IATA confident air travel will ride economic turbulence despite high jet fuel costs

Pemex raises most K factors for Sept. crude to Europe, Middle East, India, USGC

Europe looks for alternate energy sources amid limited gas supplies, escalating prices

Diesel rally continues amid strong demand from Europe, Latin America

All refiners in South Korea were actively offering the product in the delivered market since August, local traders said.

Sales of fuel oil, also known as furnace oil, declined due to lower demand for electricity during the period, which adversely affected the performance of the fuel segment.

Russia's Rosneft said that throughput at its Russian refineries in 2021 rose 2.3% on the year to 95.1 million mt. In Q4, they processed 23.4 million mt, up 1.6% on the year

US crude inventories dropped more than 3 million barrels in the week ended Dec. 24, in line with industry expectations, after falling by just shy of 4 million barrels the week before, American Petroleum Institute data released late Dec. 28 showed.

Beijing controls China's domestically produced oil product exports by quotas.

"Not all physical suppliers here [in Singapore] supply HSFO. Shipping bottlenecks and delayed vessel sailing schedules [in the Asian region] are also weighing on overall demand," an industry source said.

The terminal sector of the facility, which also includes a 176,400 b/d idled refinery, has positioned itself as a standalone entity, CEO Todd Dillabough said in the Aug. 8 statement.

Looking forward, industry participants said weakening macroeconomic conditions could hurt trade volumes even as port throughput in China is recovering.

In recent months, Platts has observed that an increasing number of market participants have been restricting material from Russia, in part or entirely, in their spot fuel oil trading activity.

S&P Global Platts has corrected the July 27 Singapore product swap crack spread assessments against Dubai crude for August.

These new assessments will reflect the cost to move crude oil or fuel oil on an Aframax tanker on each route, including the additional cost required to offset 100% of the carbon dioxide emissions created through the combustion and exhaust of a ship's marine fuel through the European Union's Emissions Trading System (ETS).

Traders from four companies had raised concerns that 3.5% (high) sulfur fuel oil fell under EU category CN 2707, which ordinarily refers to coal products, whose import was expected to be banned from August.

MPA's recommendations follow its investigation into bunker fuel quality in Singapore after reports that several ships were affected by tainted fuel containing high concentration of chlorinated organic compounds.

Increased gasoil prices have led low sulfur straight run barrels coming out of Skikda, Algeria, to flow into feedstock markets, rather than into very low sulfur fuel oil pools.

Not included in this latest round is a ban on oil imports, despite calls from some member states for that.

The EU has to date imposed sanctions on Russian energy, focusing on areas such as investment and technology sales, but there has been no outright ban on imports, although Germany is moving to try to limit its use of Russian gas.