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Brent futures rose 72 cents, or 0.8%, to $86.64 a barrel by 11:46 a.m. EST (1646 GMT), while U.S. West Texas Intermediate (WTI) crude rose 94 cents, or 1.2%, to $81.12. But the data still beat analysts' forecasts after China started rolling back its zero-COVID policy in early December. The lifting of COVID-19 restrictions in China is set to boost global oil demand to a record high this year, according to the International Energy Agency (IEA), while price cap sanctions on Russia could dent supply. A report showing U.S. retail sales fell more than expected in December provided some counterintuitive support for oil prices. A weaker dollar can boost demand for oil, as dollar-denominated commodities become cheaper for holders of other currencies.

U.S. West Texas Intermediate (WTI) crude rose $2.29, or 3.1%, to settle at $77.41. Global equities were up on hopes that U.S. inflation and earnings figures due on Thursday will indicate a resilient economy and result in a slower pace of interest rate hikes. Oil demand is coming back and expectations are high that China’s demand is about to skyrocket," said Edward Moya, senior market analyst at data and analytics firm OANDA. Analysts polled by Reuters had forecast a 2.2 million-barrel decline in crude stocks, and industry data from the American Petroleum Institute (API) showing a 14.9 million-barrel build. ,EIA this week forecast U.S. crude production will reach all-time highs in 2023 and 2024.

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

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

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

☆ Oil drops, hits lowest since January as U.S. data fans fuel demand fears
▼ + stars: | 2022-12-07 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

The build in fuel stocks outweighed a 5.2 million barrel draw in crude stocks. The American Petroleum Institute had reported a crude stocks draw of around 6.4 million barrels, according to market sources. China's crude oil imports in November rose 12% from a year earlier to their highest in 10 months, data showed. "If confidence in uninterrupted Russian oil supply has played any part in the recent weakness, it was probably misplaced. Tankers getting delayed in Turkish waters is a prime example of that," Tamas Varga of oil broker PVM said.

☆ Oil falls close to 2022 lows on economic worries, easing supply fears
▼ + stars: | 2022-12-07 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

Warnings from big U.S. banks about a likely recession next year weighed, and supported the U.S. dollar. A stronger dollar makes oil more expensive for holders of other currencies and tends to dampen appetite for risk assets. Fears were easing that the price cap on Russian crude could cause a supply shock. "Clearly, investors are not worried the least about any potential supply shortage that might be the result of the price cap and the EU ban on Russian oil sales." In focus is the latest U.S. supply report from the Energy Information Administration due at 1530 GMT and whether it confirms the large decline in crude stocks.

☆ Oil steady as China revival hopes offset Russia uncertainty
▼ + stars: | 2022-12-07 | by ( Trixie Sher Li Yap | ) www.reuters.com time to read: +4 min

Brent crude futures edged up 3 cents, or 0.04%, to $79.38 a barrel by 0717 GMT, after they fell below $80 for the second time in 2022 during the previous trading session. U.S. crude futures mostly traded sideways, and were down 9 cents or 0.12% to $74.16 a barrel. "China has (been) rapidly eased COVID-19 restrictions, which may boost demand," markets analyst Leon Li at CMC Markets said in a note. The reopening could see a 1% boost to global oil demand, ANZ said in a client note. Oil prices have dropped by more than 1% for three straight sessions, giving up most of their gains for the year.

SINGAPORE, Dec 7 (Reuters) - Oil futures edged slightly higher on Wednesday on hopes for improved Chinese demand while uncertainty about how a Western cap on Russian oil prices would play out kept markets on edge after a sharp fall the previous session. U.S. crude futures clawed back earlier losses and were steady from the previous close at $74.25 a barrel. "China has (been) rapidly eased COVID-19 restrictions, which may boost demand," markets analyst Leon Li at CMC Markets said in a note. However, uncertainty on how the price cap on Russian oil would play out on supply contributed to volatility. Oil prices have dropped by more than 1% for three straight sessions, giving up most of their gains for the year.

☆ Oil up over $2 on tighter supply while OPEC+ talks limit gains
▼ + stars: | 2022-11-30 | by ( Rowena Edwards | ) www.reuters.com time to read: +3 min

But the likelihood that OPEC+ will leave output unchanged at its upcoming meeting limited the gains. Brent crude futures rose $2.22, or 2.67% to $85.25 per barrel by 1340 GMT. Support followed expectations of tighter crude supply. U.S. crude oil stocks dropped by 7.9 million barrels in the week ended Nov. 25, according to market sources citing American Petroleum Institute figures on Tuesday. Russia would not supply oil to countries imposing a price cap, Russia's foreign ministry spokeswoman Maria Zakharova said.

Helping to boost prices, U.S. crude oil stocks were expected to have dropped by about 7.9 million barrels in the week ended Nov. 25, according to market sources citing American Petroleum Institute figures on Tuesday. Gasoline inventories rose by about 2.9 million barrels, while distillate stocks were seen rising about 4.0 million barrels, according to the sources, who spoke on condition of anonymity. Thin liquidity and an overall lack of trading volumes towards the year-end could also be propping up the market, according to Virendra Chauhan at Energy Aspects. On the supply side, OPEC+ is likely to keep oil output policy unchanged at a meeting on Sunday, five OPEC+ sources said, although two sources said an additional production cut was also likely to be considered, to support prices. "Oil’s rally ran out of steam after reports that OPEC+ might end up keeping their output steady.

Summary Brent, WTI fall for third consecutive weekEU delays talks on Russian oil price cap until next weekPoland seeks German support for EU sanctions on pipelineNEW YORK, Nov 25 (Reuters) - Oil prices fell 2% on Friday in thin market liquidity, closing a week marked by worries about Chinese demand and haggling over a Western price cap on Russian oil. Brent crude futures settled down $1.71, or 2%, to trade at $83.63 a barrel, having retraced some earlier gains. U.S. West Texas Intermediate (WTI) crude futures were down $1.66, or 2.1%, at $76.28 a barrel. This is starting to hit fuel demand, with traffic drifting down and implied oil demand around 1 million barrels per day lower than average, an ANZ note showed. Meanwhile, G7 and European Union diplomats have been discussing a Russian oil price cap between $65 and $70 a barrel, but an agreement has still not been reached.

Companies Vitol SA FollowSINGAPORE, Nov 23 (Reuters) - An imminent price cap on Russian oil by G7 countries is likely to divert trade to smaller companies, the chief executive of Dutch energy and commodity trader Vitol, Russell Hardy, said on Wednesday. Larger corporates such as Western banks and insurance companies will not participate in the trades unless there is absolute clarity that the price of the contract is below the price cap, Hardy said at the FT Commodities Asia Summit in Singapore. So the challenge of redirecting leftover Russian oil that typically goes into Europe will be in the hands of smaller companies that do not operate in G7 nations, he said. The price cap will probably be segmented into three portions, including low-value Russian products, high-value Russian products, and crude oil, he added. PRICE OUTLOOKHardy said oil prices would still lean towards the downside until early 2023, as some customers had already covered their current requirements.

☆ Alibaba's Singles Day shopping event set to end with subdued sales and no fanfare
▼ + stars: | 2022-11-10 | by ( Casey Hall | ) www.reuters.com time to read: +4 min

[1/4] A delivery worker sorts parcels at a makeshift logistics station ahead of Alibaba's Singles' Day shopping festival, following the coronavirus disease (COVID-19) outbreak in Shanghai, China, November 10, 2022. The Singles Day shopping festival, which despite its name has evolved into a multi-week event, is a key barometer of Chinese retail demand. But Citi predicts rival e-commerce giant JD.com (9618.HK), which also holds a Singles Day shopping event, to fare somewhat better as it is strong in consumer electronics and home appliance offerings which are expected to remain popular. Singles Day has also had contend with the absence of one its two live-streaming mega sales gurus, Viya, who has been offline since being fined for tax evasion. "Alibaba has tried to make (the event) less about just dropping prices," said Mark Tanner, chief executive of Shanghai-based consultancy, China Skinny.

The increased output could also cool prices for other oil products, especially for gasoline, and dampen overall refining margins. Half of the increase, though, will still come from Asia's biggest refiner Sinopec (600028.SS), one of them said, as it raises output to produce more diesel and raise fuel exports. So the mandate from the headquarters is to boost diesel production to supply the domestic market and also to raise exports," one of the Sinopec sources said. Further boosting supply, China's largest private refiner Zhejiang Petroleum and Chemical Co (ZPC) is raising diesel output by cutting petrochemical production. Lockdowns have become more frequent and China's borders remain mostly shut, hurting domestic gasoline and aviation fuel sales.

KUALA LUMPUR, Nov 1 (Reuters) - Malaysian state energy firm Petronas said on Tuesday it was studying the damage to interconnecting pipes caused by a fire last week at its refinery and petrochemical joint venture with Saudi Aramco. Petronas said last Thursday a fire and explosion occurred at the Pengerang Integrated Complex (PIC) located in the southern Malaysian state of Johor. "The damage to the interconnecting pipes caused by the recent incident at Pengerang Integrated Complex is currently being further assessed for rectification," the company said in an emailed statement to Reuters. A spokesperson at Pengerang Refining Company and Pengerang Petrochemical, collectively known as PrefChem, said the affected portion of the plant is currently shut down because of a disruption in nitrogen supply. On Monday, Petronas Chemicals Group (PCGB.KL) said in a statement that the interconnecting pipes in the incident were not within the petrochemical facilities in which PCG has 50% direct equity.

☆ Shell buys Asia-based waste oil recycler to boost biofuels output
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Nov 1 (Reuters) - Shell Eastern Petroleum, a unit of oil giant Shell (SHEL.L), said on Tuesday it has acquired Asia-based waste oil recycling firm EcoOils to expand its biofuels production. The company will completely take over EcoOils' subsidiaries in Malaysia and a 90% stake in its Indonesian subsidiaries through the deal, Shell Eastern said in a statement, but did not disclose the value of the investment. EcoOils has a production capacity of 65,000 tonnes per year of spent bleaching earth oil, a type of recycled oil that can be used as feedstock for biofuel production. Bleaching earth is a clay material used to absorb impurities during the palm oil refining process. Reporting by Trixie Yap; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Asia bond funds dump China in favour of cash after high-yield rout
▼ + stars: | 2022-10-31 | by ( Summer Zhen | ) www.reuters.com time to read: +4 min

Many holders of China high yield bonds have seen them trading below 20 cents on the dollar. The in-default bonds of property company Sunac China (1918.HK) maturing in 2025 trade at 6 cents to a dollar. The average return of the top 10 Asia high yield bonds is down more than 30% this year, Morningstar data shows, of which Fidelity Funds' Asian High Yield Fund and UBS's SICAV - Asian High Yield (USD) had shed more than 40% as of Oct. 27. Value Partners’ Greater China High Yield Income Fund was down 37% as of the end of September. While there are select bonds that have upside, China high yield as an asset class is currently “uninvestable", she said.

"East of Suez is sending everything they can ship... it's just a question of how much China exports in November," a Europe-based trader said. Exports from India and the Middle East for October to northwest Europe were at around 480,000 tonnes and 834,000 tonnes respectively, compared with 361,000 tonnes and 511,310 tonnes a month ago, the data showed. The trader estimated that Europe may import about 3 million tonnes (750,000-850,000 barrels per day) from east of Suez in November, of which the Middle East could account for two-third of the volume. Traders expect the bulk of supplies to Europe to come from India and the Middle East, on shorter shipping times. Already soaring diesel prices in the United States have led traders to divert several cargoes heading from the Middle East to Europe to the New York harbour area, further constraining supplies in Europe.

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