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Tag Archives: refining

Mexico sends rare cargoes of medium sour crude Isthmus to USGC

Mexican state-owned oil producer Pemex exported three separate cargoes of the Mexican medium sour crude Isthmus to the US Gulf Coast between December and January. Low operating rates at some of Pemex’s refineries are thought to have freed up barrels of Isthmus crude. At the same time, refineries on the USGC have been looking for alternatives to Venezuelan crudes following the imposition of sanctions last year. Mexico resumed trading Isthmus in the Americas region about three years ago...

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Commodity Tracker: 5 charts to watch this week

In this week’s pick of energy and commodities trends, European wind generation storms into 2020 and oil refiners in Asia and Europe feel the impact of US-Iran tensions. Plus, S&P GSCI index performance in 2019 reveals investors’ darlings among commodities.  1. European wind charge sweeps away nuclear concerns     What’s happening? Wind generation records tumbled across Europe last year and 2020 got off to a flying start in week 1 with fresh output highs across...

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Commodity Tracker: 5 charts to watch this week

Oil markets are digesting the latest OPEC announcement on production cuts this week, while regional LNG prices converge and nickel continues on a bearish streak, in S&P Global Platts editors’ pick of energy and commodity trends. 1. OPEC, allies agree to new oil output cuts at eleventh hour     What’s happening? OPEC, Russia and nine other allies delivered a new production cut deal November 6, just hours after it appeared their pact was close to unravelling. OPEC+ will...

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North Sea’s latest crude oil stream is out of fashion, but still in demand: Fuel for Thought

The razzle dazzle of US tight oil and new rules on marine fuels could have meant a chilly reception for the arrival of the North Sea’s Johan Sverdrup. The medium sour crude grade could be the region’s last big production boost at a time when, especially in Europe, there has been a shift to cleaner, less-sulfurous fuels. But China, India and the US will likely welcome it with open arms. While much of the talk of the onset of Johan Sverdrup has been around the resilience of the North Sea, with...

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Commodity Tracker: 6 charts to watch this week

Nuclear generation in the US and France faces contrasting challenges of power market prices and safety concerns, as this week’s graphics show. Other top trends picked by S&P Global Platts editors include China’s falling LNG imports, stuttering gold prices, refinery margins and coking coal prices. 1. US nuclear sector struggles amid weak power prices…     What’s happening? Across the US Northeast, largely in states with deregulated power markets, nuclear power plants are being...

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Venezuela sanctions alter crude oil flows from Latin America to US Gulf

Imports of Latin American crudes into the US Gulf Coast from January to date have plummeted 30% versus the same period in 2017, to 280 million barrels. This is mostly due to a lack of imports from Venezuela, US Customs Bureau and Platts Analytics data showed. The removal of Venezuelan barrels from regional trade due to US sanctions has created openings for other Latin American producers in the US, driving demand for grades similar to the heavy sour crudes Venezuela produces, in particular....

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Commodity Tracker: 4 charts to watch this week

Asian demand for light crude oil grades and record US gas exports to Mexico are in the sights of S&P Global Platts editors this week. Plus, European gas price trends and the prospects for German power plant fuel switching. 1. Asian crude buying helps widen spread between light and heavy grades   What’s happening? Asia was quick to respond to the growing uncertainty over Arab Light and Arab Extra Light crude supplies following the September 14 attacks on core Saudi oil...

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Energy transition dampens appetite for Asian mega-refinery projects

Asia has been the last bastion of large oil refinery projects for years, but overcapacity in the near term and the decarbonization of transport fuels further out have raised questions over the need for more large-scale refining projects. China and the Middle East are still adding new capacity that will come online in the next three to four years. But most of these projects were approved when the global economic outlook was still robust, and the roster of new project approvals looks bleak. As...

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Fujairah eyes growth in bunkering, oil storage and refining

Ahead of the S&P Global Platts Asia Pacific Petroleum Conference (APPEC 2019), Insight presents a series of articles exploring aspects of the global trade in crude oil and refined products. In the final instalment, Dania EL Saadi reports on developments at the UAE’s port of Fujairah, a key bunker hub with ambitions to rival Rotterdam and Singapore. The Middle East bunkering hub of Fujairah may have been rattled by the recent tanker attacks in the Gulf of Oman, but officials are adamant...

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IMO 2020: Are Asian refiners ready?

Ahead of the S&P Global Platts Asia Pacific Petroleum Conference (APPEC 2019), Insight presents a series of articles exploring aspects of the global trade in crude oil and refined products. Here, Kang Wu and JY Lim of S&P Global Platts Analytics analyze the challenges and opportunities facing Asian refiners ahead of the International Maritime Organization’s switch to a lower sulfur fuel standard. The refining industry is on the brink of a major shift in the demand structure of bunker...

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