The price of crude oil futures is back up above 70.
Crude throughputs at China’s independent refineries in eastern Shandong province fell 1.3% month on month to 2.38 million b/d — or 10.05 million mt — in May, marking a 14-month low amid heavy maintenance despite refining margins having risen.
Oil rose to the highest settle in over two years, drawing support from higher-than-forecast U.S. inflation data and a strong demand outlook.
Iranian exporters aim to increase LPG exports to full capacity, if the Biden administration lifts sanctions that limited shipments from the country’s petrochemical plants and gas refineries, adding to healthy Middle East supply, which could drive up freight.
OPEC’s latest report reaffirms that there will be a substantial gap in the market for the producers to fill.
Oil falls as start of U.S. summer driving season fails to lift fuel demand© Reuters.
Oil product inventories at Fujairah on the UAE’s east coast slipped to a two-week low as light distillates shrank to the smallest since the record low in October 2020 on growing demand for naphtha in Asia.
American benchmark West Texas Intermediate (WTI) traded at $69.56 a barrel at the same time with a 0.57% decrease after ending the previous session at $69.96 per barrel.
At the same time, entering the second stage of the transaction remains the prerogative of the shareholders of the companies.
London (CNN Business)Shell will cut emissions faster than planned after being ordered to do so by a court in The Hague last month.