Asia/Pacific
Asia's naphtha trapped in downward spiral as supply glut hits
SINGAPORE (Reuters) — Asia is being hit with a naphtha supply glut that could push the market down further, after spot prices in South Korea already flipped from premiums to discounts in late June for the first time since March.
Oil firm as signs of higher demand outweigh worries of excess
LONDON (Reuters) — Oil prices edged higher on Friday and were on track for solid weekly gains following positive demand signals, production issues in Nigeria and a reported decline in stocks.
Cheaper options knock Gulf's share of Indian June oil imports to 19-mth low
NEW DELHI/SINGAPORE (Reuters) — India's reliance on Middle East oil imports shrunk in June to the smallest since October 2015 as the world's third-biggest importer tapped other sources amid OPEC supply cuts, ship tracking data from industry sources and data available on Thomson Reuters Eikon showed.
Taiwan's Formosa buys naphtha using new price formula
SINGAPORE (Reuters) — Taiwan's Formosa Petrochemical Corp this week bought about 60 Mt of naphtha using a pricing formula uncommon in the region, two people familiar with the matter said on Friday.
Cold storage: traders shift oil products out of tanks as short-term demand soars
SINGAPORE (Reuters) — Some energy traders in Southeast Asia are cutting their use of storage tanks as short-term demand for oil products soars, hitting companies that rent out storage at a time when many of them have just expanded their capacity.
BP ships diesel from the US to Australia in unusual move
SINGAPORE (Reuters) — Oil major BP Plc is shipping diesel from the United States to Australia in an unusual shipping flow, several industry sources told Reuters on Thursday.
China crude oil imports hold at strong levels in June
BEIJING (Reuters) — China imported 36.11 MMt, or 8.79 MMbpd of crude oil in June, customs data showed on Thursday, again making the country the world's top buyer for the month.
Asian refiners tweak their Qatar oil loadings to side-step Gulf spat
SINGAPORE/SEOUL (Reuters) — Asia's oil refiners are adjusting their shipping arrangements for loading Qatari crude to side-step the diplomatic spat between Doha and other Middle East nations, including top Gulf oil producers Saudi Arabia and the United Arab Emirates.
Japan's JXTG resumes normal operations at Kiire terminal after quake
TOKYO (Reuters) — Oil refiner JXTG Nippon Oil & Energy Corp resumed normal operations at its Kiire storage terminal in western Japan on Tuesday afternoon following an earthquake earlier in the day.
China sets sights on oil benchmark after years of delays
BEIJING/SINGAPORE (Reuters) — China has opened more than 6,000 trading accounts for its long-awaited crude futures contract—with three-quarters coming from individual traders—as it pushes ahead with plans to compete with global pricing benchmarks.
- CNOOC completes construction on $2.9-B, 1.8-MMtpy integrated complex in east China 8/22
- bp's Whiting refinery (U.S.) continues to flare days after severe thunderstorm 8/22
- Bachmann introduces latest version M-Target for Simulink 8/22
- U.S. to rule on biofuel waivers, but big oil refiners may need to wait 8/22
- Chinese independent refiner Hongrun buys Canadian, Brazilian crude 8/22
- Ukrainian attack suspends Russian oil flows to Hungary, Slovakia 8/22
