David Wech News
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China, the biggest buyer of Iranian crude, cut purchases to the lowest level in five months in January even as its total oil imports rose after trading companies in the two nations failed to renew supply contracts.
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Suezmaxes, hauling about 1 million barrels of oil, are poised for their worst year in more than a decade as the biggest contraction in U.S. East Coast refining in at least 20 years means less cargo on their largest trade route.
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Jet fuel premiums climbed in Europe as BP Plc bought a barge for a second day. Benchmark gasoil dropped on London’s ICE Futures Europe exchange.
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Russian crude’s unprecedented premium to North Sea Brent is vanishing as European refiners switch to higher-value blends and scale back purchases to protect their profits.
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Asian petrochemical companies may import little or no naphtha from Europe for a second month in August amid ample supplies and weak demand in Japan.
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A halt to oil production in Kazakhstan, where riots left at least 14 people dead on the weekend, would have a similar impact on crude prices as the conflict in Libya, according to researchers at JBC Energy GmbH and Global Risk Management.
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At a time when the biggest-ever fleet of merchant vessels means losses and bankruptcy for ship owners, the company providing about 12 percent of their fuel is poised to make record profit.
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Refiners in Europe will shut more crude distillation capacity in the first quarter than in the last five years as units are halted for maintenance and profit margins drop, according to data compiled by Bloomberg News.
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Naphtha exports to Asia may drop 40 percent this month as refiners boost supply and prices in Singapore discourage shipments from Europe.
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The highest prices for West African crude in more than two years are threatening to dent economic growth in India while boosting revenue for suppliers in Nigeria and Angola.
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