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An aerial view shows an oil factory of Idemitsu Kosan Co. in Ichihara, east of Tokyo, Japan November 12, 2021, in this photo taken by Kyodo. Brent January crude futures rose 0.3%, or 28 cents, to $85.30 a barrel by 0330 GMT, after falling more than 1% on Tuesday. Brent December futures settled 4 cents lower at $87.41 a barrel at the contract's expiry on Tuesday. Interest rate hikes aimed at taming inflation can slow economic growth and reduce oil demand, while rate cuts to spur spending could increase oil consumption. The Fed, which will end its meeting on Wednesday, is expected to hold rates steady, according to a poll by CME's Fedwatch tool.

Persons: Brent, Edward Moya, CME's, Goldman Sachs, Antony Blinken, Mohi Narayan, Emily Chow, Jamie Freed Organizations: Kyodo, U.S . Federal Reserve, . West Texas, Treasury, Federal, Market, American Petroleum Institute, Central Bank, Bank of England, Israel, Thomson Locations: Idemitsu, Ichihara, Tokyo, Japan, DELHI, Israel, ., U.S, Europe, China, East, Gaza, New Delhi, Singapore

☆ Toyota, Idemitsu join hands to mass-produce all-solid-state batteries
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +1 min

A worker cleans Toyota's Electric Vehicle bZ4X, that is displayed during the Gaikindo Indonesia International Auto Show in Tangerang, near Jakarta, Indonesia, August 10, 2023. REUTERS/Willy Kurniawan/File Photo Acquire Licensing RightsTOKYO, Oct 12 (Reuters) - Toyota Motor (7203.T) and Idemitsu Kosan (5019.T) have joined hands to develop and mass-produce all-solid-state batteries for electric vehicles, the companies said on Thursday. Idemitsu and Toyota said in a statement they would aim to commercialise the next-generation batteries in 2027-28, followed by full-scale mass production. Toyota President Koji Sato and Idemitsu President Shunichi Kito will hold a press conference at 3 p.m. (0600 GMT) on Thursday. Solid-state batteries can hold more energy than current liquid electrolyte batteries.

Persons: Willy Kurniawan, Idemitsu Kosan, Koji Sato, Shunichi Kito, Chang, Ran Kim, Muralikumar Organizations: REUTERS, Rights, Toyota, world's, Thomson Locations: Indonesia, Tangerang, Jakarta

☆ Oil dips on investor caution as market eyes Middle East turmoil
▼ + stars: | 2023-10-10 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +3 min

An aerial view shows an oil factory of Idemitsu Kosan Co. in Ichihara, east of Tokyo, Japan November 12, 2021, in this photo taken by Kyodo. While Israel produces very little crude oil, markets worried that if the conflict escalates it could hurt Middle East supply and worsen an expected deficit for the rest of the year. Israel's port of Ashkelon and its oil terminal have been shut in the wake of the conflict, sources said on Monday. "If the U.S. finds evidence directly implicating Iran, then the immediate reduction in Iran's oil exports becomes a reality," said Vivek Dhar, an energy analyst at CBA. In a more positive sign for supply, Venezuela and the U.S. have progressed in talks that could provide sanctions relief to Caracas by allowing at least one additional foreign oil firm to take Venezuelan crude oil under some conditions.

Persons: Brent, Israel, Vivek Dhar, Dhar, Jeslyn Lerh, Arathy Somasekhar, Jamie Freed, Kim Coghill Organizations: Kyodo, Rights, U.S, West Texas, Hamas, ING, CBA, bbl, Thomson Locations: Idemitsu, Ichihara, Tokyo, Japan, Rights SINGAPORE, Israel, Palestinian, Gaza, Iran, Ashkelon, United States, U.S, Palestine, Venezuela, Caracas, Singapore, Houston

☆ US oil jumps $1 on crude draw, tight global supply
▼ + stars: | 2023-09-28 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

U.S. West Texas Intermediate crude futures (WTI) led the charge, rising above $95 for the first time since August last year. Brent crude futures climbed 77 cents, or 0.8%, to $97.32 a barrel after hitting levels not seen since November. U.S. crude stocks fell by 2.2 million barrels last week to 416.3 million barrels, government data showed, far exceeding the 320,000-barrel drop analysts expected in a Reuters poll. Crude stocks at the Cushing, Oklahoma, storage hub, delivery point for U.S. crude futures, fell by 943,000 barrels in the week to just under 22 million barrels, the lowest since July 2022, data showed. "We expect as near-term oil prices continue to push higher a reduction of current supply cuts is increasingly likely," National Australian Bank's analysts said in a note.

Persons: WTI, Stefano Grasso, Cushing, Grasso, Vladimir Putin, Florence Tan, Laura Sanicola, Jacqueline Wong Organizations: Kyodo, U.S . West Texas, Brent, Cushing, Organization of, Petroleum, Thomson Locations: Idemitsu, Ichihara, Tokyo, Japan, United States, Saudi Arabia, U.S, 8VantEdge, Singapore, Oklahoma, Russia, OPEC, Australian, Saudi

Brent crude futures rose 36 cents, or 0.4%, to $92.24 a barrel at 0300 GMT. Elsewhere, the Organization of the Petroleum Exporting Countries (OPEC) on Tuesday retained its forecasts for robust growth in global oil demand in 2023 and 2024. "The oil market looks decidedly tight over the next two to three quarters as supply constraints persist amid robust demand," said analysts at ANZ Research. U.S. crude inventories rose by 4 million barrels last week, confounding analysts' expectations in a Reuters poll for a 1.9 million-barrel drop. Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand.

Persons: Priyanka Sachdeva, Phillip Nova, refiners, buoying, Arathy Somasekhar, Leslie Adler Organizations: Kyodo, REUTERS Acquire, Rights, Brent, . West Texas, International Energy Agency, Organization of, Petroleum, ANZ Research, Reserve, Thomson Locations: Idemitsu, Ichihara, Tokyo, Japan, Rights SINGAPORE, Saudi Arabia, Houston, Singapore

The weather system is not expected to hit major oil producing platforms in the U.S. Gulf of Mexico. However, oil major Chevron Corp (CVX.N) evacuated some staff from three platforms in the region. Expectations of a steep decline in U.S. crude oil stockpiles have also benefited oil prices, UBS analyst Giovanni Staunovo said. U.S. crude oil inventories are expected to have dropped by 3.3 million barrels in the latest week, according to an extended Reuters poll on Tuesday. "Even with the potential for some demand destruction (from hurricane Idalia), the coming crude oil supply squeeze is becoming more painfully obvious," said Price Futures Group analyst Phil Flynn.

Persons: Hurricane Idalia, Idalia, Robert Yawger, Yawger, Giovanni Staunovo, Baker Hughes, Phil Flynn, Shariq Khan, Natalie Grover, Emily Chow, Josie Kao, Nick Zieminski Organizations: Kyodo, REUTERS Acquire, Companies, Florida U.S, Hurricane, Brent, U.S, West Texas, Federal Reserve, Hurricane Center, Labor, Chevron Corp, Chevron, UBS, American Petroleum Institute, Futures, Thomson Locations: Idemitsu, Ichihara, Tokyo, Japan, BENGALURU, Florida, Miami, U.S . Gulf of Mexico, Mexico, Gulf of Mexico, Bengaluru, London, Singapore, Houston

Mandatory credit Kyodo/via REUTERS Acquire Licensing RightsBENGALURU, Aug 29 (Reuters) - Oil prices edged higher on Tuesday as Hurricane Idalia intensified as it headed towards Florida's Gulf Coast, threatening to hit crude oil supplies in an already tightening market. Brent crude oil futures rose 34 cents, or 0.4%, to $84.76 a barrel by 11:44 a.m. EDT [1544 GMT], while the U.S. West Texas Intermediate futures rose 36 cents, or 0.5%, to $80.46 a barrel. U.S. crude oil inventories are expected to have dropped in the latest week, according to a preliminary Reuters poll on Monday. On the demand front, investors are monitoring data from major economies for further clues on interest rates this year and next. Federal Reserve Chair Jerome Powell on Friday said the U.S. central bank may need to raise interest rates further to cool stubborn inflation.

Persons: Idalia, Phil Flynn, Jerome Powell, Shariq Khan, Natalie Grover, Emily Chow, Louise Heavens, David Goodman, Mike Harrison Organizations: Kyodo, REUTERS Acquire, Rights, Brent, U.S . West Texas, Chevron, Marathon Petroleum, American Petroleum Institute, Futures, Federal, Thomson Locations: Idemitsu, Ichihara, Tokyo, Japan, Gulf, U.S, Florida, Cuba, Mexico, Garyville , Louisiana, United States, Beijing, Bengaluru, London, Singapore, Houston

☆ Oil slips as demand worries outweigh supply concerns
▼ + stars: | 2023-08-29 | by ( Emily Chow | ) www.reuters.com time to read: +2 min

Mandatory credit Kyodo/via REUTERS Acquire Licensing RightsSINGAPORE, Aug 29 (Reuters) - Oil prices slipped on Tuesday as worries that further possible U.S. interest rate hikes could pull down demand outweighed concerns that a tropical storm off the U.S. Gulf Coast may impact supply. Investors await key U.S. economic data later this week that will help determine the path of interest rates this year and next. FEDWATCH"It may be difficult for oil prices to maintain the strong bull trend (seen) in July at this stage. The U.S. and European economies will face downward pressure in the fourth quarter until interest rates peak," said CMC Markets analyst Leon Li. "So there might be a concern about demand, which puts pressure on oil prices.

Persons: Brent, Jerome Powell, Leon Li, Idalia, Emily Chow, Arathy, Tom Hogue Organizations: Kyodo, REUTERS Acquire, Rights, U.S, West Texas, Federal, National Australia Bank, Thomson Locations: Idemitsu, Ichihara, Tokyo, Japan, U.S, Gulf, Beijing, WTI, Cuba, Florida, Singapore, Houston, Lincoln

☆ Oil trades flat as supply concerns offset worries over demand
▼ + stars: | 2023-08-29 | by ( Emily Chow | ) www.reuters.com time to read: +2 min

Mandatory credit Kyodo/via REUTERS Acquire Licensing RightsSINGAPORE, Aug 29 (Reuters) - Oil prices traded flat on Tuesday as worries that further possible U.S. interest rate hikes could pull down demand were countered by concerns a tropical storm off the U.S. Gulf Coast may impact supply. Investors await key U.S. economic data later this week that will help determine the path of interest rates this year and next. FEDWATCH"It may be difficult for oil prices to maintain the strong bull trend (seen) in July at this stage. The U.S. and European economies will face downward pressure in the fourth quarter until interest rates peak," said CMC Markets analyst Leon Li. "So there might be a concern about demand, which puts pressure on oil prices.

Meanwhile, Hurricane Idalia is expected to strengthen into a major hurricane with maximum sustained winds of 125 miles per hour (201 kilometers per hour) before hitting the northwest coast of Florida early on Wednesday, according to the U.S. National Hurricane Center (NHC). The weather system is not expected to hit major oil producing platforms in the U.S. Gulf of Mexico. However, oil major Chevron Corp (CVX.N) evacuated some staff from three platforms in the region. Production was continuing at Chevron-operated Gulf of Mexico oil and gas facilities. U.S. crude oil inventories are expected to have dropped in the latest week, according to a preliminary Reuters poll on Monday.

Persons: Brent, Hurricane Idalia, Idalia, Robert Yawger, Yawger, Shariq Khan, Natalie Grover, Emily Chow, David Goodman, Mike Harrison, Josie Kao Organizations: Kyodo, REUTERS Acquire, bbl U.S, Hurricane, . West Texas, Brent, U.S, Federal Reserve, National Hurricane Center, Labor, Chevron Corp, Chevron, Marathon Petroleum, American Petroleum Institute, Thomson Locations: Idemitsu, Ichihara, Tokyo, Japan, Florida, BENGALURU, U.S . Gulf of Mexico, Mexico, Gulf of Mexico, Garyville , Louisiana, United States, Bengaluru, London, Singapore, Houston

☆ Cluster of Chinese vessels spotted near Russian rig off Vietnam - ship monitors
▼ + stars: | 2023-05-10 | by ( Francesco Guarascio | Thomson Reuters | Francesco Leads A Team Of Reporters In Vietnam That Covers Top Financial | ) www.reuters.com time to read: +3 min

Strong relations between Russia and China are a major factor supporting global stability, Russian Defence Minister Sergei Shoigu said in March, but the two countries have conflicting interests in the South China Sea. "Chinese fishing and scientific research vessels carry out normal production and work activities in maritime areas under China's jurisdiction," it said. It made similar remarks on Tuesday after Chinese boats approached an area where the navies of India and Southeast Asian countries held exercises. On Wednesday, the Chinese vessels were about 10 nautical miles (18 km) from the Japanese operating rig and about 20 miles from the Russia-Vietnam rig, according to South China Sea Chronicle Initiative (SCSCI), an independent non-profit. The Chinese research vessel moved at full speed before entering Vietnam's EEZ but slowed to 4-5 knots, suggesting the ship was conducting a survey there, said SCSCI's Van Pham.

☆ Vietnam's largest refinery's RFCC unit shut for troubleshooting
▼ + stars: | 2022-12-31 | by ( ) www.reuters.com time to read: 1 min

HANOI, Dec 31 (Reuters) - Vietnam's largest refinery, Nghi Son Refinery and Petrochemical (NSRP), has shut a residual fluid catalytic cracking (RFCC) unit for "troubleshooting", two sources familiar with the matter said. "The issue was detected earlier this week and the refinery has been fixing it," one of the sources said, adding that "the unit is expected to resume normal operations soon." Calls to the refinery seeking comment were not immediately answered. The 200,000 barrels-per-day refinery is 35.1% owned by Japan's Idemitsu Kosan Co (5019.T), 35.1% by Kuwait Petroleum, 25.1% by Vietnam's state oil firm PetroVietnam and 4.7% by Mitsui Chemicals Inc (4183.T). Reporting by Khanh Vu in Hanoi and Trixie Yap in Singapore: Editing by Neil FullickOur Standards: The Thomson Reuters Trust Principles.

☆ Vietnam's largest refinery's RFCC unit shut for troubleshooting - sources
▼ + stars: | 2022-12-31 | by ( ) www.reuters.com time to read: 1 min

☆ Japanese shares end higher on Wall Street gains, financials weigh
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: +2 min

The Nikkei share average (.N225) rose 0.65% to close at 26,405.87, while the broader Topix (.TOPX) edged up 0.24% at 1,902.52. "Japanese shares rose because U.S. equities gained at the end of last week, but the trading is very quiet with most participants in the U.S. and Europe away for holidays," said Shuji Hosoi, senior strategist at Daiwa Securities. Heavyweight Fast Retailing (9983.T), owner of the Uniqlo brand, rose 2.0% and chip-making equipment maker Tokyo Electron (8035.T) gained 2.22%. "The 10-year government bond yield hovers below the top end of the Bank of Japan's (BOJ) policy band, which prompted a sell-off of banking shares," Hosoi said. The volume of shares traded on the Tokyo bourse's main board was 0.85 billion, compared to the average of 1.25 billion in the past 30 days.

Mandatory credit Kyodo/via REUTERSSummarySummary Companies Oil prices rise to highest levels since late AugustWSJ: China weighs gradual Zero-COVID exit without timelineChina's crude oil imports rebound amid refinery rolloutsNEW YORK, Nov 7 (Reuters) - Oil prices fell on Monday, paring gains after rising to more than two-month highs, on mixed signals over China, the world's top crude importer, potentially relaxing its strict COVID-19 restrictions. Brent crude futures fell 65 cents to settle at $97.92 a barrel. Earlier in the session, they rose to a session high of $99.56 a barrel, the highest since Aug. 31. However, weighing on futures, Chinese health officials at the weekend reiterated their commitment to strict COVID containment measures. Meanwhile, China's imports and exports contracted unexpectedly in October, but its crude oil imports rebounded to the highest level since May.

☆ Oil prices slide as hopes for China demand rebound fade
▼ + stars: | 2022-11-07 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

Mandatory credit Kyodo/via REUTERSCompanies Sumitomo Chemical Co Ltd FollowSINGAPORE, Nov 7 (Reuters) - Oil prices fell more than $1 a barrel on Monday after Chinese officials on the weekend reiterated their commitment to a strict COVID containment approach, dashing hopes of an oil demand rebound at the world's top crude importer. Brent crude futures dropped $1.20, or 1.2%, to $97.37 a barrel by 0227 GMT, after hitting as low as $96.50 earlier. "Oil prices dropped sharply as the Chinese officials vowed to stick to the COVID-zero policy while infected cases climbed in China, which may cause more restrictions measures, darkening the demand outlook," CMC Markets analyst Tina Teng said. A jump in the U.S. dollar is also weighing on oil prices, she added. Oil prices are underpinned by expectations of tighter supplies as the European Union's embargo on Russia's seaborne crude exports will start on Dec. 5 while refineries worldwide are ramping up output to meet strong diesel demand.

☆ Oil falls as China sticks to strict COVID policy
▼ + stars: | 2022-11-06 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

[1/2] An aerial view shows an oil factory of Idemitsu Kosan Co. in Ichihara, east of Tokyo, Japan November 12, 2021, in this photo taken by Kyodo. Mandatory credit Kyodo/via REUTERSSINGAPORE, Nov 7 (Reuters) - Oil prices fell more than 2% at the start of Asia trade on Monday after Chinese officials on the weekend reiterated their commitment to a strict COVID containment approach, dashing hopes of an oil demand rebound at the world's top crude importer. Brent crude futures dropped $1.58, or 1.6%, to $96.99 a barrel by 2336 GMT, after hitting as low as $96.50 earlier. "Oil prices dropped sharply as the Chinese officials vowed to stick to the COVID-zero policy while infected cases climbed in China, which may cause more restrictions measures, darkening the demand outlook," CMC Markets analyst Tina Teng said. A jump in U.S. dollar is also weighing on oil prices, she added.

Oil prices climbed past $100 a barrel after Russia, the world's largest exporter of crude and fuels, invaded Ukraine in February. But prices have come off their peaks by nearly 40% amid fears that an economic slowdown would weaken demand. That's the elephant in the room," Fereidun Fesharaki, founder and chairman of energy consultancy FGE, told Reuters on the sidelines of the conference, as bans on Russian oil loom. But when we get to Dec. 5, if Russian oil gets shut in, prices will be $120 or more." Such a move would add to global supplies and depress fuel prices but could support China's crude demand.

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