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National Oilseed Processors Association (NOPA) data on Monday revealed U.S. soybean oil stocks among NOPA members totaled 1.108 billion pounds as of Sept. 30. A mid-year drawdown of U.S. soyoil stocks is common, but this year’s pace is unusual. The U.S. Department of Agriculture projects total domestic soybean oil use at a record 27.45 billion pounds in 2023-24, which began Oct. 1. The most actively traded Chicago soybean oil futures are at three-year lows for the date, down 20% from a year ago. Most-active CBOT soybean oil futuresRISING IMPORTSU.S. soybean oil stocks may be falling, but both the reduction in exports and influx of vegetable oil from overseas have been somewhat offsetting.

Persons: Jason Lee, Stocks, Karen Braun, Miral Organizations: Industry, Trade Co, REUTERS, Rights, Oilseed Processors, U.S . Department of Agriculture, NOPA, U.S, Higher, USDA, Reuters, Thomson Locations: Qufu, Shandong province, China, Rights NAPERVILLE , Illinois, U.S, Chicago, United States, USDA

The decline has been driven by weakness in producing fuels such as gasoline and naphtha, even as the margin on middle distillates has performed strongly. The trend for refining in Asia is increasingly characterised by strong margins for middle distillates, which are enough to offset weakness in gasoline and even losses for naphtha. Asia's total exports were 7.4 million metric tons in September, equivalent to about 1.85 million bpd, according to data from LSEG. Data from commodity analysts Kpler is also far from convincing, with just 660,000 metric tons of diesel shipments from China so far in October. Effectively, Asia's refiners are happy to suffer weak margins on fuels such as gasoline and naphtha because the profits on middle distillates are so high.

Persons: it's, refiners, Robert Birsel Organizations: REUTERS, Rights, China, Reuters, Thomson Locations: Kolkata, India, Rights LAUNCESTON, Australia, Asia, Singapore, Dubai, OPEC, Saudi Arabia, China, Beijing

The exception among major commodities was copper, where imports of the unwrought metal were up in September from August, but down from the year earlier month. Copper imports were 480,426 metric tons in September, up from August's 473,330, but down 5.8% from 509,954 in September last year. For the first nine months of 2023, unwrought copper imports were down 9.5% to 3.99 million metric tons. Crude oil imports were 11.13 million barrels per day (bpd) in September, down from August's 12.4 million bpd, although it's worth noting that August was third strongest month on record. IRON ORE, COALIron ore imports dropped to 101.18 million metric tons in October, down 4.9% from August's 106.42 million, but it's worth noting that August was the strongest month since October 2020.

Persons: Aly, China's, Lincoln Organizations: REUTERS, Rights, Reuters, Thomson Locations: Port, Shanghai, China, Rights LAUNCESTON, Australia, August's

Reuters reported in July that Indian refiners began using yuan to pay for some oil from Russian sellers, while continuing to use dollars and dirhams to settle most of their Russian oil purchases. Indian refiners buy most of their Russian oil from traders, while making some direct purchases from Russian entities. State-run Indian Oil Corp (IOC.NS), the country's top refiner, has used yuan and other currencies to pay for Russian oil, Reuters reported previously. Private Indian refiners have continued to pay in yuan and other currencies for Russian oil imports, sources said, with most Indian purchases of Russian oil paid in dirham. Indian Oil, BPCL and HPCL and the country's oil and finance ministries did not immediately respond to Reuters' requests for comments.

Persons: Tatiana Meel, Nidhi Verma, Tony Munroe, Simon Cameron, Moore Organizations: REUTERS, European Union, Reuters, Gazprom Neft, Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum, Thomson Locations: Nakhodka Bay, Nakhodka, Russia, DELHI, India, Moscow, Ukraine, United States, dirhams, Gazprom, dirham, Hong Kong, China

Along with mild winter weather in much of the northern hemisphere, Chinese fuel exports helped avert widespread shortages of diesel, heating oil and gasoil. Russia's ban on diesel exports ahead of winter has sparked a new round of concerns of another supply shock. Chinese fuel exports are currently around 1.1 million barrels per day (bpd), down from last year's peak at 1.8 million bpd in December. China's fuel exports are subject to quotas, closely monitored by the global fuel trading community. China also has quotas for imports of crude oil that refiners use to make diesel and other products.

Persons: Meng Meng, John Kilduff, Matt Smith, Al Zour, Kpler, Laura Sanicola, Trixie Yapl, Simon Webb, David Gregorio Our Organizations: REUTERS, Total, Al, Diesel, U.S . East, U.S . Energy Information Administration, Thomson Locations: Boxing, Shandong Province, China, U.S, Ukraine, Europe, Americas, Brazil, Turkey, New York, Beijing, Russia, Iran, Venezuela, Asia, Middle, Western Europe, America, U.S . East Coast

☆ Growing tanker fleet, cheaper freight challenge Russian oil price cap
▼ + stars: | 2023-10-13 | by ( Jonathan Saul | ) www.reuters.com time to read: +6 min

It also means that enforcing the price cap will have a limited impact on Russian revenues. Had the oil price been above $60 at the time, sanctions would have severely disrupted Russian exports. However, the price for most Russian oil only rose above $60 in July, which meant traders, shipping companies and Russian exporters had months to prepare. So many vessels are willing to sail loaded with Russian oil that freight rates have fallen - effectively handing Russian producers even more revenues. Freight rates for Russian Urals crude shipments to Asia for October cargoes plunged to the lowest levels since the implementation of the price cap, traders said.

Persons: Shun, Tatiana Meel, Mike Salthouse, Sellers, ” Claire McCleskey, Jonathan Saul, Marguerita Choy Organizations: REUTERS, United Arab, Intelligence, Reuters, International Energy Agency, Shipping, U.S, Link, Thomson Locations: Nakhodka Bay, Nakhodka, Russia, LONDON, refiners, China, India, U.S, Turkey, United Arab Emirates, Moscow, Ukraine, Baltic, Asia, Saudi Arabia, Novorossiysk, East, Africa, Latin America, London, MOSCOW

Oil and gas tanks are seen at an oil warehouse at a port in Zhuhai, China October 22, 2018. Reuters' analysis of China's savings on oil purchases from the three sanctioned countries compares what Chinese importers would have paid by purchasing similar grades from non-sanctioned producers. For imports of Venezuelan oil, mostly heavy grade Merey, China saved an average of $10 a barrel versus comparable Colombian Castilla crude, the calculations based on the trader data showed. With January-September inflows of Venezuelan oil at around 430,000 bpd, according to the average of the Vortexa and Kpler data, China's savings from buying Venezuelan oil was $1.17 billion. TEAPOT MARGINSWith state refiners Sinopec and PetroChina refraining entirely from buying Iranian and Venezuelan crude, teapots have feasted on discounted oil from the two suppliers.

Persons: Aly, Kang Wu, Brent, Viktor Katona, Chen Aizhu, Muyu Xu, Tony Munroe Organizations: REUTERS, refiners, Reuters, P, Administration, Customs, Vortexa, Russia's, Castilla, Brent, U.S . State Department, U.S ., Thomson Locations: Zhuhai, China, Russia, Iran, Venezuela, SINGAPORE, United States, Moscow, Tehran, Caracas, East, West Africa, South America, Beijing, Kpler, Kozmino, Baltic, Ukraine, Europe, India, Brazil, Urals, Oman, U.S, Venezuelan, teapots, Shandong, Israel

☆ Russia waters down its ban on diesel exports
▼ + stars: | 2023-10-06 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Russia’s government announced Friday that it had largely reversed a ban on diesel exports imposed just two weeks ago in an attempt to stabilize domestic fuel prices. Most of Russia’s diesel exports are transported this way, according to data firm Vortexa, with a smaller portion delivered by rail to ports on the Black Sea. Moscow has accounted for over 13% of global diesel supply so far this year, according to Vortexa. Following the EU ban on imports, Russia redirected Europe-bound diesel to countries such as Turkey and Brazil. Russia relies on revenues from its energy exports, including vast quantities of crude oil, for a big chunk of its federal budget.

Persons: London CNN —, —, Brent Organizations: London CNN, world’s, —, Union, Russian, Brent Locations: Russia, Europe, Moscow, Turkey, Brazil, Saudi Arabia

The trick for the Saudis and the Russians is whether the global economy can withstand an oil price closer to $100 a barrel than the $70 level that prevailed in the middle of 2023. Asia's crude oil imports dropped to 25.05 million bpd in September, the weakest outcome this year and down from 25.22 million bpd in August and 27.92 million bpd in July, according to data compiled by LSEG. China's retail gasoline price has risen from 8.06 yuan ($1.15) a litre at the end of June to 9.04 yuan currently, an increase of 12%. The outlier is India, where retail prices have been kept steady despite being market-linked, at least in theory. The retail price of gasoline in the capital New Delhi is currently 96.76 rupees ($1.16) a litre, a level that has persisted since April last year.

Persons: It's, JP Morgan, LSEG, Sonali Paul Organizations: Brent, U.S . Energy, Administration, JP, Retail, Australian Institute of Petroleum, Reuters, Thomson Locations: LAUNCESTON, Australia, Saudi Arabia, Russia, OPEC, United States, ASIA, Asia, China, India, New Delhi

☆ Exclusive: Russia’s Lukoil lends Socar $1.5 billion in deal to supply its Turkish STAR refinery
▼ + stars: | 2023-10-05 | by ( Dmitry Zhdannikov | ) www.reuters.com time to read: +3 min

A general view shows the oil refinery of the Lukoil company in Volgograd, Russia April 22, 2022. Turkey has not imposed sanctions on Russia and continues to import Russian oil and gas. The STAR refinery, however, had to cut Russian crude imports this summer due to complications arising from international financial restrictions on business with Moscow. Neither Lukoil, Socar nor STAR responded to requests for comment. Since cutting imports of Russian oil, it has relied on Kazakh, West African and Iraqi oil grades, according to LSEG data.

Persons: Lukoil, Celeste, Ocean Faye, Socar, Dmitry Zhdannikov, Nailia Bagirova, Kirsten Donovan Organizations: REUTERS, Turkish STAR, Moscow, STAR, Fidelity, Thomson Locations: Volgograd, Russia, Ukraine, MOSCOW, Russian, Turkish, Turkey, Moscow, Urals, Primorsk, Bulgaria, Romania, Dubai, Geneva, Kirkuk, Kazakh, West African, LONDON

☆ China is swing factor in diesel’s global squeeze
▼ + stars: | 2023-10-05 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

As demand enters peak season, Xi’s ability to dictate how much Chinese oil companies export looks like the key swing factor. Reuters Graphics Reuters GraphicsGlobally, demand for diesel and gasoil is around 28 million barrels per day (bpd), according to the International Energy Agency. Of the world’s 8 million bpd export flows, Russia exported on average 1 million bpd in the nine months to September, according to consultancy Vortexa. Even so, China last year overtook the United States as the world’s biggest refiner, with total refining capacity of 18.4 million bpd. That would limit Chinese exports to below 400,000 bpd, according to Vortexa, adding to tightness elsewhere.

Persons: Vladimir Putin, Xi, Sun, Brent, George Hay, Oliver Taslic Organizations: Reuters, Reuters Graphics Reuters, International Energy Agency, Longzhong, Bloomberg, Thomson Locations: Saudi, U.S, Singapore, El, Russia, Vortexa, China, United States, Europe, Beijing, Moscow

☆ Russia may partially lift ban on diesel exports soon - Kommersant
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Tatiana Meel/File photo Acquire Licensing RightsOct 4 (Reuters) - The Russian government is ready to partially lift its ban on diesel exports in coming days, the daily Kommersant reported on Wednesday, citing unidentified sources. The ban on gasoline exports will remain in force for now. Russian exports of diesel are the largest of all types of oil products. Russia's gasoline and diesel prices have continued to slide on the local exchange. Since the ban was introduced, gasoline prices have declined by almost 10%, while diesel prices plummeted by 23%.

Persons: Tatiana Meel, Alexander Novak, Novak, JP Morgan, Lidia Kelly, Vladimir Soldatkin, Simon Cameron, Moore, Kim Coghill Organizations: REUTERS, Kommersant, FGE Energy, Thomson Locations: Nakhodka Bay, Nakhodka, Russia, Russian, Melbourne, Moscow

TASS news agency cited Energy Minister Nikolai Shulginov as saying the government "at all levels" had been discussing partial permission for fuel exports. Europe could also fill some of the gap left by the Russia gasoline ban. Northwest European suppliers, which lost market share in West Africa to Russian supplies this year, could step in, FGE said. Since banning Russian fuel imports, Europe has been seeking suppliers elsewhere, including from the Middle East. As a result, traders said they expected Northeast Asian refiners in China and South Korea to boost diesel exports to Europe.

Persons: Tatiana Meel, Alexander Novak, Vortexa, Nikolai Shulginov, JP Morgan, FGE, Edmund Blair, Mark Potter Organizations: REUTERS, Traders, Kremlin, Kommersant, TASS, Analysts, FGE Energy, WHO, BE, European Union, Gulf, Diesel, Northwest, Competition, Thomson Locations: Nakhodka Bay, Nakhodka, Russia, LONDON, SINGAPORE, Soviet, United States, Ukraine, Europe, Brazil, Turkey, North, West, East, Gulf, gasoil, India, Africa, Kpler, U.S, Gulf Coast, America, West Africa, China, South Korea

☆ Climate target walk-backs highlight 'overzealous' policy pledges, OPEC chief says
▼ + stars: | 2023-10-02 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Haitham al-Ghais, secretary-general of the Organization of Petroleum Exporting Countries (OPEC), speaking at the Energy Asia Summit on June 26, 2023. Asked about the impact of high oil prices on consumers, al-Ghais said this "depends on the state of the global economy" and noted increases in oil demand. We're seeing historically high, phenomenally high growth figures for oil demand," he said. An OPEC+ technical committee convenes digitally on Wednesday to review market fundamentals and the individual production compliance of member countries. Three OPEC+ delegates, speaking anonymously because of the sensitivity of the discussions, told CNBC it is unlikely this week's JMMC meeting will lead to policy adjustments.

Persons: Haitham, CNBC's Dan Murphy, Ghais Organizations: Organization of Petroleum Exporting, Energy Asia Summit, Bloomberg, Getty, OPEC, Organization of, Petroleum, Abu Dhabi International Progressive Energy Congress, European Union, Brent, International Energy Agency, CNBC, COP28 Locations: OPEC, Europe, Ukraine, Paris

The world's top importing region saw arrivals of 24.95 million barrels per day (bpd) in September, down from August's 25.22 million bpd, according to data complied by LSEG. September's imports were also almost 3 million bpd weaker than the 27.92 million bpd seen in July, which was the highest monthly total so far in 2023. China imported 11.53 million bpd in September, down from August's 12.49 million bpd, according to LSEG data. Russia was China's top supplier in September, providing 1.81 million bpd, eclipsing the 1.44 million bpd from Saudi Arabia. The main question for Asia's oil demand in the fourth quarter is just how hard the recent price rally will bite demand.

Persons: Vietnam's, China doesn't, Asia's, Jamie Freed Organizations: LSEG, Imports, Reliance Industries, SK Energy's Ulsan, Taiwan's CPC, Brent, U.S, world's, Reuters, Thomson Locations: LAUNCESTON, Australia, August's, Jamnagar, India, South Korea, Saudi Arabia, Asia, CHINA, China, Russia, Iran

☆ Supply cuts from Saudi Arabia remain price drivers for oil heading into the fourth quarter
▼ + stars: | 2023-10-02 | by ( Brian Evans | ) www.cnbc.com time to read: +6 min

Experts predict oil prices will continue to rise heading into the fourth quarter, driven by tighter supply and production cuts. Despite some profit-taking in the last week of September, crude oil prices have rallied since the summer. That means U.S. crude oil reserves will remain under pressure amid the Saudi production cuts. And questions still remain as to the strength of a resurgence from the Chinese economy and how that will support higher oil prices. Goldman also recently published its list of buy-rated stocks to play higher oil prices, which included Chevron and Baker Hughes .

Persons: Goldman Sachs, Brent, Viktor Katona, Katona, Stephen Ellis, Ellis, Ole Hansen, " Hansen, Brian Mulberry, Mulberry, Goldman, Baker Hughes, Neil Mehta, Mehta Organizations: Brent, West, West Texas, Bank of America, Chevron, ExxonMobil, Morningstar, Saxos Bank, Zacks Investment Management, Federal Reserve, ConocoPhillips, XOM Locations: West Texas, Saudi Arabia, Saudi, Russia, OPEC, U.S, Cushing , Oklahoma, East, Kuwait, Iraq, Ukraine, Iran

Mining operations account for some 4%-7% of global greenhouse gas emissions, according to global consulting firm McKinsey & Company. But some miners are moving to reduce use of fossil fuels in extracting and refining, partly due to pressure from downstream customers that want more sustainable supply chains. Located beside a crystal-blue lake in the lush jungle of Sorowako, South Sulawesi, Vale Indonesia — a subsidiary of Vale international — runs its smelters entirely from hydroelectricity. Other companies and countries around the world also are reducing use of fossil fuels in their mining operations. But now, having that infrastructure means big savings at a time when global energy prices are high.

Persons: Michael Goodsite, “, Joko Widodo, Widodo, “ Ford, ” Christopher Smith, Febriany Eddy, Eddy, it’s, ” Eddy, Aimee Boulanger, there’s, they’ve, ” Goodsite Organizations: McKinsey & Company, Vale, Companies, University of Adelaide, Volvo, Mercedes, Hyundai, Apple, Ford Motor Co, Vale Indonesia, Associated Press, Initiative for, Mining Assurance, —, AP Locations: SOROWAKO, Indonesia, Indonesian, Sulawesi, Sorowako, South Sulawesi, Indonesia —, Chile, Raglan, Canada, Australia, ” Indonesia, Vale Indonesia, China, United States

☆ India increases windfall tax on petroleum crude
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Amit Dave/File photo Acquire Licensing RightsSept 29 (Reuters) - The Indian government increased windfall tax on petroleum crude, while reduced it on aviation turbine fuel and diesel, according to a government notification on Friday. The windfall tax on petroleum crude will be raised to 12,100 rupees ($145.65) per ton from 10,000 rupees ($120.37), effective Sept. 30. The levy has been cut on aviation turbine fuel to 2.50 rupees per litre from 3.50 rupees per litre, while on diesel to 5 rupees per litre from 5.50 rupees. On Sept. 16, the government had raised the windfall tax on petroleum crude to 10,000 rupees per ton from 6,700 rupees. India imposed the windfall tax on crude oil producers in July last year and extended the levy on exports of gasoline, diesel and aviation fuel after private refiners wanted to make gains from robust refining margins in overseas markets, instead of selling at home.

Persons: Amit Dave, refiners, Nikunj Ohri, Chandni Shah, Shilpi Majumdar Organizations: REUTERS, Thomson Locations: Vadinar, Gujarat, India, Bengaluru

India, the world's third biggest oil importer and consumer, also raised imports from Iraq while taking less Saudi oil, the data showed. India imported about 1.55 million barrels per day (bpd) of Russian oil in September, 16% more than in August, while imports from Iraq increased by 17% to about 1.1 million bpd, LSEG data showed. Vortexa pegged imports of Russian oil at 1.52 million bpd, compared with 1.44 million bpd in August. India's Saudi Oil Imports surged in Aug, Russia fell to 7-mth lowAccording to Kpler data, India's imports of Russian crude jumped back to 1.8 million bpd in September from less than 1.5 million bpd in August. They mostly purchase Russian oil on the spot market, while largely relying on term contracts for Middle Eastern crude.

Persons: Viktor Katona, Kpler's Katona, Nidhi Verma, Mohi Narayan, Arpan Varghese, Simon Cameron, Moore Organizations: Saudi Oil Imports, Thomson Locations: DELHI, Russia, LSEG, India, Iraq, Kpler, Saudi Arabia, Ukraine

☆ Oil prices near $100 per barrel raise questions over demand destruction
▼ + stars: | 2023-09-29 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +7 min

boonchai wedmakawand | Moment | Getty ImagesSupply cuts from heavyweight crude producers have helped drive oil prices near $100 per barrel — fueling some to consider the potential for future demand destruction. Seven European refiners and traders, who spoke under anonymity because of contractual obligations, told CNBC that local buyers can withstand oil prices veering into triple digits without lowering their output runs. Some European market participants polled by CNBC doubted triple-digit oil prices are sustainable in the long term, with three pointing to possible demand destruction — where customers gradually answer persistently high prices with fewer purchases. "Sometimes high oil prices can become a self-fulfilling prophecy," Indian Energy Minister Hardeep Singh Puri warned in August. The oil price hike has benefitted Moscow despite sanctions.

Persons: boonchai, Sushant Gupta, Wood Mackenzie, Topping, Ukraine —, refiner, Hardeep Singh Puri, Giovanni Staunovo Organizations: Brent, ING, Organization of, Petroleum, CNBC, U.S . Energy, Administration, Indian Energy, UBS Locations: London, Asia, Wood, OPEC, Saudi Arabia, Russia, China, Europe, Ukraine, U.S, Moscow, Washington, Israel, East, Riyadh, Iran, Beijing

The diesel ban will have the biggest impact because Russia is the world's top seaborne exporter of the fuel, just ahead of the United States. Europe could also fill some of the gap left by the Russia gasoline ban. Northwest European suppliers, which lost market share in West Africa to Russian supplies this year, could step in, FGE said. Since banning Russian fuel imports, Europe has been seeking suppliers elsewhere, including from the Middle East. As a result, traders said they expected Northeast Asian refiners in China and South Korea to boost diesel exports to Europe.

Persons: Alexey Malgavko, Vortexa, JP Morgan, said.Turkey, FGE, Edmund Blair Organizations: Traders, Kremlin, FGE Energy, WHO, BE, European Union, Gulf, Diesel, Northwest, Competition, Thomson Locations: Omsk, Russia, LONDON, SINGAPORE, Soviet, United States, Ukraine, Europe, Brazil, Turkey, North, West, East, Gulf, gasoil, India, Africa, Kpler, U.S, Gulf Coast, America, West Africa, China, South Korea

Pumpjacks are seen against the setting sun at the Daqing oil field in Heilongjiang province, China December 7, 2018. REUTERS/Stringer Acquire Licensing RightsCompanies Baker Hughes Co FollowLONDON, Sept 25 (Reuters) - Oil prices held steady on Monday after Russia relaxed its fuel ban, taking the edge off earlier gains on a tighter supply outlook and wariness over interest rates that could curb demand. Russia approved some changes to its fuel export ban, lifting the restrictions for fuel used as bunkering for some vessels and diesel with high sulphur content, a government document showed on Monday. Crude prices fell last week after a hawkish Federal Reserve rattled global financial markets and raised concerns over oil demand. However, analysts flagged that oil prices face technical resistance at the November 2022 highs reached hit last week.

Persons: Stringer, Baker Hughes, Tony Sycamore, IIR, Goldman Sachs, Paul Carsten, Mohi Narayan, Florence Tan, Louise Heavens, David Goodman Organizations: REUTERS, Brent, . West Texas, Federal Reserve, Northern, IIR Energy, Thomson Locations: Heilongjiang province, China, Russia, Saudi Arabia, Moscow, United States, London

An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. U.S. West Texas Intermediate crude (WTI) climbed 36 cents, or 0.4%, to $90.02. The Fed on Wednesday maintained interest rates, but stiffened its hawkish stance, projecting a quarter-percentage-point increase to 5.50-5.75% by year-end. "The Fed stance and a strong labor market has driven equities and commodities lower, pressuring oil," said Kilduff. Oil prices remained supported by concern about tight supply globally entering the fourth quarter.

Persons: Tatiana Meel, Brent, refiners, Tamas Varga, Vargas, John Kilduff, Paul Carsten, Natalie Grover, Laura Sanicola, Trixie Yap, Sonali Paul, Jane Merriman, Alexandra Hudson, David Gregorio Our Organizations: . West Texas, . Federal, Fed, U.S ., U.S . Labor Department, Bank of England, Organization of, Petroleum, Thomson Locations: Nakhodka, Russia, Russian, ., New York, Norway's, Cushing, London

☆ Oil falls as US rate hike expectations offset tight supply outlook
▼ + stars: | 2023-09-21 | by ( Trixie Sher Li Yap | ) www.reuters.com time to read: +3 min

An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. REUTERS/Tatiana Meel/File Photo Acquire Licensing RightsSept 21 (Reuters) - Oil prices fell in early Asian trade on Thursday, after posting the largest fall in a month in the previous session, as U.S. interest rate hike expectations offset the impact of drawdowns in U.S. crude stockpiles. U.S. West Texas Intermediate crude (WTI) fell 70 cents, or 0.78%, to $88.96, the lowest since Sept. 14. The hawkish stance also led to the U.S. dollar surging to its highest since early March, placing downside pressure on oil prices. "This tightness, along with strong refinery margins (largely a result of tightness in middle distillates) suggests that oil prices are likely to see further strength in the short term," he said.

Persons: Tatiana Meel, Brent, refiners, Warren Patterson, Laura Sanicola, Trixie Yap, Sonali Paul Organizations: . West Texas, ING, U.S . Federal Reserve, Open Market, U.S, Energy, U.S . Energy Information Administration, American Petroleum Institute, ANZ, Cushing, Organization of, Petroleum, Thomson Locations: Nakhodka, Russia, Saudi Arabia

☆ Oil falls as rate hike expectations offset US stock draw
▼ + stars: | 2023-09-21 | by ( Trixie Sher Li Yap | ) www.reuters.com time to read: +3 min

An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. REUTERS/Tatiana Meel/File Photo Acquire Licensing RightsSept 21 (Reuters) - Oil prices fell in early Asian trade on Thursday, after posting the largest fall in a month in the previous session, as U.S. interest rate hike expectations offset the impact of drawdowns in U.S. crude stockpiles. U.S. West Texas Intermediate crude (WTI) fell 71 cents, or 0.79%, to $88.95, the lowest since Sept. 14. The hawkish stance also led to the U.S. dollar surging to its highest since early March, placing downside pressure on oil prices. "This tightness, along with strong refinery margins (largely a result of tightness in middle distillates) suggests that oil prices are likely to see further strength in the short term," he said.

Persons: Tatiana Meel, Brent, refiners, Warren Patterson, Laura Sanicola, Sonali Paul Organizations: . West Texas, ING, U.S . Federal Reserve, Open Market, U.S, Energy, U.S . Energy Information Administration, American Petroleum Institute, ANZ, Cushing, Organization of, Petroleum, Thomson Locations: Nakhodka, Russia, Saudi Arabia

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