China's crude imports in June reached the highest daily rate of since August 2023
Data showed that China's crude imports increased in June to the highest rate daily since August 2023. This was after refineries increased their operations and imports from Saudi Arabia and Iran rose, according consultancies. Data from the General Administration of Customs revealed that China was the world's biggest crude oil importer, importing 49.89 millions metric tons of crude, or 12.14 million barrels of oil per day. Volume increased by 7.1% in comparison to 46.6 million tonnes in May, and 7.4% compared to June 2024. The main reason for this surge is that the oil prices have fallen since April.
China's crude imports from June rose after Saudi Arabia and Iran imports increased.
Data showed that China's crude imports increased in June, both month-onmonth and year-onyear. This was due to refineries increasing operations, and an increase in imports from Saudi Arabia and Iran. Data from the General Administration of Customs revealed that China was the world's biggest crude oil importer, importing 49.89 millions metric tons of crude, or 12.14 million barrels of oil per day. Volume increased by 7.1% in comparison to 46.6 million tonnes in May, and 7.4% compared to June 2024.
Urals Crude Differentials Firm Amidst India Demand
Urals crude differentials to dated Brent firmed amid strong demand for the grade in India, traders said and Reuters calculations showed, while Azeri BTC oil loadings were set to remain steady for August, the schedule showed.Urals oil cargoes for August arrival to Indian ports were estimated at discounts of $1.70-2 per barrel to dated Brent on DES (delivered ex ship) basis, up to 50 cents per barrel firmer than recent estimates, traders said.Urals oil discount to Brent is some $7 per barrel on…
Palm firms track rival oils
The price of palm oil in Malaysia rose again on Tuesday, reaching its highest level in almost three months. This was due to the gains made by rival vegetable oils as well as a weaker currency. The benchmark palm-oil contract for September delivery at the Bursa Derivatives Exchange rose 78 ringgit or 1.92% to 4,149 Ringgit ($979.23), a metric tonne, as of closing. A Kuala Lumpur based trader reported that the market rose on the strength of Dalian palm and Chicago soyoil. Dalian's palm oil contract, which is the most active contract, grew by 2.34%. Chicago Board of Trade soyoil prices rose 0.5%.
Palm oil follows rival oils in higher prices
The price of Malaysian palm oils rose again on Tuesday. This was due to the weaker ringgit and gains in other vegetable oils. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for September delivery had gained 49 ringgit or 1.2% to 4,120 Ringgit ($972.62) per metric ton. A Kuala Lumpur based trader reported that the market rose on the strength of Dalian palm and Chicago soyoil. Dalian's palm oil contract grew by 1.52% while the most active soyoil contract increased by 0.2%. Chicago Board of Trade soyoil prices rose 0.54%.
Venezuelan Oil Exports Rise, More Cargoes Head to China
Venezuela exported some 844,000 barrels per day (bpd) of crude and fuel in June, an 8% increase from the previous month as the loss of the U.S. and European markets was offset by more cargoes sent to China, according to shipping data and documents.Washington in late May terminated a group of licenses that had authorized partners of oil company PDVSA, including Chevron and Repsol, to take Venezuelan crude bound for U.S. and European refineries.The state firm has ramped up exports to Asia since, selling its crude and fuel through little-known intermediaries that make deals with independent refiners in China.
The fragile Middle East truce has knocked down the prices of crops that are tied to oil.
The price of crops around the globe has been impacted by a shaky truce between Iran and Israel, especially those that can be converted into biofuels. Prices are affected by the price for crude oil. The price of crude oil dropped sharply after President Trump announced a ceasefire. This hit futures contracts and stocks for vegetable oils like Malaysian palm, European rapeseed and Chicago soyoil. John Duvenaud, Winnipeg, Canada's crop markets analyst, said that the fall in vegetable oil prices was "totally connected" to the collapse of crude oil futures on Monday and Tuesday.
Eni CEO: Oil markets do not expect closure of the Hormuz Strait
Eni's CEO, Eni of Italy, said that oil markets were signaling an unlikely escalation of tensions between Israel and Iran or the closing of the Strait of Hormuz. The Strait of Oman, located between Oman and Iran, connects the Gulf of Oman in the north with the Gulf of Oman in the south. It also links the Arabian Sea to the east. Claudio Descalzi, Eni, said at an energy conference that the markets had not yet pushed crude oil prices above $80 or $90 per barrel, (signaling that) they were predicting more extreme scenarios, such as the closing of the Strait of Hormuz.
Overview of Iran's major gas fields and oil infrastructure
Israel attacked an installation in Iran's South Pars Gas Field on Saturday. This was the first attack against Iran's oil-and-gas sector, as part of a long-term operation that the Israeli government warned would take place to stop Tehran from developing an atomic bomb. Iran has temporarily suspended gas production at the South Pars Field, Iran's share of the world's biggest natural gas reserve. The field is located beneath the Gulf, and it's shared with Qatar, a major gas exporter. Iran reported that Israel had also attacked a fuel depot in Tehran and an oil refinery close to the capital…
Russian Urals Oil Prices Rise Above Western Price Cap
Russia's Urals crude oil price rose above the $60 per barrel limit imposed by Western nations as the Brent price jumped last week, fuelled by rising tensions in the Middle East, Reuters calculations based on traders' data showed on Monday.Oil prices jumped on Friday and settled 7% higher as Israel and Iran traded air strikes, feeding investor worries that the combat could widely disrupt oil exports from the Middle East.The U.S., other Group of Seven countries and Australia imposed the price cap in late 2022…
Palm gains on Chicago's crude oil and soyoil rally
Malaysian palm futures rose on Monday for the third consecutive session, following gains in Chicago soyoil, after the U.S. proposed increased biofuels blend, and supported by crude oil rally, following tensions in Middle East. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for September delivery had gained 156 Ringgit or 3.98% to 4,078 Ringgit ($961.79) per metric ton. The U.S. administration of President Donald Trump proposed on Friday that oil refiners increase the amount biofuels they must mix into the nation's gasoline over the next two-year period.
Saudi Aramco CEO: Oil and gas is important during times of conflict
Saudi Aramco's head told a Monday energy conference that oil and gas are important in times of conflict, as we can see right now. Aramco CEO Amin Nasser gave his speech at the Energy Asia Conference held in Kuala Lumpur via video link. The oil prices rose last week, after Israel, claiming to have launched attacks against Iran on Friday in order to stop Tehran from building atomic weapons, said that they were meant to prevent Tehran. Over the weekend, fighting intensified. He said that the world was concerned about energy security, despite the fact that Israel and Iran were fighting.
ADNOC consortium offers $18.7 billion to takeover Australia's Santos
Santos, an Australian oil and natural gas company, said Monday that it would support a $18,7 billion bid by an international consortium led Abu Dhabi National Oil Company (ADNOC) to acquire the company. ADNOC has, via its investment arm XRG in conjunction with Abu Dhabi Development Holding Company, Carlyle and Abu Dhabi Development Holding Company, offered $5.76 ($8.89 A$) per Santos Share, a 28% increase over the closing price of Friday for the Australian firm. As oil prices rose to multi-week highs…
Overview of Iran's major gas fields and oil infrastructure
Israel attacked an installation in Iran's South Pars Gas Field on Saturday. This was the first attack against Iran's oil-and-gas sector, as part of a long-term operation that the Israeli government warned would take place to stop Tehran from developing an atomic bomb. Iran has temporarily suspended gas production at the South Pars Field, Iran's share of the world's biggest natural gas reserve. The field is located beneath the Gulf, and it's shared with Qatar, a major gas exporter. Iran reported that Israel had also attacked a fuel depot in Tehran and an oil refinery close to the capital…
As tensions in the Middle East rise, traders are betting on oil at $80 US dollars.
The most West Texas Intermediate crude oil call options of $80 have been traded since January. Traders expect prices to rise further after Israeli airstrikes against Iran raised fears about a wider Middle East war. Call options give the holder the right to purchase a futures contract for the price and date specified. A rise in volume can be used to gauge the market sentiment. CME Group data shows that on Friday, 33,411 contracts worth $80 for WTI crude oil call options expiring in August 2025 were traded. This was the largest volume of these options so far this year.
China's crude imports in May are at a 4-mth-low amid widespread refinery repairs
Data released on Monday showed that China's crude imports in May fell to the lowest rate per day in four months as maintenance at state-owned refineries and independent refineries increased. According to the General Administration of Customs, the imports of crude oil in May totaled 46.6 million metric tonnes. This is equivalent to 10,97 million barrels a day. Volume dropped by 3% from 48.06 millions tons in April and by 0.78% compared to May 2024. The data shows that in the first five month of 2025 China imported 229.61 metric tons or 11.1 millions bpd. This is up 0.3% compared to the same period last year.
ADNOC's XRG acquires stake in Turkmenistan Gas Block
XRG, the international investment arm of Abu Dhabi National Oil Company (ADNOC), announced on Wednesday that it had acquired a stake in a Turkmenistan offshore natural gas block as part of its ambitious expansion plans. XRG was set up in late 2018 and ADNOC reported that it has assets worth $80 billion. Its mandate is to pursue global deals for chemicals, natural gases and renewables. Abu Dhabi wants to create a portfolio of companies in these areas, and rely less and less on oil exports. XRG announced that Malaysian state oil company Petronas would hold a 57% stake in "Block I" offshore…
Palm surges due to stronger soyoils and weaker ringgit
After a long weekend of holidays, palm oil futures in Malaysia extended gains for the third consecutive session on Tuesday. Supported by stronger soyoils, a weaker ringgit and stronger rivals, rising stocks, however, limited gains. The benchmark contract for palm oil delivery in July on the Bursa Derivatives exchange gained 81 Ringgit or 2.07% to close at 3,893 Ringgit ($901.16) per metric ton. "The premium of soyoil over palm oil has increased, and now exceeds $100 per ton in forward-month shipments. This should lead to higher demand in the peak production months," said Mumbai-based trader.
Palm oil surges due to stronger Dalian oil and weaker ringgit
After a long weekend of holidays, the palm oil futures in Malaysia extended their gains for a third consecutive session on Tuesday. The weaker ringgit and stronger Dalian oils supported this. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for July delivery had gained 81 Ringgit or 2.12% to $3,895 ringgit (US$900.58) per metric ton. The contract rose by as much as 3.2% in the first session. This was its largest daily gain since the 7th of March, when the Malaysian market reopened on Monday after Vesak.
Argentina's YPF suffers a net loss in the first quarter
YPF, the state-owned oil company in Argentina, reported a loss of $10m for the first quarter. This was due to lower demand during the season and lower export volumes. This loss is compared to the net profit of $657 millions in the first quarter 2024. The revenue, on the other hand, increased by 7% over a year earlier to $4.61 billion. This was due in part to higher fuel prices in local markets, but also a decline in oil exports and lower demand for diesel. YPF, Argentina's largest domestic fuel supplier…
