the nation’s rainy day.
The Total Energies refinery in Port Arthur, Texas, has been forced to shut down its two crude distillation units and two vacuum distillation units, due to a malfunction at the gasoline-producing unit, sources with knowledge of the refinery operations have told Reuters. After a malfunction at the gasoline-producing fluidic catalytic cracker (FCC) at the 238,000.
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The first batch of fuel export quotas that China has issued for 2024 is basically unchanged from the first batch of allowances for 2023, Chinese consultancies and trading sources told Reuters on Friday. Chinese refiners are allowed to export diesel, gasoline, and jet fuel under strict quota regulations, with allowances for each refiner that are usually issued.
Refining margins for diesel in Northwest Europe end this year 40% below the levels from the end of 2022, despite the EU ban on seaborne imports of Russian petroleum products that came into effect in February 2023. Europe has imported more diesel from the Middle East and Asia this year to offset the loss of.
Crude oil inventories in the United States rose this week by 1.837 million barrels for the week ending December 22, according to The American Petroleum Institute (API), after recording a 939,000-barrel build in crude inventories in the week prior. API data shows a net build in crude oil inventories in the United States of just.
China took in half of all the crude oil that Russia exported this year, with India a close second, Deputy Prime Minister Alexander Novak said today on state TV. China now accounts for 45% to 50% of Russian oil and fuel exports, while India is taking in some 40%, Novak said. The increase is particularly.
