Where oil prices are going

(Representative Image) Petrol and diesel prices held steady across metro cities on January 13, the latest price notification issued by fuel retailers showed. Petrol and diesel in Delhi cost Rs 96.72 and Rs 89.62 a litre, respectively. In Mumbai, petrol is being sold for Rs 106.31 per litre and diesel for Rs 94.27. Petrol and diesel are priced at Rs 102.63 and Rs 94.24 in Chennai and at Rs 106.03 and Rs 92.76 in Kolkata, respectively. Oil prices slipped in early trade on January 13 but were on track for gains of more than 6 percent for the week on solid signs of demand growth in top crude oil importer China and expectations of less aggressive interest rate hikes in the United States. Brent crude futures fell 17 cents, or 0.2 per cent, to $83.86 a barrel by 0119 GMT, while U.S. West Texas Intermediate (WTI) crude futures slipped 12 cents, or 0.2 per cent, to $78.27. Also Read | Auto Expo 2023: MG Motor unveils Euniq 7 MPV powered by new hydrogen fuel-cell tech … [Read more...] about Fuel Prices on January 13: Check petrol, diesel rates in Delhi, Mumbai and other cities

According to Jeff Currie, Goldman Sachs’ global head of commodities research, Brent crude oil could touch $110 a barrel in the third quarter if China and other Asian economies fully reopen from COVID curbs. The economic headwinds blowing towards India’s economy could get stronger towards the third quarter as crude oil prices are likely to touch $110 a barrel. According to Jeff Currie, Goldman Sachs’ global head of commodities research, Brent crude oil could touch $110 a barrel in the third quarter if China and other Asian economies fully reopen from COVID curbs. The course of China’s reopening after the Lunar New Year celebrations will provide the cues for global oil market. “What is idled? Planes, trains and automobiles. You turn them all back on, that’s going to be a big pop in oil demand,” Currie said in an interview to Bloomberg Television. Oil market has found support amid global recessionary fears from the easing of COVID curbs in China following a wave of … [Read more...] about Crude oil at $110 a barrel? Goldman’s forecast could be a challenge for India’s economy

Share to Twitter Share to Linkedin My hypothesis is that US majors underinvest both in renewables and in oil and gas needed to get us through the energy transition. Perhaps, the right question, addressed to both the anti and pro ESG wings, should be: how to get more investment in both oil and gas (if needed) and in renewables, which is clearly needed? Now that the House of Representatives had turned over to the Republicans, the rhetoric around claims of “woke” capitalism have grown louder. One of the major beefs of the anti-ESG wing of the Republican party is that ESG is responsible for the cut in US investment in oil and gas production . At the same time, the International Energy Agency (IEA), by no means a liberal mouthpiece, calculated that “ in 2020, clean energy investments by the oil and gas industry accounted for only around 1% of total capital expenditure .” That proportion was expected to go up to around 4% in 2021. These claims, when … [Read more...] about What If Both Sides Of The ESG Debate Are Right About US Majors’ Oil And Gas Investments, But For The Wrong Reasons?

Share to Twitter Share to Linkedin This past was a week during which the Brent and West Texas Intermediate prices for crude oil erased almost all the losses experienced during the first week of January. At the same time, though, domestic and international prices for natural gas continued their downward trend brought on by unseasonably warm weather across Europe and North America. Here are some of the week’s major energy-related stories: Crude prices jump - The rebound in crude prices saw the international Brent price sitting at $85.28 per barrel at Friday’s close, almost back to the $85.91 closing level Monday, Jan. 2. Friday’s close represented a gain of almost 9% for the week. Continuing robust demand for oil around the globe was the driver of the week’s increase, which was enhanced late in the week by news of a strong rebound in air travel in China as that country fully re-opens following draconian COVID lockdowns. Natural gas prices drop … [Read more...] about The Week In Energy: Bullish Signals For Oil, But Not For Natural Gas

India imported just 36,255 bpd of crude from Russia in Dec 2021 (Representative image/Reuters) India, the world's third-largest importer of crude, bought around 1.2 million barrels per day of oil from the sanctions-hit Russia in December 2022, as per the data shared by energy cargo tracker Vortexa. The numbers mark a jump of 33 times as against the year-ago period. As compared to November, India's Russia oil imports climbed by 29 percent in December. Moscow, months earlier, emerged as the biggest source of India's oil imports, overtaking traditional suppliers like Saudi Arabia and Iraq. Indian refiners have been lapping up cheap Russian crude since the invasion of Ukraine caused many buyers to shun the shipments. The sharp increase in December is possibly the result of deepening discounts due to additional sanctions from the G-7 and European Union including a $60-a-barrel price cap. Also Read | India saved over Rs 35,000 crore with discounted Russian crude, may continue … [Read more...] about India’s Russian oil imports jump 33 times in December compared to year-ago, tops 1 million bpd

For the ordinary Indian, cheaper food and fuel and a higher disposable income remain key demands from the Budget. (File image: Reuters) Ajay Kumar (name changed) drives the ubiquitous kaali-peeli in India's financial capital, Mumbai. He says all he wants is cheaper food and fuel – a demand being heard everywhere ahead of the 2023-24 budget. "Sirf do cheez chahiye: khud ke liye khana-peena, aur apni gaadi ke liye gas. Woh bas sasta ho jaye," is how Ajay Kumar phrases his wish list in Hindi. Set to be presented in Parliament on February 1 by Finance Minister Nirmala Sitharaman, the Budget for 2023-24 is being preceded by the usual calls for easing the burden on low-income groups and the middle class. People are feeling the pain particularly badly after several years of high inflation. Admittedly, headline retail inflation has eased sharply in the last few months, with the latest print for December at a one-year low of 5.72 percent . Food inflation also slumped to a … [Read more...] about MY BUDGET | Food, fuel prices and more in the pocket – ordinary Indians talk of their hopes

LONDON/SINGAPORE  – Stocks and oil prices dipped on Thursday after weak U.S. consumer data rekindled global recession worries, while Japan’s yen reared up again as traders took fresh punts that the Bank of Japan will soon be tightening policy. An early 0.5 percent slide in Europe after a bad day for the Nikkei meant the all-world share indexes were facing their first three-day losing streak of the year. Wall Street futures were pointing down 0.3 percent, while Benchmark 10-year U.S. Treasury yields, which tend to drive global borrowing costs and fall when bond prices rise, hit their lowest since September. Oil prices dropped back over 1 percent after a 10- percent rally so far this year and industrial metal copper skidded from a six-month high that has been fuelled by resource-hungry China abandoning COVID-19 restrictions. “We actually think that the recession and the corporate earnings season that we are just at the start of … are going to weigh on the markets,” Close Brothers … [Read more...] about Stocks and oil slide on rekindled recession worries

India and China have become a crucial destination for Russian oil (Representative image/Reuters) India’s oil processors are open to buying even more Russian crude if the price is right, said refinery executives, potentially providing a bigger outlet for Moscow almost a year after its invasion of Ukraine. The South Asian nation increased Russian oil imports in 2022, ending the year with record monthly volumes as discounted barrels enticed buying. Executives said more cheap crude may be available to India from early next month, with a European Union ban on seaborne Russian fuel shipments possibly weighing on refining rates in the key OPEC+ producer. India and China have become a crucial destination for Russian oil after many others shunned shipments due to the war in Ukraine . Indian refiners are able to turn cheap Russian crude into fuels such as diesel and then sell to regions including Europe, boosting profit margins for processors. The impending EU sanctions are … [Read more...] about Russian oil exports to India may hit new highs as interest grows

The U.S. Department of Justice alleges that Eduard Khudainatov, the ex-CEO of state-owned oil giant Rosneft, acts as the "straw owner” for three superyachts held by Vladimir Putin and two Russian oligarchs—but Khudainatov has a multibillion dollar fortune of his own, thanks to his ties to the Kremlin’s inner circle. E duard Khudainatov is one of Russia’s most mysterious oligarchs. A former CEO of Russia’s state-owned oil company Rosneft and a longtime associate of Igor Sechin—Rosneft’s current boss and Putin’s right-hand man —the 61-year-old Khudainatov was largely unknown outside of his home country until last month. His Independent Petroleum Company, known by its Russian initials NNK, was a relatively small player in Russia’s oil industry until a blockbuster deal with Khudainatov’s former employer Rosneft in December 2020. But Khudainatov’s obscurity ended in May, when U.S. authorities identified him as the proxy owner of two megayachts: the 459-foot Scheherazade , … [Read more...] about Meet The Russian Billionaire Who’s The Proxy Owner Of Putin’s $500 Million Yacht

Oil India's import of crude oil from Russia increased further in December 2022, topping 1 million barrels per day for the first time ever as Moscow remained its top oil supper for the third month in a row, according to data from energy cargo tracker Vortexa. Russia, which made up for just 0.2 per cent of all crude oil India imported in the year to March 31, 2022, supplied 1.19 million bpd in December. This was higher than 909,403 bpd crude oil India imported from Russia in November and 935,556 bpd in October 2022. The previous record for most crude oil imports from Russia was in June 2022 when India bought 942,694 bpd, according to Vortexa. Russia, which in October 2022 for the first time surpassed traditional sellers Iraq and Saudi Arabia to take the No.1 spot, now makes up for 25 per cent of all oil imported by India. The imports peaked as a price cap was agreed upon by the EU on Russian seaborne oil. Russian oil is available at much lower than USD 60 per barrel cap … [Read more...] about India’s Russian oil imports top 1 million barrels a day in December