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☆ Oil holds gains on China rebound, even as U.S. crude stocks rise
▼ + stars: | 2023-03-02 | by ( Emily Chow | ) www.reuters.com time to read: +2 min

However a tenth consecutive week of crude stock builds in the United States capped the market's gains. U.S. crude inventories (USOILC=ECI) rose by 1.2 million barrels in the week ending Feb. 24 to 480.2 million barrels, their highest level since May 2021, the Energy Information Administration reported. Record exports of U.S. crude oil, however, kept the build smaller than in recent weeks, with shipments rising to 5.6 million barrels per day (bpd) last week, according to the EIA. Meanwhile, crude oil processed by Indian refiners reached record levels in January, provisional government data on Wednesday showed, as the country boosted imports of Russian barrels that Western countries shunned. Refinery throughput in the world's third-largest oil importer and consumer reached 5.39 million barrels per day for January, the highest since Reuters records going back to 2009.

Analysts expect China's oil imports to hit a record high in 2023 to meet increased demand for transportation fuel and as new refineries come on stream. China and India have become major buyers of Russian crude amid Western sanctions on Russian oil and more recently, embargoes and price caps because of the Ukraine war. In India, the world's third-biggest oil importer, crude imports rose to a six-month high in January, government data showed. Russia plans to cut oil production by 500,000 barrels per day (bpd), equating to about 5% of its output, in March after the West imposed price caps on Russian oil and oil products. Prices will move higher "as the market pivots back to deficit with underinvestment, shale constraints and OPEC discipline ensuring supply does not meet demand", they wrote.

Both crude benchmarks settled $2 down on Friday for a decline of about 4% over the week after the United States reported higher crude and gasoline inventories. Analysts expect China's oil imports to hit a record high in 2023 to meet increased demand for transportation fuel and as new refineries come on stream. China and India have become major buyers of Russian crude amid Western sanctions on Russian oil and more recently, embargoes and price caps because of the Ukraine war. Russia plans to cut oil production by 500,000 barrels per day (bpd), equating to about 5% of its output, in March after the West imposed price caps on Russian oil and oil products. Prices will move higher "as the market pivots back to deficit with underinvestment, shale constraints and OPEC discipline ensuring supply does not meet demand", they wrote.

☆ Oil rises on China demand hopes and supply concerns
▼ + stars: | 2023-02-20 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

LONDON, Feb 20 (Reuters) - Oil prices rose on Monday, buoyed by optimism over Chinese demand, continued production curbs by major producers and Russia's plans to rein in supply. Separately Russia plans to cut oil production by 500,000 bpd, equating to about 5% of its output, in March after the West imposed price caps on Russian oil and oil products. China and India have become major buyers of Russian crude since the European Union embargo. At the same time, future oil supply shortages are likely to drive prices toward $100 a barrel by the end of the year, Goldman Sachs analysts said in a Feb. 19 note. Prices will move higher "as the market pivots back to deficit with underinvestment, shale constraints and OPEC discipline ensuring supply does not meet demand", they wrote.

☆ Oil rises on China demand hopes, concerns on supply outlook
▼ + stars: | 2023-02-20 | by ( Emily Chow | ) www.reuters.com time to read: +2 min

SINGAPORE, Feb 20 (Reuters) - Oil prices rose on Monday amid optimism over China's demand recovery, concerns that underinvestment will crimp future oil supply and as major producers keep output limits in place. U.S. West Texas Intermediate (WTI) crude for March, which expires on Tuesday, was at $76.78 a barrel, up 44 cents or 0.6%. Russia plans to cut oil production by 500,000 bpd, or around 5% of output, in March after the West imposed price caps on Russian oil and oil products. China is the world's largest crude oil importer. Prices will move higher "as the market pivots back to deficit with underinvestment, shale constraints and OPEC discipline ensuring supply does not meet demand," they wrote.

"High spot LNG prices and dwindling domestic production will mean that Pakistan will continue facing issues with ramping up gas-fired power generation," said Poorna Rajendran, LNG consultant at FGE. Despite LNG prices having fallen from last year's record highs, the superchilled fuel is still expensive for South Asian buyers as their currencies have weakened sharply, making it hard for them to boost LNG imports this year. Ship tracking data from Kpler shows Pakistan's LNG imports in 2022 fell 17% from the previous year to a five-year low. Bangladesh's LNG imports in 2022 fell 14% from the previous year, according to Kpler, which drove down power output while demand was rising. LNG prices are unlikely to ease enough to help Bangladesh and Pakistan, with analysts expecting a rebound in Chinese purchases to push prices up in 2023.

After Russia slashed piped supply to Europe following its invasion of Ukraine, gas prices hit new highs and Europe bought record volumes of LNG. Prices for both Europe's benchmark gas and Asian spot LNG hit milestone highs. LONG-TERM DEALS SOUGHTIndustry executives and governments have touted gas as a crucial transition fuel while switching to renewable energy sources, but last year's high prices had kept many buyers priced out. So the need is to have long-term contracts, a good mix of long-term, short-term and medium-term contracts," said Akshay Kumar Singh, CEO of India's Petronet LNG (PLNG.NS). "Long-term contracts and the increase in domestic (gas) production during this crisis have definitely helped our country," he said.

☆ Oil rises 1% in choppy trade on China demand hopes
▼ + stars: | 2023-02-06 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

The International Energy Agency (IEA) expects half of this year's global oil demand growth to come from China, the agency's chief said on Sunday, adding that jet fuel demand was surging. A stronger dollar typically reduces demand for dollar-denominated oil from buyers paying with other currencies. Supply concerns continued to affect markets as operations at Turkey's oil terminal in Ceyhan halted after a major earthquake hit the region. The BTC terminal, which exports Azeri crude oil to international markets, will be closed on Feb. 6-8 while operators assess earthquake damage, a Turkish shipping agent said. However, a preliminary Reuters poll showed that U.S. crude oil stockpiles likely rose by about 2.2 million last week.

☆ GAIL India seeks two LNG cargoes for February delivery - sources
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: 1 min

Companies GAIL (India) Ltd FollowKUALA LUMPUR, Jan 17 (Reuters) - GAIL (India) Ltd (GAIL.NS) has issued a buy tender seeking two liquefied natural gas (LNG) cargoes for delivery into India, two industry sources said on Tuesday. India's largest gas distributor is seeking the cargoes for delivery during the month of February on a delivered ex-ship (DES) basis into the country's Dabhol terminal. The tender closes on Wednesday, Jan. 18, added the sources. Reporting by Emily Chow; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Oil rises on China demand hopes, U.S. inflation in focus
▼ + stars: | 2023-01-12 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

Summary China reopening leads to optimism demand will riseLooming EU ban on Russian oil products imports in focusComing up: U.S. CPI data, 1330 GMTLONDON, Jan 12 (Reuters) - Oil rose about 1% on Thursday supported by optimism over China's demand outlook and hopes that upcoming inflation data from the United States will point to a slower increase in interest rates. Top oil importer China is reopening its economy after the end of strict COVID-19 curbs, boosting optimism that demand for fuel will grow in 2023. The market is also bracing for an additional curb on Russian oil supply due to sanctions over its invasion of Ukraine. The U.S. Energy Information Administration said the upcoming EU ban on seaborne imports of petroleum products from Russia on Feb. 5 could be more disruptive than the EU ban on seaborne imports of crude oil from Russia implemented in December 2022. Additional reporting by Laura Sanicola and Emily Chow; editing by Jason Neely and Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Oil steadies amid China demand hopes, caution ahead of U.S. inflation data
▼ + stars: | 2023-01-12 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

Summary China reopening leads to optimism demand will riseLooming EU ban on Russian oil products imports in focusComing up: U.S. CPI data, 1330 GMTLONDON, Jan 12 (Reuters) - Oil steadied on Thursday as optimism over China's demand outlook was tempered by caution over whether upcoming inflation data from the United States will point to a slower increase in interest rates. Top oil importer China is reopening its economy after the end of strict COVID-19 curbs, boosting optimism that demand for fuel will grow in 2023. The market is also bracing for an additional curb on Russian supply due to sanctions over its invasion of Ukraine. The U.S. Energy Information Administration said the upcoming EU ban on seaborne imports of petroleum products from Russia on Feb. 5 could be more disruptive than the EU ban on seaborne imports of crude oil from Russia implemented in December 2022. Additional reporting by Laura Sanicola and Emily Chow; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Oil trades flat amid China demand hopes, caution ahead of U.S. inflation data
▼ + stars: | 2023-01-12 | by ( Emily Chow | ) www.reuters.com time to read: +3 min

SINGAPORE, Jan 12 (Reuters) - Oil prices traded mostly flat on Thursday, giving up gains made earlier in the day, as optimism over China's demand outlook was tempered by caution ahead of upcoming inflation data from the United States. Both benchmarks had risen 3% in Wednesday's session, boosted by hopes for an improved global economic outlook and concern over the impact of sanctions on Russian crude output. "China is speeding up stockpiles for crude oil ahead of the Lunar New Year holiday, as the demand outlook has been improved amid a U-turn in its COVID policy," said Tina Teng, an analyst at CMC Markets. Upcoming U.S. inflation data, however, is a key risk factor for oil, CMC Market's Teng added. An international price cap imposed on sales of Russian crude took effect on Dec. 5.

Jan 12 (Reuters) - Oil prices edged up on Thursday, building on gains in the previous session as China's demand outlook improved, though gains were limited ahead of upcoming inflation data from the United States. Both benchmarks rose 3% in Wednesday's session, boosted by hopes for an improved global economic outlook and concern over the impact of sanctions on Russian crude output. Top oil importer China is reopening its economy after the end of strict COVID-19 curbs, boosting optimism that demand for fuel will grow in 2023. Upcoming U.S. inflation data however is a key risk factor for oil, CMC Market's Teng added. An international price cap imposed on sales of Russian crude took effect on Dec. 5.

☆ Oil prices rise $1 on China's reopening optimism
▼ + stars: | 2023-01-06 | by ( Emily Chow | ) www.reuters.com time to read: +3 min

Brent crude futures were 94 cents, or 1.2%, higher at $79.63 a barrel at 0345 GMT, after settling 85 cents stronger at $78.69 on Thursday. U.S. West Texas Intermediate crude futures were up 91 cents, or 1.2%, at $74.58 a barrel. However, oil prices were on track to end the week lower, with both contracts down around 7% on a week earlier. "China's reopening optimism, especially further stimulus measures to boost the property sector, is the main bullish factor for the oil prices, which has improved the demand outlook in the near year," said Tina Teng, an analyst at CMC Markets. China, the world's largest crude oil importer, has abruptly ended its stringent zero-COVID policy, leading to a surge in COVID infections across the country.

For the week, both Brent and WTI were down over 8%, their biggest weekly dives to start the year since 2016. "The oil market might be regaining some composure following the bloodbath earlier this week, but the upside potential remains limited, at least in the near term. That U.S. jobs report caused the U.S. dollar to rally as investors bet that inflation is easing and the U.S. Federal Reserve (Fed) need not be as aggressive as some feared. A weaker dollar can boost demand for oil, as dollar-denominated commodities become cheaper for holders of other currencies. Stock markets in China, the world's largest crude oil importer, logged a five-day winning streak on Friday on investors' expectations that the Chinese economy would soon emerge from its COVID woes and stage a robust recovery in 2023.

☆ In 2023, China's appetite for LNG set to rise amid tepid demand across Asia
▼ + stars: | 2023-01-05 | by ( Emily Chow | ) www.reuters.com time to read: +4 min

Summary China's 2023 LNG demand seen rising 9-14% - analystsNuclear power to dampen Japan, South Korea LNG demandLimited LNG supplies to come online globally next yearSINGAPORE, Jan 5 (Reuters) - China's liquefied natural gas (LNG) demand is forecast to recover in 2023 as the country emerges from COVID-19 controls to become the bright spot in Asia's consumption for the super-chilled fuel. This led Europe to import record amounts of LNG, pushing Asian spot LNG prices to historical highs. Asia LNG and Europe gas price chartNUCLEAR SWITCHChina's 2023 demand rebound would be offset by lower consumption from Japan, South Korea and South Asian nations, analysts said. As a result, Asia's share of global LNG demand would remain just above 60% for a second straight year. In response to high LNG prices, Japan and South Korea aim to increase nuclear power's contribution to their energy supply, leading analysts to cut estimates of 2023 LNG demand from those countries.

That outage dropped the United States behind top exporter Australia as global demand for the fuel boomed. In 2022, U.S. exports of natural gas as LNG rose 8% to 10.6 bcfd, just shy of Australia's 10.7 bcfd. The United States remained ahead of Qatar, which in third place shipped 10.5 bcfd, according to data provider Refinitiv. CROWN WITHIN SIGHTHowever, the loss of Freeport LNG's supply at mid-year took away the U.S. chance to take the crown as top exporter in 2022. In 2021, when prices in Asia were higher, just 35%, or about 3.3 bcfd, of U.S. LNG exports went to Europe.

The additional demand for liquefied natural gas (LNG) and tighter supplies of piped gas placed enormous strain on the global market, spurring an energy crisis that pushed gas prices to historic highs. Newcastle coal futures have soared almost 140% in 2022, the biggest jump since 2008. U.S. gas futures jumped by more than 20% and Dutch wholesale gas prices rose by almost 8%, both rising for a third consecutive year. Power-generation fuels - coal, natural gas and gasoil - outperform other energy products in 2022 following cut in Russian energy supplies to EuropeBecause Europe will continue to import LNG to rebuild gas inventories next year after winter, gas prices are expected to remain elevated as limited new supplies come onstream. However, a European cap on gas prices starting in February could keep a lid on the market and reduce the volatility seen this year.

Industrial metals, iron ore and rubber are on track to finish in negative territory, pushed down in 2022 by China's strict zero-COVID policy and fears of a world recession. The additional demand for liquefied natural gas (LNG) amid tighter supplies of piped gas placed enormous strain on the global market, spurring an energy crisis that pushed gas prices to historic highs. U.S. gas futures and Dutch wholesale gas prices have jumped by more than 20%, rising for a third consecutive year. Power-generation fuels - coal, natural gas and gasoil - outperform other energy products in 2022 following cut in Russian energy supplies to EuropeBecause Europe will continue importing LNG to rebuild gas inventories next year after winter, gas prices are expected to remain elevated amid limited new supplies coming on-stream. However, a European cap on gas prices starting in February could help keep a lid on the market and reduce the volatility seen this year.

☆ Oil set to end turbulent 2022 modestly higher
▼ + stars: | 2022-12-30 | by ( Florence Tan | Emily Chow | ) www.reuters.com time to read: +3 min

FILE PHOTO: A view shows Chao Xing tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. Brent looked set to end the year with a 7.6% gain, after jumping 50.2% in 2021. So I think oil prices may fall to $60 next year,” he said. Oil prices cooled quickly in the second half this year as central banks across the world hiked interest rates to fight inflation, boosting the U.S. dollar. Also, China’s zero-COVID restrictions, which were only eased in December, squashed oil demand recovery hopes for the world’s No.

☆ NextDecade increases LNG supply volume in deal with China's ENN
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Dec 28 (Reuters) - U.S. liquefied natural gas (LNG) developer NextDecade Corp (NEXT.O) announced it will increase the volume of LNG supplies in a sales and purchase agreement signed with China's ENN Natural Gas Co. Ltd. (600803.SS). Under the agreement, ENN via a wholly-owned subsidiary ENN LNG (Singapore) Pte Ltd, will now purchase 2 million tonnes per annum (mtpa) of LNG, up 0.5 mtpa from the original agreement, according to a statement by NextDecade dated Tuesday. Earlier in April, NextDecade announced it would supply 1.5 mtpa of LNG to a unit of China's ENN for a 20-year term. China was the world's top importer of LNG in 2021, shipping in 78.8 million tonnes of the chilled fuel that year. Of its total imports, nearly 9 million tonnes or 11% were from the United States, according to China's customs data.

☆ Japanese firms sign multi-year agreements to buy LNG from Oman, U.S.
▼ + stars: | 2022-12-27 | by ( Yuka Obayashi | ) www.reuters.com time to read: +3 min

Global LNG supply has been tight since Russia invaded Ukraine and cut gas supply flows to Europe, leading European nations to import record amounts of LNG cargoes, straining global supplies and elevating prices. Mitsui and Itochu confirmed signing basic agreements with Oman LNG, but declined to give details. Other Japanese companies were also in talks with Oman LNG about term contracts, a government official told Reuters without naming the firms. If successful, they could take Japan's LNG imports from Oman above 3 million tonnes a year, he added. The agreements with Oman LNG were signed during a visit to Oman by Japanese industry minister Yasutoshi Nishimura.

☆ Japan's Inpex signs 20-year LNG deal with Venture Global
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Dec 27 (Reuters) - Inpex Corp (1605.T), Japan's biggest oil and gas explorer, said on Tuesday that it has signed a long-term liquefied natural gas (LNG) sales and purchase agreement with U.S.-based Venture Global LNG. Under the agreement, Inpex will buy one million tonnes per annum (mtpa) of LNG for 20 years on a free-on-board basis, Inpex said in a statement. The agreement was signed between the subsidiaries of the two companies, INPEX Energy Trading Singapore Pte Ltd (IETS) and Venture Global CP2 LNG LLC. IETS will buy the LNG from Venture Global LNG's CP2 LNG project in Louisiana, which is expected to begin construction in 2023, according to Inpex's statement. The LNG will be delivered to INPEX's Naoetsu LNG terminal and other terminals in Japan.

☆ Japan's Mitsui OSK, Kansai Electric sign MoU on carbon capture and storage
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: 1 min

SINGAPORE, Dec 23 (Reuters) - Japanese shipping company Mitsui O.S.K Lines (MOL) (9104.T) and Kansai Electric Power Co (KEPCO) (9503.T) have signed a memorandum of understanding (MoU) to study the development of a carbon capture and storage (CCS) value chain. The value chain includes the separation, capture, transportation, injection and storage of carbon dioxide emitted from KEPCO's thermal power plants, said MOL in a statement on Wednesday. Both MOL and KEPCO will also look at developing marine transportation of liquefied carbon dioxide to potential storage sites, the statement added. Industries worldwide are exploring carbon capture and storage solutions to try to reduce emissions and meet environmental targets. Reporting by Emily Chow; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ Oil rises $3/bbl after Russia signals output cut due to price cap
▼ + stars: | 2022-12-23 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

Brent crude settled at $83.92, up by $2.94 or 3.6%, while U.S. West Texas Intermediate (WTI) crude settled at $79.56 a barrel, up $2.07, or 2.7%. Russia may cut oil output by 5% to 7% in early 2023 as it responds to price caps, the RIA news agency cited Deputy Prime Minister Alexander Novak as saying on Friday. "The potential cut from Russia could be giving the bulls more fuel," said Eli Tesfaye, senior market strategist at RJO Futures. Both crude oil demand and output could slump over the next few days due to shut-ins from a massive winter storm that cascaded across a broad swath of the United States. Several of the largest U.S. refineries shut down due to the extreme cold while output shut in Texas and North Dakota.

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