U.S. and European pressure on Asian buyers of Russian energy could restrict India's oil imports from December, leading to cheaper supplies for China, while Japan is unlikely to halt its Sakhalin liquefied natural gas shipments for now, trade sources and analysts said. Washington is exerting pressure on China, India and Japan through trade talks to reduce their purchases of Russian oil and LNG, while Britain has just imposed sanctions on Chinese and Indian entities. More sanctions from the [Read more]
Multiple units offline at BP’s Whiting refinery, sources say citing data
Multiple units were offline at BP's 440,000 barrel-per-day Whiting oil refinery in Indiana, the largest in the U.S. Midwest region, two market sources on Friday said, citing data from Wood Mackenzie. The refinery was actively flaring early on Friday, one of the sources said, citing a Wood Mackenzie camera feed of the plant. BP and Wood Mackenzie did not immediately respond to requests for comment. (Reporting by Shariq Khan in New York and Stephanie Kelly in London; editing by Barbara [Read more]
Energy transition set to divide manufacturers across the Atlantic: Maguire
Manufacturers in North America and Europe are set to embark on starkly different power-source paths in the decades ahead, which could reshape the future prospects for goods producers on both sides of the Atlantic. In North America, natural gas is primed to remain the main power source for factories and production lines thanks to the massive gas deposits across the region. In Europe, an ongoing push to cut reliance on imported fossil fuels is set to shift most factories to run on [Read more]
India already cutting Russian oil imports by 50% after US talks, White House official says
The United States and India have held productive trade talks, and Indian refiners are already cutting Russian oil imports by 50%, a White House official told Reuters on Thursday. However, Indian sources said the cut was not visible yet, though it could be reflected in import numbers for December or January. Refiners had already placed orders for November loading that included some cargoes for December arrival as well, the sources said. The Indian government has not yet informed refiners of [Read more]
Oil set for weekly loss as Trump-Putin summit looms
Oil prices edged lower in early trade on Friday, heading for a weekly loss, with uncertainty over global energy supplies after U.S. President Donald Trump and Russian President Vladimir Putin agreed to meet in Hungary to discuss ending the war in Ukraine. Brent crude futures fell 8 cents, or 0.13%, lower at $60.98 a barrel at 0030 GMT, while U.S. West Texas Intermediate futures were down 9 cents, or 0.16%, at $57.37. On a weekly basis, both benchmarks were down nearly 3%, partly due to the [Read more]
Discount on Western Canada Select widens
The discount on Western Canada Select to North American benchmark West Texas Intermediate futures widened on Thursday. WCS for November delivery in Hardisty, Alberta, settled at $10.35 a barrel under the U.S. benchmark WTI, according to brokerage CalRock, compared to Wednesday's close of $10.25. * October's tight discount is being driven by supply impacts from seasonal maintenance in the Canadian oil sands, strong Asian buying, and strong demand from U.S. refineries, analysts say. * [Read more]
NextDecade reaches positive FID on Train 5 at Rio Grande LNG project
U.S. liquefied natural gas producer NextDecade said on Thursday it had reached a positive final investment decision (FID) on the fifth liquefaction plant, known as a train, of its Rio Grande export project in Texas. Train 5 has the expected LNG production capacity of about 6 million tonnes per annum (MTPA), bringing the total expected LNG production capacity under construction to about 30 MTPA at Rio Grande LNG, the company said. The announcement marks the fifth positive FID for an LNG [Read more]
US energy prices to spike on Trump’s axing of grants, senator says
The Trump administration's plans to cancel nearly $8 billion in Energy Department grants are illegal because contracts had already been signed and will cause consumer energy prices to skyrocket, the top Democrat on the U.S. Senate energy committee said. Earlier this month, the Energy Department canceled $7.56 billion in funding for clean energy projects that it claimed would not provide sufficient returns to taxpayers. "These are projects that would have added energy to the grid and added [Read more]
EU publishes rules for ban to close ‘back door’ for Russian oil
The European Union has set a requirement for fuel importers into the bloc to prove their fuels are not made from Russian crude, according to a document published on Thursday. The document provides guidance on the EU's upcoming ban on imports of fuels refined from Russian crude, part of its 18th sanctions package against Russia over its war in Ukraine. The ban takes effect from January 21 next year. Here are the details of the document: WHAT IS THE EU ADVISING IMPORTERS? Operators will [Read more]
US crude stocks climb as refining utilization tumbles, EIA says
U.S. crude stocks rose more than expected last week as refining utilization dropped sharply to its lowest in eight months, data from the Energy Information Administration showed on Thursday. Crude inventories increased by 3.5 million barrels to 423.8 million barrels in the week ended October 10, the EIA said, compared with analysts' expectations in a Reuters poll for a 288,000-barrel rise. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 703,000 barrels in the week, the EIA [Read more]