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Distillate inventories, which include diesel and heating oil, were by late August about 15% below the five-year average for this time of year, according to the Energy Information Administration. "We are living barrel to barrel and there is just no room for errors in the system," Price Futures Group analyst Phil Flynn said. Refiners have failed to build sizable stocks ahead of the seasonal surge in demand due to tight supplies of medium and heavy crude oil grades that are distillate-rich. Seasonal overhauls could take out around 2 million bpd of the country's 18.1 million bpd refining capacity, he said. "Even with soft demand, diesel inventories are stubbornly low, and cracks have rallied in search of supply or demand-side relief before winter," the analysts said.

Persons: Bing Guan, Phil Flynn, Refiners, Bjarne Schieldrop, SEB, Robert Yawger, Shariq Khan, Laura Sanicola, Marguerita Choy Organizations: Angeles Refinery, California Air Resources Board, Energy Information Administration, Futures, Organization Petroleum Exporting, Saudi, Bank of America, Thomson Locations: Angeles, California, Carson , California, U.S, Europe, OPEC, Ukraine, Garyville , Louisiana

☆ Fight the market malaise with these ‘attractive’ stocks, Bank of America and Goldman say
▼ + stars: | 2023-09-02 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Goldman Sachs and Bank of America named an assortment of companies this week that they say have upside in the weeks ahead. NextEra Energy Buy the dip in shares of the renewable energy company, Goldman analyst Carley Davenport says. Endeavor Group Bank of America analyst Jessica Reif Ehrlich said earlier this week that shares of the media company offer "striking value." Endeavor Group- Bank of America, buy rating "An entourage of highly attractive assets. ... .We continue to believe that valuation is attractive..." H World Group Limited- Bank of America, buy rating "Shares weak despite solid results = attractive opportunity.

Persons: Goldman Sachs, Goldman, Carley Davenport, Davenport, she's, Jessica Reif Ehrlich, Reif Ehrlich, BofA, Neil Mehta, Mehta Organizations: Bank of America, CNBC, Marathon Petroleum, Endeavor, H, NextEra, Florida, Endeavor Group Bank of America, WWE, UFC, Media, Entertainment, MPC, Petroleum, ~$ Locations: China

☆ Sinopec sets up new entity to expand refinery investment abroad
▼ + stars: | 2023-08-31 | by ( Chen Aizhu | ) www.reuters.com time to read: +4 min

The company logo of China’s Sinopec Corp is displayed at a news conference in Hong Kong, China March 26, 2018. After a quiet launch in late June of Sinopec Overseas Investment Holding as its sole platform for investing, building and operating refineries abroad, Sinopec is building up the team and setting the budget for the new entity, two company officials told Reuters. One such investment could be in Sri Lanka, where Sinopec was shortlisted to bid for an export-oriented refinery in Hambantota potentially worth billions of dollars. Sinopec is also among companies reviewing Shell's Singapore refinery and petrochemical assets, Reuters reported recently, although its president this week denied such interest. Sinopec declined to comment on that matter.

Persons: Bobby Yip, Zhao Dong, Sinopec, Sushant Gupta, Wood Mackenzie, Gupta, Russia's, PetroChina, Exxon Mobil's, Glencore, CNPC, Chen Aizhu, Tony Munroe, Miral Organizations: REUTERS, Rights, Sinopec Overseas Investment Holding, Reuters, China Petrochemical Corp, Saudi Aramco, Wood, Gas Chemical, Russia's Sibur, Exxon, Sinopec, Thomson Locations: Hong Kong, China, Sri Lanka, Hambantota, Singapore, Yanbu, Saudi Arabia, East Siberia, France, Scotland, Japan, XOM.N, Altona, Australia, Brazil, Beijing, South Africa

☆ Brazil eyes tax perks for energy sector, sparking 'green' vs oil debate
▼ + stars: | 2023-08-31 | by ( Marcela Ayres | ) www.reuters.com time to read: +4 min

Last year, more than 500 qualified energy projects received some 9 billion reais ($1.85 billion) in tax exemptions. However, senior officials at the Mines and Energy Ministry are pushing to broaden the incentives to include oil refineries and fuel storage facilities. Energy Ministry officials have argued that targeting tax benefits too narrowly would curtail oil and gas investments, calling in a technical note to expand incentives to oil and natural gas exploration, production and transportation. The Energy Ministry did not immediately respond to a request for comment. Brazilian state-run oil firm Petrobras (PETR4.SA) has forecast oil production for the next four decades, even as it ramps up investments in renewable energy.

Persons: Adriano Machado, Luiz Inacio Lula da Silva's, Lula, Marcela Ayres, Brad Haynes, David Gregorio Our Organizations: National, REUTERS, Petroleo Brasileiro SA Petrobras Follow, Reuters, Finance Ministry, Mines and Energy Ministry, Finance, Energy Ministry, Mines, Investments, Petrobras, PETR4, Thomson Locations: Brasilia, Brazil, Petroleo Brasileiro SA Petrobras Follow BRASILIA, Ukraine, biorefineries, divestments

☆ Column: US offshore wind goals need policy help to reach potential
▼ + stars: | 2023-08-31 | by ( Gavin Maguire | Thomson Reuters | Gavin Maguire Is The Global Energy Transition Columnist. He Was Previously Asia Commodities | ) www.reuters.com time to read: +5 min

LITTLETON, Colorado, Aug 31 (Reuters) - The weak showing at the first auction for offshore wind development rights in the Gulf of Mexico highlights the critical role that policymaking must play in making ambitious long-term climate goals compatible with current commercial realities. SMALL SCALE IMPACTOne of the biggest faults of the Gulf of Mexico wind leases is the absence of a viable pathway for wind power generators to profitably sell their power to electricity providers given current market conditions. In contrast to several utilities in the Northeast, which have state-level mandates to purchase certain volumes of power from offshore wind generators, the power systems covering Texas and Louisiana do not allow for similar power purchase agreements to be drawn up. Currently, there is a policy planning chasm between the Gulf Coast's power market systems and the long-term strategies of that region's largest employers and tax payers. But if legislators and corporate planners can recognise they may both gain from the emergence of a vibrant offshore wind energy sector that could cut power sector emissions and generate green hydrogen in abundance, there may be scope for closer collaboration and planning.

Persons: Joe Biden's, Gavin Maguire, Miral Organizations: Reuters, Thomson Locations: LITTLETON , Colorado, Gulf, Mexico, United States, Joe Biden's U.S, Texas, Louisiana

☆ Exclusive: Brazil's Petrobras plans China subsidiary in push to boost ties, CEO says
▼ + stars: | 2023-08-31 | by ( Marta Nogueira | ) www.reuters.com time to read: +2 min

Prates said Petrobras aims to open the Chinese subsidiary next year, after getting formal approval. "It's important to them," Prates said in a phone interview during a business trip to China. "It is an interesting signal, saying that in the same way that we have a Petrobras America, we will have a Petrobras China, because both countries are equally important to us," he added. Prates said Petrobras China subsidiary would allow Petrobras to operate and participate in projects as partner even in other countries, including in Africa. Petrobras wants to increase its share of China's oil imports to 15% from the current 5% in the next 10 to 20 years, Prates said.

Persons: Sergio Moraes, Jean Paul Prates, Jair Bolsonaro, Prates, Luiz Inacio Lula da Silva, Lula, didn't, Marta Nogueira, Gabriel Araujo, Brad Haynes, David Gregorio Our Organizations: Petroleo Brasileiro S.A, REUTERS, DE, Petrobras, PETR4, Reuters, Petrobras America, White House, HK, CITIC, China Development Bank, Bank of China, Thomson Locations: Rio de Janeiro, Brazil, DE JANEIRO, SA, China, Petrobras China, United States, Beijing, Africa

Analysts polled by Reuters prior to the data had estimated on average a draw of 3.3 million barrels. The offshore Gulf of Mexico accounts for about 15% of U.S. oil output and about 5% of natural gas production, according to the Energy Information Administration (EIA). Oil major Chevron Corp CVX.N evacuated some staff from the region, but production was continuing at the sites its operates in the Gulf of Mexico. Oil supply is expected to remain tight as analysts expect Saudi Arabia, the world's biggest oil exporter, will extend its voluntary output cut into October. However, worries about fuel demand and the mixed economic situation in China, the world's biggest oil importer, kept a lid on prices.

Persons: Lucy Nicholson, Toshitaka Tazawa, Yuka Obayashi, Trixie Yap, Christian Schmollinger, Kim Coghill Organizations: REUTERS, Brent, . West Texas, U.S, American Petroleum Institute, Reuters, Fujitomi Securities Co, Hurricane, Energy Information Administration, . Oil, Chevron Corp CVX.N, Capital, Thomson Locations: Bakersfield , California, SINGAPORE, U.S, Gulf, Mexico, Gulf of Mexico, Saudi Arabia, Asia, Gabon, China, Tokyo, Singapore

☆ Redwood Materials, run by ex-Tesla CTO, raises $1 billion to expand recycling operations in U.S.
▼ + stars: | 2023-08-29 | by ( Lora Kolodny | ) www.cnbc.com time to read: +3 min

Redwood Materials, the battery and e-waste recycling startup founded by former Tesla CTO JB Straubel, announced Tuesday that it has closed a $1 billion funding round to expand operations in the U.S. The company takes spent electric vehicle batteries, breaks them down, and uses the metals from them —including nickel, copper, cobalt, and lithium — to produce new components that can go into electric vehicle batteries. One of Redwood's major goals is to produce battery components domestically to reduce some of the global trade and geopolitical risks around the electric vehicle industry. As CNBC previously reported, earlier this year Redwood locked in a $2 billion loan commitment from the Department of Energy. For its new growth funding round, Goldman Sachs Asset Management, Capricorn's Technology Impact Fund, and other un-named funds advised by T. Rowe Price Associates led the deal, according to a company statement.

Persons: JB Straubel, Redwood, Straubel, Energy Jennifer M, Granholm, Goldman, Rowe Price Organizations: Materials, U.S, CNBC, Department of Energy, Energy, Energy Information Administration, Argonne National Laboratory, Asset Management, Technology, Fund, Rowe Price Associates, Caterpillar Inc, Innovation Fund Locations: U.S, Carson City , Nevada, Charleston , South Carolina . U.S, Argonne

☆ China's Sinopec's interim profit down 20.1% on lower oil prices
▼ + stars: | 2023-08-27 | by ( ) www.reuters.com time to read: +2 min

Chinese refiners overall benefited from cheap crude oil supplies from Iran, Venezuela and Russia, as Western sanctions forced those producers to sell oil at deep discounts to keep revenue flowing. Although state majors have shied away from Iranian and Venezuelan oil, Sinopec has been taking in Russian supplies, traders have said. Sinopec produced 139.68 million barrels of crude oil during the six months, up 0.02% year on year, while its natural gas output gained 7.6% to 660.88 billion cubic feet. Capital expenditure for the half-year came in at 74.67 billion yuan, versus 64.65 billion yuan a year earlier. Its Hong Kong-listed shares have risen 14.4% year-to-date, outperforming Hang Seng Index (.HSI) which has fallen 10.9% during the period.

Persons: Chris Helgren, Sinopec, Chen Aizhu, Judy Hua, Robert Birsel Organizations: China Petroleum & Chemical Corporation, REUTERS, Rights, China Petroleum & Chemical, Sinopec Corp, Thomson Locations: Vancouver , British Columbia, Canada, Iran, Venezuela, Russia, Sichuan, Hong Kong

REUTERS/Chen Aizhu/File Photo Acquire Licensing RightsNEW YORK, Aug 25 (Reuters) - Oil futures climbed about 1% to a one-week high on Friday as U.S. diesel prices soared, the number of oil rigs dropped and a fire broke out at a refinery in Louisiana. Brent futures rose $1.12, or 1.3%, to settle at $84.48 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 78 cents, or 1.0%, to settle at $79.83. Diesel futures soared about 5% to a near seven-month high, boosting the diesel crack spread , a measure of refining profit margins, to its highest since January 2023. "The main thing was concern about diesel prices, the diesel crack spread and worries about diesel shortages when refineries go into maintenance," said Phil Flynn, an analyst at Price Futures Group. He added prices also drew support from a fire at a Louisiana refinery and a drop in U.S. oil rigs.

Persons: Chen Aizhu, Phil Flynn, Brent, WTI, Baker Hughes, Jerome Powell, Morgan Stanley, John Evans, Natalie Grover, Laura Sanicola, Muyu Xu, David Goodman, Jason Neely, David Gregorio, Cynthia Osterman Organizations: China National Petroleum Corporation, Dalian Petrochemical Corp, REUTERS, U.S, West Texas, Diesel, Price Futures Group, U.S ., Federal, Thomson Locations: China, Dalian, Liaoning province, Louisiana, Brent, , Louisiana, U.S, Germany, Europe's, Norwegian, London, Washington, Singapore

☆ Oil heads for weekly fall on demand worries, dollar strength
▼ + stars: | 2023-08-25 | by ( ) www.cnbc.com time to read: +2 min

Oil prices fell slightly in early Asian trade on Friday, on track for a weekly decline as weak manufacturing activity hurt the global demand outlook and the dollar remained buoyant. Brent crude fell 16 cents, or 0.2%, to $83.20 a barrel by 0013 GMT, while U.S. West Texas Intermediate crude fell 18 cents, or 0.2%, to $78.91 a barrel. A strong dollar makes oil more expensive for holders of other currencies, denting demand. Oil fell for much of the week as global economies reported shrinking factory activity. India's oil consumption growth has also slowed in recent months on high inflation and slowing global trade.

Persons: Rishi Sunak, Brent, Jerome Powell Organizations: U.S, West Texas, Federal Locations: Amsterdam, Rotterdam, Antwerp, Japan, Saudi Arabia

Brent crude rose 15 cents, or 0.2%, to $83.36 a barrel, while U.S. West Texas Intermediate crude rose 16 cents, or 0.2%, to $79.05 a barrel. Prices traded lower for the majority of the session, before pushing higher in the last half hour of trading. Investor caution on the eve of his remarks lifted the safe-haven dollar, which makes oil more expensive for holders of other currencies, denting demand. Euro zone business activity also declined more than expected and Britain's economy looked set to shrink in the current quarter. On the supply side, Iran's crude oil output will reach 3.4 million barrels per day (bpd) by the end of September, the country's oil minister was quoted as saying by state media, even though U.S. sanctions remain in place.

Persons: Brent, Giovanni Staunovo, Jackson, Jerome Powell, Craig Erlam, Erlam, Shariq Khan, Ahmad Ghaddar, Mohi Narayan, Kim Coghill, David Evans, David Gregorio, Deepa Babington Organizations: cnsphoto, REUTERS, bbl, U.S, Fed, West Texas, UBS, U.S . Federal, Federal Reserve, Thomson Locations: Zhoushan, Zhejiang province, China, BENGALURU, Europe, New York, Amsterdam, Rotterdam, Antwerp, U.S ., Japan, Venezuela, American

☆ Meta to launch AI model for writing computer codes
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +1 min

The logo of Meta Platforms' business group is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman/File Photo Acquire Licensing RightsAug 24 (Reuters) - Meta Platforms (META.O) on Thursday said it would release an artificial intelligence (AI) model designed to assist in writing computer code, furthering its push into the new technology. Facebook and Instagram owner Meta has released a flurry of AI models, mostly free, this year, including an open-source language model, called Llama, that poses a serious challenge to proprietary models sold by Microsoft-backed (MSFT.O) OpenAI and Alphabet's (GOOGL.O) Google. The new AI model is built on top of Meta's latest Llama 2 language model and will be available in different configurations, the company said, as it gears up to compete with Microsoft's code-writing tool GitHub Copilot. Code Llama supports the popular coding languages like Python, Java and C++ and is not recommended for general text tasks, Meta said.

Persons: Yves Herman, OpenAI's ChatGPT, Meta, Zaheer Kachwala, Shweta Agarwal Organizations: REUTERS, Facebook, Microsoft, Google, Thomson Locations: Brussels, Belgium, Bengaluru

The improvement has largely been driven by stronger demand for refined fuels across Asia as economies open up from the COVID-19 pandemic, with China's domestic demand leading the charge. Margins have also been helped by the ability of refiners to pass on higher prices for refined fuels quickly, while still processing crude bought months in advance at lower prices. It's also likely that the strong refining margins in Asia will attract refiners in China and India to maximise exports of fuels such as gasoline and diesel. The profit margins for refined fuels have risen in recent sessions largely because the price of crude oil has dropped more than the prices for refined fuels. Crude prices rallied from July onwards as OPEC+ tightened supply, especially with the producer group's leading exporter Saudi Arabia announcing an additional 1 million barrel per day cut to its production.

Persons: Caroline Chia, It's, Brent, Robert Birsel Organizations: REUTERS, Rights, Brent, Saudi, Reuters, Thomson Locations: Tuas, Singapore, Rights LAUNCESTON, Australia, Asia, Dubai, South Korea, Vietnam, China, India, Refinitiv, Saudi Arabia, OPEC

☆ ‘Dividend aristocrat’: Investors are getting more bullish on this sector, naming stocks to buy
▼ + stars: | 2023-08-24 | by ( Weizhen Tan | ) www.cnbc.com time to read: +4 min

And hedge fund manager David Neuhauser of Livermore Partners told CNBC's " Street Signs Asia " that the "best asset class" is oil stocks. Typically, in a recession, oil prices could dive to $50 a barrel, he said. Stocks to buy Neuhauser said Livermore owns small-cap energy stocks Kolibri Global and Vista Energy — because of limited supply and strong returns on capital, as well as low valuations. Still, energy stocks are an option for investors seeking inflation protection, Dietze said. He said energy stocks are "a far superior alternative" to Treasury Inflation-Protected Securities.

Persons: BofA, David Neuhauser, CNBC's, Neuhauser, Livermore, David Dietze, Dietze, Warren Buffett's Berkshire Hathaway, subsector, That's, — CNBC's Michael Bloom Organizations: Livermore Partners, Vista Energy, Wealth Management, Exxon, Mizuho, Securities, Dominion Energy Locations: Chevron, U.S, Wednesday's, Saudi

REUTERS/Chris Helgren/File Photo Acquire Licensing RightsSINGAPORE, Aug 23 (Reuters) - Shell is considering a sale of its Singapore refining and petrochemical plants as part of a broader strategic review and has hired investment bank Goldman Sachs to explore a potential deal, said several sources close to the matter. "Our strategic review is ongoing and we are exploring several options including divestment," a Shell spokesperson told Reuters on Wednesday. Companies that are reviewing Shell's Singapore assets include Asia's largest refiner, China's Sinopec (600028.SS), as well as global trading companies Vitol and Trafigura, the sources said. For trading companies, the site is seen as a potential oil storage and distribution hub, some of the sources said. In March, Shell decided not to proceed with two projects it was studying to produce biofuels and base oils in Singapore.

Persons: Chris Helgren, Goldman Sachs, Wael Sawan, China's Sinopec, Shell, Trixie Yap, Chen Aizhu, Florence Tan, Tony Munroe, David Goodman Organizations: Shell, REUTERS, Rights, Reuters, Thomson Locations: Vancouver , British Columbia, Canada, Singapore, Jurong, Asia

China is dominant in magnets and the rare earth metals they are made from. Magnet makers are also drawn to Vietnam by low labour costs and market access afforded by multiple free-trade deals. It said it sources most of its rare earths from China but is seeking alternative sources in Vietnam and Australia and plans to develop a processing facility in Vietnam. A similar request from clients prompted another Chinese magnet maker, Magsound, to decide to open a factory in Vietnam in the first half of next year, the two people said. In April, Australia's Strategic Materials (ASM.AX) signed a deal with a Vietnamese refiner that committed to supplying rare earths for export to South Korea.

Persons: David Merriman, China's Luxshare, Taiwan's Foxconn, Magsound, Japan's Shin, Obayashi, Francesco Guarascio, Khanh Vu, Mai Nguyen, Christopher Cushing Organizations: Apple, Sino, Korea's Star, Industrial, SGI, U.S . Department of Energy, South, Reuters, VinFast, Hyundai, China's, Luxshare, Thomson Locations: China, HANOI, SEOUL, Vietnam, U.S, South Korea, Washington, Beijing, Australia, Hanoi

☆ India's July Russian oil imports dip; Saudi import down to 2-1/2-yr low -trade
▼ + stars: | 2023-08-22 | by ( Nidhi Verma | ) www.reuters.com time to read: +2 min

Both China and India, the world's biggest and third-biggest oil importers, cut imports from Russia and Saudi Arabia in July after prices rose and as the two oil producers reduced output and crude oil shipments. Russian oil imports declined 5.7% to 1.85 million bpd and Saudi shipments fell by 26% to 470,000 bpd, the data showed. India's import of Russian oil may now decline further in August and September, however, as refiners plan maintenance at their plants and as Russian crude prices are above the $60-a-barrel ceiling imposed by the European Union and G7 economies after spot discounts shrank, sources said. Russia was still the top oil supplier to India in July, though, followed by Iraq and Saudi Arabia. India's oil importsIndia's oil imports from various regions(This story has been corrected to say April-July, not April-June, in paragraph 11)Reporting by Nidhi Verma; Editing by Florence Tan and Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Nidhi Verma, Florence Tan, Tom Hogue Organizations: REUTERS, DELHI, Organization of, Petroleum, European Union, United Arab, Thomson Locations: Russia, Saudi Arabia, China, India, OPEC, Moscow, Ukraine, Iraq, United Arab Emirates, Nigeria

☆ 850 people still missing after Maui wildfires, mayor says
▼ + stars: | 2023-08-21 | by ( Chantal Da Silva | ) www.cnbc.com time to read: +2 min

Search and recovery team members check charred buildings and cars in the aftermath of the Maui wildfires in Lahaina, Hawaii, on August 18, 2023. A total of 850 people are still missing in connection with the deadly wildfires that devastated Maui earlier this month, the county's mayor announced. In an overnight update posted to Facebook, Maui County Mayor Richard Bissen said there were now 850 people officially believed to be missing. Bissen said the number of missing people was the result of the FBI combining and refining various lists of missing people. "The death toll number is always provisional, in a way," Goldman said.

Persons: Richard Bissen, Bissen, We're, Lynn Goldman, Hurricane Maria, Goldman Organizations: Facebook, Milken Institute School of Public Health, George Washington University, NBC, FBI Locations: Maui, Lahaina , Hawaii, Maui County, Puerto Rico, Lahaina

☆ Goldman says these stocks have the most upside, even as markets become choppy
▼ + stars: | 2023-08-19 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

The firm named a list of buy-rated stocks that it says are well positioned to withstand choppy markets. The firm said it sees "upside in [the] face of improving industry trends" after AppLovin's strong second-quarter earnings report earlier this month. Both continue to enjoy double-digit subscription revenue growth year over year, he said. Gartner "2Q beat, as healthy Research CV growth and margin upside should offset muted tech vendor trends to drive valuation upside. … We continue to see attractive valuation upside at Gartner following 2Q results, which outperformed our estimates and consensus on revenue, EBITDA margins & EPS."

Persons: Goldman Sachs, Eric Sheridan, he's, Sheridan, Lizzie Dove, Cedar's, George Tong, Tong, Archer, Gartner, … Gartner, …, Phillips Organizations: CNBC, Cedar Fair, Investments, Gartner, adv, The League, 2Q, Consulting, Refining, Chemicals, & & Locations: Gartner, Sheridan, Ohio

☆ Asia's refiners face profit crunch as Kuwait cuts crude exports
▼ + stars: | 2023-08-18 | by ( Muyu Xu | ) www.reuters.com time to read: +5 min

Lower Kuwaiti exports follow cuts from OPEC kingpin Saudi Arabia that have pushed Brent prices close to $90 a barrel and left little wriggle room for Asia's refiners, reliant on the Middle East for more than two-thirds of crude imports. Chinese refiners, which have invested heavily in new plants designed to process sour oil, are especially exposed. Discounted oil from Russia has eased some of the pain, replacing some Kuwaiti supply, largely to China and India. Additionally, Kuwait's joint venture 230,000 bpd Duqm refinery in Oman is scheduled to start operation by end-2023, which could reduce Kuwaiti crude exports by a further 100,000 bpd to 200,000 bpd in 2024, the consultancies said. Formosa could replace Kuwaiti supply with grades such as Iraq's Basra Medium, Qatar's al-Shaheen and Oman crude, Lin said, adding it can also process U.S. light sweet crude.

Persons: Brent, Asia's, Janiv Shah, Sun Jianan, Al Zour, consultancies, KPC, Lin, al, James Forbes, Muyu Xu, Florence Tan, Sonali Paul Organizations: Kuwait Oil Tanker, Oil, Companies, Lower, Saudi, United Arab, Rystad Energy, P, Kuwait Petroleum Corp, Shenghong, Taiwan Formosa Petrochemical Corp, FGE, Dubai, Brent, Thomson Locations: Kuwait, Pier, Companies Kuwait, SINGAPORE, OPEC, Lower Kuwaiti, Saudi Arabia, Russia, China, India, Iraq, United Arab Emirates, UAE, Taiwan, Pakistan, Philippines, Thailand, Oman, PetroChina's, Guangdong, Japan, South Korea, Vietnam, Formosa, Basra, Shaheen, Brent, Dubai

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS/File Photo Acquire Licensing RightsCompanies United States of America FollowSINGAPORE, Aug 18 (Reuters) - Oil prices looked set to snap a seven-week winning streak on Friday as concerns about China's slowing economic growth and the possibility of more U.S. interest rate hikes outweighed signs of tightening supply. Investors fret that higher borrowing costs could impede economic growth and in turn reduce overall demand, including for oil. Data released this week also showed that U.S. crude oil inventories fell by nearly 6 million barrels last week on strong exports and refining run rates. Despite recent economic weaknesses, China made a rare draw on crude oil inventories in July, the first time in 33 months it has dipped into storage.

Persons: Brent, Sudarshan Varadhan, Shri Navaratnam, Jamie Freed Organizations: REUTERS, Companies United, U.S . West Texas, U.S, Federal, U.S . Labor Department, Organization of, Petroleum, ANZ Research, ANZ, Thomson Locations: Zhoushan, Zhejiang province, China, Companies United States, America, SINGAPORE, U.S

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. The U.S. Federal Reserve's focus on containing inflation amid stronger-than-expected economic data was keeping a lid on oil prices. That report followed similarly upbeat economic data earlier in the week, including U.S. retail sales, which all suggested the Fed may have to stick with higher rates for longer. Adding to the concerns, a recent batch of economic data from China, the world's second largest oil consumer, has highlighted the rapid loss in economic momentum there since the second quarter. However, China made a rare draw on crude oil inventories in July, the first time in 33 months it has dipped into storage.

Persons: Brent, Sudarshan, Shri Navaratnam Organizations: REUTERS, Rights, U.S . West Texas, U.S, Federal, U.S . Labor Department, Thomson Locations: Zhoushan, Zhejiang province, China

☆ Los Angeles refiners prepare for Hurricane Hilary
▼ + stars: | 2023-08-18 | by ( Erwin Seba | ) www.reuters.com time to read: +2 min

A general view of the Phillips 66 Company's Los Angeles Refinery, which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, at sunset in Carson, California, U.S., March 11, 2022. Phillips 66 (PSX.N) said operations at its 139,000-bpd Los Angeles refinery were unaffected by the storm. Local and state regulators did not report any changes in operations at Los Angeles refineries on Friday and West Coast refined market traders said they did not know of any cut backs in production. The U.S. National Hurricane Center said Hilary is forecast to be at tropical storm strength when it moves east of Los Angeles on Monday. Heavy rain, possible flash flooding and winds at 40 miles per hour (64 kph) or stronger are forecast for Los Angeles on Sunday and Monday.

Persons: Bing Guan, Hurricane Hilary, Hilary, Erwin Seba, Grant McCool Organizations: Phillips, Los, Los Angeles Refinery, Rights, Chevron, Valero, Marathon Petroleum, New York Mercantile Exchange, U.S, National Hurricane Center, Los Angeles, Sunday, U.S ., Gulf, Thomson Locations: Los Angeles, Carson , California, U.S, California, Local, Coast, Los, U.S . West Coast, Asia, Gulf Coast

An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. Weekly products supplied, a proxy for demand, rose to the highest since December. Higher interest rates increase borrowing costs, which could slow economic growth and reduce oil demand. On a bullish note, China made a rare draw on crude oil inventories in July, the first time in 33 months it has dipped into storage. Data released on Wednesday showed that U.S. crude oil inventories fell by nearly 6 million barrels last week on strong exports and refining run rates.

Persons: Dennis Kissler, Naeem Aslam, OANDA's Moya, Arathy Somasekhar, Natalie Grover, Katya Golubkova, David Goodman, Christina Fincher, David Gregorio Our Organizations: REUTERS, Rights, Brent, . West Texas, BOK Financial, Travel, Energy, Zaye, Markets, Thomson Locations: Zhoushan, Zhejiang province, China, Independence, U.S, China's, Houston, London, Singapore

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