Day: June 27, 2022

Economic Uncertainty Could Spark A Drop In Diesel Consumption

Admin

The oil price rally has really cooled down over the past three weeks, with oil prices declining to levels last seen prior to Russia’s invasion of Ukraine. A massive increase in interest rates by the Fed, pandemic-related lockdowns in Shanghai, slowing U.S. oil demand growth, and a historic strategic petroleum reserve release have all contributed to the selloff. That said, whereas it’s crude markets that have been hogging the limelight, the most dramatic action in global oil markets has been happening in a more hidden corner of the market: distillate…

Read More

Why Chinese Imports Of U.S. LNG Collapsed

Admin

As European LNG buyers are snapping up cargoes from the United States in a race to replace Russian pipeline deliveries, America has become a major supplier to Europe, and its sales to China have dwindled to just a few cargoes shipped so far this year. Chinese imports of LNG from the U.S. plunged by 95% between February and April compared to the same period in 2021. Meanwhile, Chinese imports of LNG from Russia jumped by 50%, according to Chinese customs data cited by The Wall Street Journal. That’s a major…

Read More

G7 leaders discuss price cap on Russian oil over Ukraine invasion

Admin

Leaders of Group of Seven (G7) nations have discussed plans to cap the price of Russian oil in order to put the squeeze on Moscow, which is benefiting from soaring energy prices, and cut off its means of financing the invasion of Ukraine. The United States has suggested a price cap decided by consuming countries, a proposal that was discussed on Sunday by the G7 leaders at a summit in the Bavarian Alps. Western countries rallied around Kyiv when Russia invaded Ukraine in February, but more than four months into…

Read More

Toxic Gas Released in Jordan Port Kills 13, Injures 250

Admin

AMMAN, Jordan (AP) — A crane loading chlorine tanks onto a ship in Jordan’s port of Aqaba on Monday dropped one of them, causing an explosion of toxic yellow smoke that killed at least 13 people and sickened some 250, authorities said. Video carried on state TV showed the moment the tank exploded, sending dockworkers scrambling to escape the toxic cloud. Some 200 people were hospitalized. The Public Security Directorate, which initially described it as a gas leak, said authorities sealed off the area after evacuating the injured and sent…

Read More

Bankrupt Sri Lanka Seeks Discounted Russian Oil

Admin

Cash-strapped Sri Lanka on Sunday announced sending ministers to Russia and Qatar to try and secure cheap oil a day after the government said it had all but run out of fuel. The government meanwhile extended a two-week closure of non-essential state institutions until further notice in order to save fuel, maintaining only a skeleton staff to provide minimum services. Energy Minister Kanchana Wijesekera said two ministers will travel to Russia on Monday to discuss getting more oil following last month’s purchase of 90,000 tonnes of Siberian crude. That shipment…

Read More