The July gasoline and gasoil demand estimates were lower than July 17 estimates of a 4% year-on-year fall for gasoline and a 3% year-on-year decrease for gasoil, announced by Tsutomu Sugimori, president of the Petroleum Association of Japan and chairman of ENEOS Holdings.
The Hang Seng in Hong Kong closed 0.6% lower, and Shanghai’s Composite index lost 0.2%.
Middle Eastern crude oil producers Saudi Aramco and Abu Dhabi National Oil Company will likely lower their September official selling price differentials after three months of consecutive hikes, amid bearish market fundamentals and a weaker crude structure in recent days.
Chinese fund houses, investors and end-users are swarming to the Dalian Commodity Exchange since the launch of LPG futures and options in March, to hedge their positions against the Singapore over-the-counter LPG swaps market and to speculate, trade sources told S&P Global Platts in the week of July 26.
Three to four MR-sized straight-run fuel oil cargoes with sulfur content of 1%-1.2% are typically exported from Far East Russia every month.
Asia’s cash premiums for 10 ppm gasoil on Wednesday plunged to their lowest in more than seven weeks, as concern mounted over a surge in near term supplies and resurgent coronavirus cases are expected to cut industrial demand.
Exxon Mobil Corp is preparing deep spending and job cuts.
Most people don’t know him in Cameroon but he is the main actor preventing poor-quality goods from entering the country.
The Trump administration’s “maximum pressure” campaign involving the imposition of punitive sanctions on Iran and Syria has backfired by driving both countries into the arms of US-sanctioned China.
Authorities in Belarus announced on Wednesday that they had arrested 33 fighters from Russia’s quasi-private military contractor the Wagner Group just as President Aleksandr Lukashenko faces an unprecedented opposition challenge ahead of elections next month.