2024.10.30
- SLOW
- 2024년 10월 30일
- 4분 분량
"Oil Prices Decline Amid Diplomatic Talks on Lebanon Conflict and China's Demand Slowdown"
Oil prices fell slightly on Tuesday, adding to a previous 6% drop, after reports surfaced that Israeli Prime Minister Benjamin Netanyahu would pursue diplomatic talks to address the Lebanon conflict. Brent crude and U.S. West Texas Intermediate (WTI) futures saw marginal declines, following earlier gains in the day. Despite weekend hostilities between Israel and Iran, there was minimal impact on oil infrastructure, stabilizing prices. Weak oil demand from China, the world’s largest crude importer, continues to suppress global oil prices, although experts anticipate a rebound with expected economic stimulus measures. Additionally, U.S. crude oil stocks fell by 573,000 barrels, while gasoline and distillate inventories also dropped slightly.
[SLOW] https://slowspace.io/Oil Market
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"Russia's Crude Exports See Short-Term Gains Amid Longer-Term Decline in Average Flows to Asia and Strategic Adjustments"
Russian seaborne crude exports hit a monthly high, with flows rising by 120,000 barrels per day in the week ending Oct. 27. However, the four-week average slipped by 50,000 barrels to 3.41 million barrels per day. Seasonal refinery maintenance and volatile global oil markets, influenced by geopolitical tensions, have affected export prices and volume.
Shipments to Asia averaged 3.12 million barrels per day, slightly below April’s peak, while direct shipments to China and India remained high. Increased sanctions on tankers carrying Russian oil have yet to significantly disrupt flows, as 16 sanctioned vessels completed deliveries to China in October. Europe ceased Russian crude imports except to Bulgaria, with losses also from halted pipeline exports to Poland and Germany since January.
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"Panama Canal Aims to Boost U.S. LNG Traffic with New Reservation System Amid Growing Asian Demand"
Following a 65% decline in U.S. LNG shipments to Asia, the Panama Canal is seeking to restore traffic levels by implementing a new reservation system to offer more reliable passage slots. Challenges, including a drought-related drop in transit availability and an increased shift of U.S. LNG exports to Europe after Russia's invasion of Ukraine, led shippers to choose longer routes around South America. However, as Asian LNG demand grows, the canal’s improvements—including a long-term reservation option and reduced transit fees—aim to attract more LNG carriers and ease bottlenecks. Additional measures for transit flexibility are anticipated, especially to manage dry seasons.
[SLOW] https://slowspace.io/Flow
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"Saudi Arabia Reaffirms Oil Capacity Goals and Climate Commitments at Riyadh Conference"
At the Future Investment Initiative (FII) conference in Riyadh, Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, confirmed the country’s commitment to maintaining its crude production capacity at 12.3 million barrels per day. Alongside its oil capacity goals, Saudi Arabia remains dedicated to climate targets, including reducing emissions and updating its Paris Agreement pledge with more ambitious goals in 2024. Prince Abdulaziz emphasized that the kingdom seeks to balance energy monetization with environmental responsibility and is expected to announce a carbon credit exchange program through its sovereign wealth fund.
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Phillips 66 Plans High Refinery Utilization Amid Los Angeles Closure
Phillips 66 will operate its U.S. refineries at 90-95% capacity in Q4 2024, with a total capacity of 1.5 million barrels per day.
The company is set to close its 139,000-bpd Los Angeles refinery in 2025 due to declining crude production and challenges in California's refining market.
CEO Mark Lashier stated the decision reflects a long-term strategy, not recent regulatory pressures.
The company expects refinery turnaround expenses of $485 million to $495 million for 2024, indicating improved operational efficiency.
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"TotalEnergies Plans Green Ammonia Export Project in Morocco to Support Europe’s Energy Transition"
TotalEnergies announced plans to explore a renewable energy project in Morocco to produce green hydrogen and ammonia for export to Europe, as part of an agreement signed during French President Emmanuel Macron’s visit to Morocco. The project, located near Morocco's Atlantic coast in Guelmim-Oued Noun, aims to generate 1 gigawatt of renewable energy from wind and solar. The electricity will power hydrogen extraction from desalinated seawater, producing 200,000 metric tons of ammonia annually. This initiative aligns with the EU’s Green Deal, which includes a target to import 10 million tons of renewable hydrogen by 2030. TotalEnergies’ CEO highlighted Morocco's competitive renewable resources and its proximity to Europe as key factors in supporting the EU’s carbon reduction goals.
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Kuwait's Aframax Tanker Loads First Petrol Cargo from Dangote Refinery
An Aframax tanker, Sabaek, has loaded its first petrol cargo from Nigeria's Dangote refinery, marking a significant step as the facility ramps up production. The tanker departed with approximately 500,000 barrels of fuel, potentially creating a new export route to Europe that could offset reduced imports into Nigeria. While the Dangote refinery is expected to decrease the need for European product tanker imports, it may also send excess barrels overseas. Meanwhile, Nigerian National Petroleum Corp (NNPC) is increasing crude supply to Dangote, potentially reducing long-haul exports and impacting demand for crude tankers in the Atlantic.
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"Scorpio Tankers Takes Strategic 4.9% Stake in DHT Holdings Amid Strengthening Crude Tanker Market"
Scorpio Tankers has made a strategic $89 million investment, acquiring a 4.9% stake in VLCC-focused DHT Holdings. This unexpected move is Scorpio’s first venture outside of product tankers in over a decade, signaling confidence in a recovering market for large crude tankers. Scorpio’s Q3 earnings exceeded analyst expectations, reporting adjusted net income of $87.7 million, though revenues fell slightly year-over-year due to fewer operating vessels and lower spot rates across its fleet. To support shareholder returns, Scorpio maintained its $0.40 dividend and spent $246.6 million on share buybacks. Analysts note that the DHT investment could benefit Scorpio’s LR2 product tankers as the VLCC market strengthens, driven by easing OPEC+ production cuts and anticipated winter heating demand.
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