Economics
U.S. EIA lifts oil demand forecast, says prices will recover to above $80/bbl
Global oil demand is set to grow to a bigger record this year while output growth will be smaller than prior forecasts.
Comment: What challenges lie ahead for Nigeria's Dangote oil refinery?
Nigeria's state oil firm NNPC Ltd. announced last weekend that it would not be the exclusive buyer of gasoline produced by the $20-B Dangote oil refinery, contradicting a statement made by the refinery last week.
Methanex buys OCI Global's methanol business for $2.06 B
OCI Global announced that it has reached an agreement for the sale of 100% of its equity interests in its Global Methanol Business to Methanex Corporation for a total consideration of $2.05 B on a cash-free and debt-free basis.
EU gives South Africa $35 MM in grants for green hydrogen plans
The European Union has pledged to give South Africa two grants worth ~$35 MM to accelerate its green hydrogen (H2) plans.
Russia's September western port oil loadings to rise 1.5% m/m despite seasonal refinery maintenance
Russia will increase oil exports via its western ports to 1.98 MMbpd in September, up by just 30,000 bpd from August, despite the expected start of seasonal maintenance on Russian refineries.
Gunvor growing Asia operations, expanding into LPG, naphtha, gasoline, aromatics, power
Global energy trader Gunvor Group is growing its Asia operations to expand in existing markets such as liquefied petroleum gas (LPG), naphtha, gasoline and aromatics as well as into new areas including power.
U.S. Gulf Coast-bound fuel oil cargoes hit 5-yr low as refinery demand weakens
Fuel oil exports bound for the U.S. Gulf Coast slumped to their lowest level since January 2019 last month, a sign of weakened refinery demand as margins have softened.
Russia's Sibur plans domestic bond issue to fund $10-B Amur gas-chemical complex
Sibur plans to place domestic bonds before the end of the year to fund the $10-B Amur gas and chemical complex, which will produce 2.3 MMtpy of polyethylene and 400,000 tpy of polypropylene once completed.
Asia refining margins at lowest seasonal levels since 2020 as supplies grow
Asian refiners' margins slumped to their lowest seasonal levels since 2020 this week as supplies of diesel and gasoline rose after peak summer travel demand ended
Singapore's middle distillates stocks rebound to more than 11 MMbbl
Singapore's middle distillates stockpiles climbed back above 11 MMbbl despite a rise in net exports for diesel/gasoil and jet fuel/kerosene.
- Envision Energy powers world's first green marine ammonia bunkering 7/25
- New catalyst breakthrough could make clean ammonia easier to produce 7/25
- U.S. Gulf refiners seek Middle East, S. American oil to offset Venezuela, Mexico losses 7/25
- CEO of Russia-backed Indian refiner Nayara resigns after EU sanctions 7/25
- PetroChina makes FID for new northeast refinery complex 7/25
- Valero Energy beats Q2 profit estimates as refining margins improve 7/24
