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China, India Top buyers of Russian Seaborne Fuel Oil, VGO in Feb, LSEG Data Shows

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China and India remained the top destinations for Russian seaborne fuel oil and vacuum gasoil (VGO) exports in February, with both countries continuing to buy the fuels to partially replace crude oil, traders said and LSEG data showed. Since the European Union’s full embargo on Russian oil products went into effect in February 2023, the …

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Morgan Stanley Lifts Q3 Brent Crude Oil Forecast on Geopolitical Risk

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Morgan Stanley has raised its Brent crude oil price forecast for the third quarter of this year by $4 per barrel to $94, citing geopolitical risks. “That the degree of geopolitical risk in key oil producing regions has increased recently seems clear and uncontroversial,” the bank said in a note dated Monday. Brent futures rose …

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Oil Market to Get ‘Extremely Tight’ in Second Half, Citadel Says

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Prices could rise to a level that will constrain demand OPEC regained control of the market, says Sebastian Barrack Bloomberg Global oil markets are on track to be “extremely tight” in the second half, with prices rising to a level that will eventually constrain demand if OPEC doesn’t bring back more supply, said the head …

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Odds of $100 Oil Rise as Supply Shocks Convulse the Market

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Intensifies fears of commodity-driven inflation resurgence Bloomberg News When oil prices jumped above US$90 a barrel just days ago, military tensions between Israel and Iran were the immediate trigger. But the rally’s foundations went deeper — to global supply shocks that are intensifying fears of a commodity-driven inflation resurgence. A recent move by Mexico to slash its …

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U.S. Gulf Coast Heavy Crude Oil Prices Firm as Supplies Tighten

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(Reuters) – Prices for heavier crude oil along the U.S. Gulf Coast have climbed in recent weeks, trading at a rare near-par with lighter oil, a sign of supply tightness that could add to rising gasoline prices. Refineries along the Gulf Coast, which account for more than 55% of total U.S. refining capacity, are geared …

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Oil Prices Turn Higher as Middle East Ceasefire Hopes Wane

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(Reuters) – Oil prices edged higher on Tuesday, after hopes diminished that negotiations between Israel and Hamas would lead to a ceasefire in Gaza, and on Mexico’s plan to remove more crude from the global market. Brent crude futures rose 28 cents, or 0.31%, to $90.66 a barrel by 1002 GMT. U.S. West Texas Intermediate …

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Oil Funds Turn Bullish as Mideast Conflict Intensifies

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By John Kemp (Reuters) – Portfolio investors are increasingly bullish about oil as Saudi Arabia and its OPEC⁺ allies restrict production in the face of rising demand and the shadow war between Israel and Iran spills into the open. Hedge funds and other money managers purchased the equivalent of 37 million barrels in the six most …

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Mexico to Cut at Least 330,000 Bpd of Crude Exports in May, Sources Say

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Mexico’s state energy company, Pemex, is planning to cut at least 330,000 barrels per day (bpd) of crude exports in May, leaving customers in the United States, Europe and Asia with a third less supply, two sources said. The plan follows the withdrawal of 436,000 bpd of Maya, Isthmus and Olmeca crudes this month, ordered …

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Raymond James Expects Global Oil, Gas Upstream Capex Spending to Rise 3% in 2024

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Brokerage Raymond James says its global industry survey of upstream oil companies shows an uptick of 3% in capex spending in 2024, plateauing after 2023. ** Says global spending in 2024 would mark a fourth consecutive increase, albeit the slowest one – there is, however, a cumulative drop of 33% from the peak level of …

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Exxon on Track With UK Refinery Expansion Just as Others Shut Capacity

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The bulk of new diesel supply stemming from a $1 billion expansion at the UK’s largest oil refinery operated by Exxon Mobil Corp. will be available in the first quarter of 2025. A new production facility at the Fawley refinery on the south coast of England will initially be geared to production of diesel, helping …

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