The Asian middle distillates market is expected to see some support in the week ahead as the increase in flight capacities by regional airlines is set to ignite some jet fuel demand, while interest to store surplus barrels on floating storage coupled with an uptick in cross-regional flows is poised to shore up sentiment in the gasoil arena.
Global oil demand may have already peaked, according to BP’s latest long-term energy outlook, as the COVID-19 pandemic kicks the world economy onto a weaker growth trajectory and accelerates the shift to cleaner fuels.
Declining residual fuel stocks in Singapore are leading to a narrowing of the front-month contango in the Singapore low sulfur fuel oil market.
APPEC: Asian refiners need flexible fuel output, trading strategies amid prolonged demand uncertainty
As Asian refiners continue to fret over volatile refining margins and fragile oil demand recovery during the coronavirus pandemic, they must adopt a flexible approach to shift their oil product slate and output volumes to best serve the changing market conditions, industry participants said at the S&P Global Platts Asia Pacific Petroleum Virtual Conference in Singapore Sept. 14.
The crude oil market in Asia started the Sept. 14 trading week in a tight range following the slide in the previous week ended Sept. 11.
North Sea and Latin American crude oil suppliers are confident that Asia’s firm base requirements would keep their exports to the Far East at healthy levels, despite the region’s volatile product margins and fragile fuel demand during the coronavirus pandemic, industry executives told S&P Global Platts ahead of the 36th Asia Pacific Petroleum Virtual Conference in Singapore over Sept. 14-16.
Citigroup Inc. has a message to cheer up despairing oil bulls: prices will get back to $60 a barrel before the end of 2021.
Japan’s export volumes of key petrochemicals have shrunk in the first seven months of 2020, with external demand likely to stay muted, as the world’s third-biggest economy wallows in deep recession amid the pandemic.
Meantime, world oil indexes demonstrated slight irregular changes on Sep.11 amid signs of a growing imbalance between supply and demand as the world economy struggles to return to pre-pandemic levels of activity.
An innovative ‘Mobile Non-Destructive Testing Inspection’ robot that will increase safety, efficiency and quality during maintenance of its facilities.