David Wech News
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Supplies of sour, or high sulfur, crude oil in Europe will continue to be tight because of the loss of Iranian and Syrian exports and “strong” refining margins for fuel oil, according to JBC Energy GmbH.
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Oil refiners in Europe will shut 10 percent of their plants this decade as fuel demand falls to a 19-year low.
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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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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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South Korean tax-free purchases of North Sea Forties crude are poised to stem the slide in prices as the supply of Western Europe’s most abundant oil jumps to the highest level in almost a year.
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North Sea crude shipments to South Korea are likely to drop next month as the Asian nation considers cutting rebates paid to domestic refiners for exporting oil products, according to JBC Energy GmbH.
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The premium of low-sulfur fuel oil over its higher sulfur equivalent is at its highest level in 11 months because of limited supplies in northwest Europe, according to JBC Energy GmbH.
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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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