Tuesday, December 10 2024

Oil price rises
World oil prices jumped on Monday on fresh moves by China to boost its economy and as traders tracked an uncertain future for Syria and the wider crude-rich Middle East. Major stock markets diverged as investors reacted to political crises in South Korea and France, and tracked the perspectives for interest rate cuts. Gold, seen as a haven investment, gained around one per cent. “The week has kicked off on a largely upbeat tone following the welcome announcement that Chinese authorities plan to enact further stimulus over the year ahead,” noted Joshua Mahony, analyst at traders Scope Markets.“This shift has already fuelled sharp gains in key assets, with the Hang Seng surging 2.8pc and commodities like copper, zinc, iron ore, and palladium rallying on expectations of increased demand.”
Related news categories: business economic-indicators oilgas-marketing

Tuesday, December 03 2024

Trump’s oil tariffs and their global impact
Among the executive orders to be signed on day one of his incoming presidency, the maverick US President-elect Donald Trump has threatened to impose a 25 per cent tariff on all imports from Canada and Mexico. The tariff would also be levied on crude oil until these countries stop the inflow of illegal “immigrants and drugs fentanyl into the US”. Canada and Mexico are the two top sources of US crude oil imports, accounting for around a quarter of the total oil US refiners process into fuels like gasoline and heating oil, according to the US Department of Energy. The US imported about 5.2 million barrels per day (bpd) of crude and petroleum products from Canada and Mexico in 2024. Out of it, more than 4m barrels of oil came from Canada, and data from the US government’s statistical arm, the Energy Information Agency, showed that, as per a Canada Energy Regulator report in August, 97pc of Canadian crude oil exports went to the US. Most of this oil travels through pipelines to US oil refineries in the Midwest.
Related news categories: business misc oilgas-exploration oilgas-marketing

Monday, December 02 2024

Trump’s oil tariffs and their global impact
Among the executive orders to be signed on day one of his incoming presidency, the maverick US President-elect Donald Trump has threatened to impose a 25 per cent tariff on all imports from Canada and Mexico. The tariff would also be levied on crude oil until these countries stop the inflow of illegal “immigrants and drugs fentanyl into the US”. Canada and Mexico are the two top sources of US crude oil imports, accounting for around a quarter of the total oil US refiners process into fuels like gasoline and heating oil, according to the US Department of Energy. The US imported about 5.2 million barrels per day (bpd) of crude and petroleum products from Canada and Mexico in 2024. Out of it, more than 4m barrels of oil came from Canada, and data from the US government’s statistical arm, the Energy Information Agency, showed that, as per a Canada Energy Regulator report in August, 97pc of Canadian crude oil exports went to the US. Most of this oil travels through pipelines to US oil refineries in the Midwest.
Related news categories: business misc oilgas-exploration oilgas-marketing

Friday, November 29 2024

Opec+ shifts meeting to Dec 5, could delay output hike
Opec+ is discussing postponing its oil output hike due to start in January for the first quarter of 2025, Opec+ sources told Reuters on Thursday, and will hold further talks on this and other options ahead of its delayed policy meeting on Dec 5. Issues that need to be addressed include an output hike for the UAE agreed in June this year that’s scheduled to start in January 2025, two of the sources said, declining to be identified. Opec+, which pumps about half the world’s oil, is gradually aiming to un­­wind output cuts through 2025. However, a slowdown in global demand and rising output outside the group pose hurdles to that plan and have weighed on prices.
Related news categories: business misc oilgas-exploration oilgas-marketing

Petrol, diesel prices may stay mostly unchanged
The prices of major petroleum products are estimated to remain mostly unchanged for the next fortnight ending December 15 owing to a negligible change in international prices and a minor gain in the exchange rate. Informed sources said the average prices of petrol and high-speed diesel (HSD) had slightly increased in the international market in the last fortnight. Import premium on both petrol and diesel remained unchanged. The exchange rate moved slightly in favour of the rupee. As a result, the latest calculations as of Nov 28 showed around Rs3 per litre increase in the prices of petrol, HSD and kerosene, despite a slight decline seen in international prices for the last two days of the month.
Related news categories: business economic-indicators oilgas-marketing