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REUTERS/Jennifer Hiller/File PhotoSINGAPORE, Aug 4 (Reuters) - Surging U.S. crude exports in 2023 are pushing down oil prices in Europe and Asia, proving a key source of supply as producers cut output and sanctions on Russian crude disrupt trade flows. U.S. crude exports are also easing the loss of supply after Saudi Arabia deepened output cuts from July, above what major producers agreed to in June. The widening exports illustrate the increasing influence of crude from the U.S., the world's biggest oil producer, in the global market. U.S. crude exports have averaged 4.08 million barrels per day so far in 2023, up from an average of 3.53 million bpd in 2022, according to the Energy Information Administration. PRESSURE EXTENDSThe pressure exerted from the WTI Midland exports is even extending to Asian markets for Middle Eastern crude.

Persons: Jennifer Hiller, Brent, it's, Joel Hanley, Rohit Rathod, Adi Imsirovic, John Evans, Muyu Xu, Alex Lawler, Arathy, Florence Tan, Simon Webb Organizations: REUTERS, Midland, P, Energy Information Administration, WTI Midland, United, Dubai, Surrey Clean Energy, Gazprom Marketing, Organization of, Petroleum, Exchange, Futures, Thomson Locations: Texas, U.S, SINGAPORE, Europe, Asia, Saudi Arabia, United Arab Emirates, Midland, Dubai, Africa, Brazil, Singapore, WTI, Saudi, London, Houston

☆ Saudi Arabia extends oil production cut even as US gas prices hit nine-month highs
▼ + stars: | 2023-08-03 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —OPEC leader Saudi Arabia is extending its oil production cut for at least another month in a move that threatens to drive gasoline and other energy prices even higher. At almost the same time, Russia announced plans to cut oil exports by 300,000 barrels per day, in September according to Reuters. US oil prices rose 1.6% on Thursday to $81.05 a barrel. The prolonged supply restraint from Saudi Arabia and Russia comes even as oil prices have rebounded in recent weeks, helping to lift pump prices for US consumers to nine-month highs. Yawger noted that Russia and Saudi Arabia are relying on higher oil prices to fund their budgets.

Persons: Brent, ”, Rick Joswick, Robert Yawger, Yawger, Diesel Organizations: New, New York CNN, Saudi Ministry of Energy, Organization of, Petroleum, Reuters, P Global Commodity, Mizuho Securities, AAA, International Monetary Fund, International Energy Agency Locations: New York, Saudi Arabia, Russia, Ukraine

☆ Russian stocks are back at pre-war levels as investors see them as safer bet than falling ruble
▼ + stars: | 2023-08-01 | by ( Jason Ma | ) www.businessinsider.com time to read: +2 min

Russian stocks are back at pre-war levels as investors see them as safer bets amid the falling ruble. The Moex index closed at 3,093.64 on Tuesday, above where it was when Russia invaded Ukraine on February 24, 2022. Fears of political chaos caused Russian demand for foreign currencies to jump to 70%-80% in some regions. But while the Moex stock index, which is denominated in rubles, has surpassed pre-war levels, it remains well below earlier highs. Meanwhile, a separate gauge of Russian stocks that's denominated in dollars is more than 10% below pre-invasion levels, Bloomberg said.

Persons: Vladimir Putin, Wagner Group's Organizations: Service, Bloomberg, P Locations: Russia, Ukraine, Wall, Silicon, Moscow, China

☆ Russia's crude price exceeds G7 price cap as market braces for supply crunch
▼ + stars: | 2023-07-14 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Spot prices of Russia's crude oil this week surpassed the $60-per-barrel threshold of the Group of Seven's oil price cap scheme, as Moscow and Riyadh tighten supplies. The G7 introduced its oil price cap mechanism on Dec. 5 to retain Russian flows in the market while also limiting revenue for the Kremlin's war coffers. Under the G7 scheme, Western shipping and insurance providers can offer services to non-G7 buyers of Russian crude if the crude oil is acquired at a price below $60 per barrel. Spot assessments from commodities pricing agency Argus show that Urals prices on July 12 reached $60.18 and $60.78 per barrel for Primorsk and Novorossiysk-loaded cargoes, respectively. S&P Global Platts meanwhile valued Primorsk cargoes at $60.32 per barrel on July 11 and Novorossiysk Urals crude at $60.26 per barrel on July 12.

Persons: P Global Platts, —, Giovanni Staunovo, they're, David Fyfe Organizations: Argus, P Global, CNBC, Ice Brent, of, Petroleum, International Energy Agency, UBS, P, Commodity Insights Locations: Moscow, Riyadh, Ust, Luga, Novorossiysk, —, Libya, OPEC, Saudi Arabia, Russia, Turkey, Iraq, Lower U.S

☆ Russia's economy is in shambles and its oil exports are collapsing — but its crude oil just smashed a crucial price cap
▼ + stars: | 2023-07-13 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Russia's flagship Urals crude just breached the price cap of $60 a barrel on Tuesday, per S&P Global. The price cap came into effect on December 5 and sought to limit Moscow's energy revenues. These production cuts prop up oil prices as demand outsizes supply, an unnamed European oil trader told S&P. The benchmark US West Texas Intermediate crude oil futures were up 0.2% at $75.90 a barrel at 2.29 ET on Thursday. The global benchmark Brent crude oil prices were up 0.3% at $80.33 a barrel.

Persons: Phil Rosen Organizations: P Global, Service, P, West Texas, Brent Locations: Wall, Silicon, Russia, Ukraine, China, Saudi Arabia

☆ OPEC withholds media access to Reuters, Bloomberg, WSJ for July event
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +3 min

The three media organizations are among the world's leading suppliers of financial news and information. OPEC declined to comment on why reporters from the three media organizations were not invited to cover the OPEC-hosted July 5-6 seminar in Vienna. "Reuters will continue to cover OPEC in an independent, impartial and reliable way, in keeping with the Thomson Reuters Trust Principles." This would be the second consecutive OPEC+ event in which OPEC has restricted media coverage. OPEC sent an email on Tuesday inviting reporters at other media organizations to attend, the sources said.

Persons: Platts, Simon Webb, Rosalba O'Brien Organizations: OPEC, Reuters, Bloomberg, Wall Street, of, Petroleum, Thomson Reuters Corp, Thomson, Street, Financial Times, P, Commodity, Argus, Financial Locations: OPEC, Saudi Arabia, Russia, Vienna

☆ Inflation is finally cooling — but the Wagner Group's attempted mutiny in Russia may send it back up, analysts warn
▼ + stars: | 2023-06-26 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Oil prices spiked more than 1% on Sunday after the Wagner Group's attempted mutiny. Analysts say oil prices could continue to gain on the geopolitical risks in energy giant Russia. Following the aborted coup over the weekend, benchmark crude oil US West Texas Intermediate and Brent crude oil futures both jumped over 1% on Sunday. As of Monday, oil prices have come off — but analysts say oil futures could continue posting gains due to the geopolitical risk in energy giant Russia. Benchmark US WTI crude oil futures were up 0.2% at $69.29 a barrel at 1:29 a.m. EDT on Monday.

Persons: Wagner Group's, Rystad Energy's Jorge Leon, —, Vladimir Putin's, Jorge Leon, Leon, Paul Sheldon Organizations: Service, West Texas Intermediate, Brent, Rystad Energy, P, Commodity Locations: Russia, Kuwait, Ukraine, Kazakhstan, Azerbaijan

☆ Chocolate is set to get more expensive as cocoa prices soar to seven-year highs
▼ + stars: | 2023-06-13 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

Chocolate prices have risen by 14% in the past year, according to consumer intelligence database NielsenIQ. Chetvertakov foresees that the cocoa market could be dented by another deficit in the subsequent season, which runs from October to September next year. Spike in sugar and cocoa butter prices"As chocolate is made up primarily of cocoa butter, with some cocoa liquor included in dark or milk, the price of butter is the most direct reflection of how chocolate prices would move," said Mintec's Director of Commodity Insights Andrew Moriarty. Dark and milk chocolate bars arranged with cocoa beans, cocoa powder and cinnamon sticks. Amongst the different varieties of chocolate, prices of dark chocolate will be hardest hit.

Persons: Cindy Ord, Sergey Chetvertakov, Chetvertakov, Nino, Andrew Moriarty Organizations: Getty, P, CNBC, El, Bloomberg Locations: West Africa, Côte d'Ivoire, Ghana, Azaguie, Ivory Coast, Europe

☆ Oil prices could reach above $85 but stay under $90 in coming months, S&P Global
▼ + stars: | 2023-05-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOil prices could reach above $85 but stay under $90 in coming months, S&P GlobalKang Wu of S&P Global Commodity Insights says oil demand could increase by 4 million barrels a day from now to August.

☆ About 70% of global oil demand growth will come from Asia this year, says S&P Global
▼ + stars: | 2023-05-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAbout 70% of global oil demand growth will come from Asia this year, says S&P GlobalHerman Wang of S&P Global Commodity Insights says Asia is the "engine" of the oil market. He adds that many analysts expect a much tighter second half of the year, but "a lot of that rests on the China story."

KARACHI, Pakistan, May 9 (Reuters) - Petroleum dealers have flagged a surge in the smuggling of Iranian fuel to Pakistan, saying that up to 35% of diesel sold in the South Asian country has arrived illegally from Iran, the Pakistan Petroleum Dealers Association (PPDA) told Reuters on Tuesday. “Private dealers have been able to make decent profits by selling Iranian diesel rupees 35 ($0.1235)/litre cheaper than local dealers,” it added. The PPDA said that Iranian fuel smuggled into Pakistan was further hurting the industry, already reeling from low sales. “In the past smuggled fuel was restricted to just Balochistan, but it has now spread all over,” Khan said. Due to Iranian fuel being significantly cheaper than domestic fuel, refineries are having trouble with stock uptake.

☆ China and the developing world seen as real drivers of oil demand this year: S&P Global
▼ + stars: | 2023-05-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina and the developing world seen as real drivers of oil demand this year: S&P GlobalNick Coleman of S&P Global Commodity Insights says predictions that there will be a tighter oil market in the second half of the year will continue.

☆ In change for oil market, new US crude in Brent index lacks loading plan
▼ + stars: | 2023-04-28 | by ( Alex Lawler | ) www.reuters.com time to read: +3 min

Oil-index publisher S&P Global Platts is adding U.S. WTI Midland crude to its dated Brent oil price assessment for June deliveries, which is now in focus as the market trades roughly a month ahead. Dated Brent is part of the wider Brent complex including physical cargoes, swaps and futures that is used to price millions of barrels of oil each day. The companies that run the North Sea crude streams, known as the operator, issue planned cargo loading lists which the industry monitors as an indication of supply. "We see no reason for issues," said Joel Hanley, global director, crude and fuel oil, at S&P Global Commodity Insights. Thomson Reuters competes with S&P Global Platts in providing news and data about the oil market.

North America has seen the largest increase in planned hydrogen projects in the past six months, according to the Oxford-based consulting firm. Clean hydrogen is a small but fast-growing area of the transition to lower-polluting energy sources. However, low-emission hydrogen production is currently small compared with where analysts believe it will need to be. Europe’s shrinking share of hydrogen projects is “a direct consequence of the bloc’s slow response to the U.S. Inflation Reduction Act and [its] delay in developing concrete regulation for renewable hydrogen,” said Dilara Caglayan, lead hydrogen researcher at Aurora. Only 1% of the one terawatt of planned hydrogen projects have begun construction, while 86% are in the early planning stages of development.

☆ How the U.S. Clean Air Act lets closed coal plants keep polluting for years
▼ + stars: | 2023-04-22 | by ( Tim Mclaughlin | ) www.reuters.com time to read: +10 min

Under the federal program, states distribute a certain number of allowances to power plants annually. Reuters found dozens of other examples of coal plants using credits from closed facilities to help comply with pollution rules over the past five years. During the 2021 ozone season, New Madrid’s pollution was five times higher than average among coal plants participating in the NOx-reduction program, EPA data show. RED-STATE PROTESTSUtilities and lawmakers in Republican-controlled states have pushed hard against curbs on coal pollution, including the EPA’s latest NOx-reduction regulations. But even at that price, NOx allowances will find buyers among coal plants, including those that operate at high pollution rates.

☆ Factbox: Red-hot copper riding a new wave of consolidation
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo for Canadian mining company Teck Resources Limited is displayed above their booth at the Prospectors and Developers Association of Canada (PDAC) annual conference in Toronto, Ontario, Canada March 7, 2023. REUTERS/Chris Helgren/File PhotoApril 19 (Reuters) - Glencore Plc (GLEN.L) has offered $22.5 billion for Canadian copper miner Teck Resources Ltd (TECKb.TO), the latest in a wave of deals in the global copper industry amid surging demand and tight supply for the red metal anchoring the green energy transition. "The green energy transition has been a growth driver for many aspects of the metals and mining industry, with demand for key metals such as copper, nickel, lithium and cobalt expected to remain on an upward trajectory and supply to trend downward," S&P Global Commodity Insights analyst Aude Marjolin said in a report. Following are some of the largest copper mining deals since 2022, according to S&P Global Market Intelligence. Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ It's 'quite possible' that oil prices will hit $100 per barrel again, says S&P Global
▼ + stars: | 2023-04-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt's 'quite possible' that oil prices will hit $100 per barrel again, says S&P GlobalKurt Barrow of S&P Global Commodity Insights says oil prices could go up by another $5 later this quarter.

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LAUNCESTON, Australia, March 28 (Reuters) - China's crude oil imports will average 10.8 million barrels per day (bpd) in 2023, matching the previous record high from 2020, according to the think tank of the country's leading energy group. What is interesting with the ETRI forecasts is that they would seem to show that China's refiners are still expecting to add crude oil to stockpiles over 2023. This is some 370,000 bpd more than the ETRI forecast for refinery throughput of 14.66 million bpd. China's crude oil imports seen rebounding to new high in 2023NEW REFINERIESIt's likely that some of the oil heading for storage will go to build working inventories for new plants expected to be commissioned this year. Flows in, or indeed out of, either commercial or strategic reserves are the biggest X-factor for China's crude oil imports.

☆ Europe’s rush to LNG could turn into ‘world’s most expensive and unnecessary insurance policy'
▼ + stars: | 2023-03-23 | by ( Sam Meredith | ) www.cnbc.com time to read: +4 min

The Golar Tundra project is a key part of Italy's plan to reduce its reliance on Russian gas following the invasion of Ukraine. Europe must carefully balance its gas and LNG systems, and avoid tipping the scale from reliability to redundancy. "This is the world's most expensive and unnecessary insurance policy," said Ana Maria Jaller-Makarewicz, energy analyst for IEEFA Europe and author of the analysis. "Europe must carefully balance its gas and LNG systems, and avoid tipping the scale from reliability to redundancy. Boosting Europe's LNG infrastructure will not necessarily increase reliability — there's a tangible risk that assets could become stranded," Jaller-Makarewicz said.

It's likely that the pace of imports has been maintained in March, with Refinitiv estimating arrivals of around 103 million tonnes, while Kpler forecasts 102.7 million. The question becomes what the risks are to the so far bullish start to 2023 for iron ore prices and volumes. The chief one is that China's economic recovery focuses more on boosting consumer spending than it does on rebuilding the residential property sector. CHINA IRON ORE IMPORTS VS SPOT PRICESTEEL DECLINE? The risk is that iron ore demand is being front-loaded into the first half of the year, and potentially will decline in the second, with the concomitant risk prices will also come under pressure.

Rystad Energy sees the global market deficit of lithium shrinking to around 20,000 to 30,000 tonnes of lithium carbonate equivalent (LCE) this year, from 76,000 tonnes LCE in 2022. Out to 2025 it expects lithium supply to grow on average by 34% a year against an annual demand growth rate of 25%. MINERS UNFAZEDThe decline in lithium prices in China, the world's biggest consumer, has hit lithium producers overseas. LITHIUM CARBONATE SINKSThe price decline has been sharp. "A lithium carbonate price of 200,000-300,000 yuan per tonne is where both upstream and downstream will feel comfortable," said Rystad's Zou.

☆ Putin's war in Ukraine brought chaos and change to the global energy market. These 4 charts show how the conflict transformed the oil and gas landscape.
▼ + stars: | 2023-02-24 | by ( George Glover | Zinya Salfiti | ) www.businessinsider.com time to read: +6 min

These four charts show how the war has changed global energy markets over the past year. Here are four charts that capture the most striking changes that took hold in oil and gas markets over the past year. Russia has found other oil buyersBut Russia has still managed to find other buyers for its oil. India too has aggressively ramped up its purchases of Russian oil and now imports 1.2 million barrels each day, according to Vortexa. "The natural gas market has become even more global as demand for liquefied natural gas continues to rise," said Ole Hansen, head of commodity strategy at Saxo Bank.

HONG KONG, Feb 7 (Reuters Breakingviews) - Beijing's energy policy will indirectly support Europe. The European Union imported a record 131 bcm of LNG last year, 60% more than in 2021, Kpler data show. That’s why Chinese LNG imports are forecast to rise just 7% this year to 94 bcm, according to data provider OilChem China, or 14% below their 2021 peak. While strengthening its own energy security, China may accidentally help keep Europe warm. Chinese LNG imports are expected to rise 7% to 94 billion cubic metres in 2023 from a year before, according to data provider OilChem China.

In 2021, Europe's monthly LNG imports ranged from a low of 4.54 million tonnes to a high of 9.15 million. However, Europe's LNG demand eased off in January amid a milder winter than usual and ample inventories. While China does have long-term purchase agreements in place, it also buys spot cargoes. The question for the market is whether spot prices have dropped enough to tempt back Asian LNG buyers that were previously reluctant. It will be key to see if utilities in China, India and Pakistan also decide that prices have declined enough to make LNG imports economically viable once more.

☆ U.S. farmers plan to go 'heavy on corn' in 2023
▼ + stars: | 2023-02-06 | by ( Mark Weinraub | ) www.reuters.com time to read: +4 min

Plans for the upcoming season were made even as doubts mounted about demand and price gains for soybeans outstripped corn late last year. 2 U.S. cash crop, soybeans. Hunnicutt cited the reliability of corn yields as a key reason to go big on corn in 2023. DEMAND WANESU.S. farmers alternate between soybeans and corn in a bid to maintain soil health. Last year's harvest shortfall left corn supplies at their lowest since 2013 and made farmers hopeful that prices would rally in the coming months.

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