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India's fuel demand continues to fall in August as monsoon sets
Aug. 16, 2022
Source: Economics Times

India's fuel demand continues to fall in August as monsoon sets

Petrol and diesel demand had fallen month-on-month in July. Whilepetrol consumption is almost flat in the first half of August, diesel - the most widely used fuel in the country - saw demand drop 11.2 per cent during August 1-15 to 2.82 million tonnes from 3.17 million tonnes in the same period of the previous month.

Oil rises for a second day on supply tightness concerns
July 26, 2022
Source: Reuters

Oil rises for a second day on supply tightness concerns

Oil prices rose on Tuesday for a second day on increasing concerns about tightening European supply after Russia, a key oil and natural gas supplier to the region, cut gas supply through a major pipeline. Brent crude futures for September settlement rose $1.66, or 1.6%, to $106.81 a barrel by 0618 GMT, extending a 1.9% gain in the previous day. U.S. West Texas Intermediate (WTI) crude futures for September delivery increased $1.47, or 1.5%, to $98.17 a barrel, having gained 2.1% on Monday. Russia tightened its gas squeeze on Europe on Monday as Gazprom (GAZP.MM) said supplies through the Nord Stream 1 pipeline to Germany would drop to just 20% of capacity. read more Russia's cut in supplies will leave countries unable to meet its goals to refill natural gas storage ahead of the winter demand period. Germany, Europe's biggest economy, faces potentially rationing gas to industry to keep its citizens warm during the winter months.

High U.S. gasoline prices weigh on demand as consumers start to feel the pinch, says analyst
July 5, 2022
Source: CNBC

High U.S. gasoline prices weigh on demand as consumers start to feel the pinch, says analyst

Surging gasoline prices in the U.S. are showing signs of impact on consumption, according to one risk analyst. “We’re starting to see some signs of demand destruction, particularly for gasoline, but it’s really just off some of the highs of last year, when gasoline prices were much cheaper,” said Rachel Ziemba, founder of Ziemba Insights, a research firm. Demand destruction refers to persistent high prices or tight supplies that eventually lead to a drop in demand, in this case, for energy products such as oil or gas.

Oil could hit $380 if Russia slashes output over price cap, J.P.Morgan says
July 5, 2022

Oil could hit $380 if Russia slashes output over price cap, J.P.Morgan says

Brent prices could soar to a "stratospheric" $380 a barrel in "the most extreme scenario" of Russia slashing oil production by 5 million barrels per day(bpd) in retaliation to the price cap being considered by the Group of Seven, analysts at J.P. Morgan said in a note dated July 1. G7 economic powers agreed last week to explore imposing a ban on transporting Russian oil that has been sold above a certain price, aiming to limit Moscow's ability to fund its invasion of Ukraine, which Moscow describes as a "special operation".

Oil rises as tight supply trumps recession fears
July 5, 2022
Source: Reuters

Oil rises as tight supply trumps recession fears

Oil rose on Monday as supply concerns driven by lower OPEC output, unrest in Libya, and sanctions against Russia outweighed fears of a demand-sapping global recession. Eurozone inflation hit yet another record high in June, strengthening the case for rapid European Central Bank rate increases, while U.S. consumer sentiment hit a record low. Brent crude rose $2.26, or 2%, to $113.89 a barrel by 12:47 p.m. ET (1648 GMT) after falling more than $1 in early trade. U.S. West Texas Intermediate (WTI) crude rose $2.20, or 2%, to $110.63, in thin volume during the U.S. Independence Day holiday.

Oil prices are through the roof. Here’s why job numbers in the Alaska oil patch are not.
June 30, 2022

Oil prices are through the roof. Here’s why job numbers in the Alaska oil patch are not.

Oil prices in Alaska have surged to their highest levels in a decade. But job numbers in the oil and gas industry have barely budged upward after they crashed during the COVID-19 pandemic, even as other sectors of the economy enjoy a solid rebound. Industry observers in Alaska give several reasons for the tepid job growth in the oil patch. They say it mirrors a trend in the industry nationally, a slow recovery that breaks from past practice. Companies, increasingly flush with cash, aren’t investing in oil field activity like they once did when the good times rolled. They say companies are now more likely to question big, long-term projects, as investors raise concerns about the industry’s past performance and new regulations that could result from climate change policies.

Indian shares flat as metals counter gains in consumer stocks
June 20, 2022
Source: Reuters

Indian shares flat as metals counter gains in consumer stocks

Indian shares were little changed on Monday, with gains in consumer stocks offset by losses in metals, while global prices of copper and crude oil declined. The NSE Nifty 50 index (.NSEI) edged up 0.05% to 15,302.8 by 0516 GMT, while the S&P BSE Sensex (.BSESN) was up 0.1% at 51,423.83. Both indexes fell over 5% last week in their biggest weekly drop in two years. Oil prices dropped to $113.04 per barrel while copper prices also fell, on fears that a recession would dent demand for metals.

Texas Oil and Gas Production Rises
June 18, 2022
Source: Rigzone

Texas Oil and Gas Production Rises

Oil and gas production in Texas rose month on month, according to the latest preliminary figures from the Texas Railroad Commission (RRC). The preliminary reported total volume of crude oil in Texas in March was 110.9 million barrels, equating to 3.57 million barrels per day, the RRC highlighted. The preliminary reported total volume of natural gas in March was 829.45 billion cubic feet, equating to 26.75 billion cubic feet per day, the RRC revealed.

Biden tells oil refiners: Produce more gas, fewer profits
June 17, 2022

Biden tells oil refiners: Produce more gas, fewer profits

President Joe Biden on Wednesday called on US oil refiners to produce more gasoline and diesel, saying their profits have tripled during a time of war between Russia and Ukraine as Americans struggle with record high prices at the pump. Biden wrote in the draft of a letter to oil refiners obtained by The Associated Press. "Your companies need to work with my Administration to bring forward concrete, near-term solutions that address the crisis."

Oil prices at $110/bbl pose 'bigger threats' than inflation: Indian Oil Min
May 23, 2022
Source: Economics Times

Oil prices at $110/bbl pose 'bigger threats' than inflation: Indian Oil Min

"If oil prices remain at $110 (per barrel) you are not just talking about inflation, then you're talking about bigger threats. You know, that's where the R (recession) word comes in," Puri told CNBC TV18 in an interview at Davos.

Government in talks with Russian over cut-price oil deal: HPCL
May 20, 2022
Source: TOI

Government in talks with Russian over cut-price oil deal: HPCL

India is in talks with Russia over a deal to buy oil at discounted rates, the chairman of state-run Hindustan Petroleum Corp said on Thursday, at a time when much of the West is shunning Russian crude over the conflict in Ukraine.

Gautam Adani, Mukesh Ambani reap windfall from surging oil, coal
May 19, 2022
Source: Times Of India

Gautam Adani, Mukesh Ambani reap windfall from surging oil, coal

Gautam Adani and Mukesh Ambani are profiting from a surge in global commodity prices triggered by Russia’s invasion of Ukraine, burnishing their fossil-fuel credentials even as Asia’s richest men publicly push their pivots toward greener energy. With coal prices skyrocketing to a record, Adani’s conglomerate is expanding a controversial mine in Australia to meet demand.

Oil prices climb on hopes of China demand recovery
May 19, 2022
Source: EnergyWorld

Oil prices climb on hopes of China demand recovery

Brent crude futures were up $1.15, or 1.0 per cent, at $113.08 a barrel at 0042 GMT, while US West Texas Intermediate (WTI) crude futures climbed $1.62, or 1.4 per cent, to $114.02 a barrel, paring some losses after oil prices fell by around 2 per cent in the previous session.

Oil dives 6% as China lockdowns continue to fuel demand worries
May 10, 2022
Source: The Sundaily

Oil dives 6% as China lockdowns continue to fuel demand worries

NEW YORK: Oil prices sank about 6% yesterday alongside equities, as continued coronavirus lockdowns in China, the top oil importer, fed worries about the demand outlook.

Oil falls as demand concerns weigh against tight supply
May 6, 2022
Source: Energy World

Oil falls as demand concerns weigh against tight supply

Brent futures fell 37 cents, or 0.3 per cent, to $110.53 a barrel by 0015 GMT, while U.S. West Texas Intermediate (WTI) crude fell 33 cents, or 0.3 per cent, to $107.93 a barrel.

Oil companies continue to suffer loss of marketing margins on high crude prices
May 2, 2022
Source: Energy World

Oil companies continue to suffer loss of marketing margins on high crude prices

Auto fuel net marketing margin plummeted into the red at minus Rs 9.9 per liter in March 2022.

Edible oil prices in India to surge as Indonesia to ban palm oil exports
April 23, 2022
Source: Mint

Edible oil prices in India to surge as Indonesia to ban palm oil exports

NEW DELHI: Domestic edible oil prices, already high, are set for a surge as Indonesia, the world's largest producer of palm oil, will ban exports from 28 April.

Oil minister Hardeep Puri says Opposition-ruled states should cut VAT to give relief to consumers
April 23, 2022
Source: Energy World

Oil minister Hardeep Puri says Opposition-ruled states should cut VAT to give relief to consumers

Puri accused states of “making a killing” by charging ad-valorem rates, which result in high revenues with rising prices, and asked states, ruled by the Congress and other opposition parties, to reduce rates by half.

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