Crude and bitumen blend imports by China’s independent refineries jumped 42.2% on the year to a record high of 188.11 million mt in 2020, latest data collected by S&P Global Platts showed.
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Oil prices on Friday hit 11-month highs and were on track for a strong weekly gain as a rally in global equities fed risk appetite and stoked bullish sentiment following Saudi Arabia’s pledge to cut output.
An outage at Japan’s refinery in Hokkaido could significantly increase the country’s reliance on South Korean kerosene supply, as the unexpected loss of the refining capacity could endanger its heating fuel stock levels amid lower-than-average temperatures nationwide.
Oil headed for a ninth weekly gain in 10 as Saudi Arabia’s unilateral output cut eased over-supply fears and a Democratic sweep in the U.S. paved the way for more stimulus spending.
Brent crude settled up 8 cents to US$54.38 a barrel after touching US$54.90, a high not seen since before the first Covid-19 lockdowns in the West.
Correlation of MBP (Market Bunker Prices) Index vs DBP (Digital Bunker Prices) Index in the four global largest hubs showed on January 7, that 380 HSFO fuel was undervalued in Rotterdam by $12, in Singapore by $5 and in Fujairah by $3, remaining overpriced in Houston (plus $11).
Saudi Arabia this week pledged extra, voluntary oil output cuts of one million barrels per day (bpd) in February and March as part of a deal under which most OPEC+ producers will hold production steady in the face of new coronavirus lockdowns.
A Refinitiv research chief outlines 6 key investing themes that will drive markets in 2021 — and explains how you can capitalize on each within your portfolio
After the record-breaking year that was 2020, investors expectations are riding high in 2021 – but so too are nerves.
Brent oil climbed to near $55 a barrel as Saudi Arabia’s unilateral output cut eased over-supply fears and a Democratic sweep in the U.S. paved the way for more stimulus spending.