Brought to you by Quest Offshore & Southern Cone Consultants
(Reuters) - Russia's invasion of Ukraine has reconfigured the global oil market, with African suppliers stepping in to meet European demand and Moscow, stung by Western sanctions, increasingly tapping risky ship-to-ship transfers to get its crude to Asia. The reroutings mark the biggest supply-side shakeup of the global oil trade since the U.S. shale revolution... Continue Reading →
(Reuters) - Oil's bull run is taking little notice of the strong U.S. dollar, breaking crude's historical inverse link to the greenback and giving analysts confidence it has further to go based on current market fundamentals. A strong dollar typically weighs on oil prices because it makes the commodity more expensive for holders of other... Continue Reading →
(Reuters) - Portfolio investors have left their petroleum positions essentially unchanged for the last nine weeks as loss of production from Russia is matched by loss of consumption from China and Europe. Hedge funds and other money managers held a net position in the six most important petroleum-related futures and options contracts of 548 million... Continue Reading →
(Reuters) - Brazil's inflation slowed in April but still posted the steepest rise for the month in 26 years, pushing the 12-month figure to over 12% amid continued pressures on food and fuel, official figures showed on Wednesday. Consumer prices as measured by the benchmark IPCA index rose 1.06% in April, slightly above the 1.0%... Continue Reading →
(Reuters) - Global commodities trader Trafigura Group will stop all purchases of crude oil from Russia's state company Rosneft (ROSN.MM) by May 15 when tighter EU rules on Russian oil sales come into effect, a company spokesperson said on Tuesday. The Geneva-based firm will also "substantially reduce" the volume of refined products it buys from Rosneft. Trafigura... Continue Reading →
(Reuters) Morgan Stanley raised its third-quarter price forecast for Brent by $10 per barrel to $130 citing a "greater deficit" this year due to lower supply from Russia and Iran, which is likely to outweigh short-term demand headwinds. "The oil market is contending with negative GDP revisions, the effects of China's zero-COVID policy and a... Continue Reading →
U.S. President Joe Biden last night announced plans for what is said to be the largest release from the strategic petroleum reserves in American history of 1 million barrels a day for six months to lower gas prices at the pump. In his speech, Biden revealed a two-point plan, which includes immediate action through the... Continue Reading →
(Reuters) - The world's top banks provided $742 billion in finance to the fossil fuel industry in 2021, little changed on the prior year, a report on Wednesday showed, despite growing calls to rein in lending to help tackle global warming. Banks are increasingly in the crosshairs of investors and campaigners over their role in... Continue Reading →
(Reuters) Oil prices rose on Tuesday, recovering some of the previous session's losses as Kazakhstan's supplies continued to be disrupted and major producers showed no sign of being in a hurry to boost output significantly. Brent crude LCOc1 rose $1.54, or 1.4%, to $114.02 a barrel by 1110 GMT, and U.S. West Texas Intermediate (WTI)... Continue Reading →
(Reuters) - Commodities traders such as Trafigura and Vitol have helped keep Russia's oil flowing through its Baltic and Black Sea ports in March, when some Western firms started to snub the market, according to ship tracking, traders and shipping sources. Both Swiss-based trading houses have long-term deals with state-run Russian oil giant Rosneft to... Continue Reading →
Brazil Energy Insight 