Category Archives: General News

India’s Jan-June Iran oil imports climb by a third

India’s crude imports from Iran rose by a third in the first half of the year, data from trade sources showed, after the shipments were boosted following an interim deal to slow Tehran’s nuclear activity and ease Western sanctions. India, Iran’s top oil client … Continue reading

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Iraq’s south oil exports rise to near-record, avoid northern conflict

Iraq’s oil exports from its southern terminals in July rose to a near-record rate, according to loading data and industry sources, remaining unaffected by fighting in other parts of the country. An advance by Sunni militants who seized swathes of … Continue reading

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U.S. export sales offer latest sign grains could halt slide

A flurry of grain export sales to China and elsewhere since last week, totaling about 2 million tonnes, is the latest sign U.S. soybean and corn prices may be set to rebound from four-year lows. Calling a trend for prices … Continue reading

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India cuts dependence on Iran oil to less than 6%

India has cut its reliance on Iran for meeting its oil needs to less than 6% as it raised imports from countries like Columbia and Mexico. India imported 11 million tonnes of crude oil from Iran in the fiscal year ending March 31, 2014, down from 13.14 … Continue reading

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Global seaborne coal market oversupply to be 10 mln T this year

The global market for seaborne thermal coal will be oversupplied by around 10 million tonnes this year, keeping prices below profitable levels for most coal producers well into 2015 or longer and forcing more mines to close. Coal prices have … Continue reading

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China June iron ore imports from Australia up 31.9% on year to 45.82 mil mt

China imported 45.82 million mt of iron ore from Australia in June, up 31.9% year-on-year and up 1% from May, data released Tuesday by the General Administration of Customs showed. Australia was the largest supplier of iron ore to China, … Continue reading

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World Crude Steel production rises 3.1% in June

World crude steel production for the 65 countries reporting to the World Steel Association (worldsteel) was 137 million tonnes (Mt) in June 2014, an increase of 3.1% compared to June 2013. World crude steel production in the first six months … Continue reading

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Texas Congressman Wants U.S. to Debate Crude Oil Exports

The recent boom in U.S. oil production may mislead Americans and elected officials into thinking that all U.S. refineries and domestic energy security are benefitting from the bounty, a congressman said Sunday on Platts Energy Week. But the dynamics are … Continue reading

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Chinese market sees room to import low-CV Indonesian thermal coal

Indonesian thermal coal suppliers were seeing some room for low-CV coal to be imported into the Chinese market, due to low domestic prices that had priced out seaborne cargoes of mid- to high-cv coal, sources said on Monday. Platts assessed … Continue reading

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Asia Naphtha-Bangladesh naphtha tender gets highest bid since March 2013

Bangladesh Petroleum Corp (BPC) will sell 170,000 barrels of naphtha to Vitol Asia at premiums of $1.32 a barrel to Singapore quotes, the highest since March 2013, amid tight prompt supply. Vitol Asia offered the best price for the cargo … Continue reading

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Global iron ore market likely be leveled by the BIG 3 miners

Think of iron ore market and the name of 3 biggies viz., Rio Tinto, BHP Billiton and Vale rings in the ears as the sole determinant of market dynamics catering to nearly 70% of global trade. The behemoths have traditionally … Continue reading

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Russia’s Asian crude export price hit by higher supply, sanctions -trade

Russia is offering more crude oil for exports to Asian markets after a fire at a refinery near its Pacific coast, though the higher supply and nervousness about the impact of tougher sanctions on Moscow over Ukraine is weighing on … Continue reading

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Saudi Crude Exports in May Fell to Lowest Since 2011

Saudi Arabia, the world’s biggest oil exporter, shipped the least crude in almost three years in May as domestic refineries processed record amounts and power plants also increased consumption, official data showed. The nation exported 6.99 million barrels a day … Continue reading

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Dalian iron ore falls over 2 pct on oversupply, weak property market

China’s iron ore futures slid as much as 2.2 percent on Friday, pressured anew by plentiful supply of the raw material as steel producers kept on unloading excess cargoes back into the market. Prices touched seven-week highs earlier this week, … Continue reading

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Vale CEO Ferreira Sees Long-Term Iron-Ore Price of $110 a Ton

Vale SA (VALE5), the world’s biggest iron-ore producer, sees prices for the steelmaking ingredient recovering to $110 a metric ton as China’s demand keeps growing. Iron-ore prices, which fell below $90 per dry metric ton last month, have been curbed … Continue reading

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Chinese Cotton policy derails India’s exports

Cotton in India is reeling under pressure as China, as the largest importer of India’s cotton yarn, is continuing to decrease imports. There is a decline in demand from domestic spinning mills. China’s revised import policy made effective from April … Continue reading

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U.S. Oil Export Ban Seen Weakening Rather Than Dying

The four-decade-old ban on most crude exports from the U.S., now the world’s largest producer, will be weakened bit by bit as government rulings allow exceptions, say energy analysts including IHS Inc. The Commerce Department’s permission for Enterprise Products Partners … Continue reading

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With oil sales clipped, Iran faces sliding iron ore exports

Iran’s iron ore industry is in crisis because of low prices, a senior industry official said, with June exports the lowest in nearly two years and ore piling up at ports. The country’s top non-oil export had been generating much-needed … Continue reading

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India runs out of Coal, power plants in crisis

A crisis is looming over India with the country’s coal stocks nearing a critical level . As per the data of the Ministry of Coal the country’s coal requirement for the year 2014-15 stands at 527 MiIlion Tonnes (MT) but … Continue reading

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Platts: Spot LNG Prices for August Delivery Fell 26.5% from 2013 on Oversupply

Prices of spot liquefied natural gas (LNG) for August delivery to Asia plummeted 26.5% year-over-year to an average $11.365 per million British thermal units (/MMBtu), the lowest monthly average since April 2011, the latest Platts Japan/Korea Marker (JKM) for month-ahead … Continue reading

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Oil Gain on Russian Sanctions Seen Muted on Spare Capacity

Gains in crude prices driven by new sanctions on Russia will be limited because there’s sufficient spare export capacity and no shortage of global supply, according to Nomura Holdings Inc. and Sapient Global Markets. Brent crude for September delivery was … Continue reading

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S.Korea in new push to boost non-Middle East crude imports

South Korea said it is amending a law to give freight rebates to crude oil importers who buy from regions other than the Middle East for specified uses, as the world’s fifth-largest crude buyer seeks to broaden supply sources. Asia’s … Continue reading

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Ban on Oil Exports Won’t Be Lifted This Year, Upton Says

A four-decade-old ban on crude exports from the U.S. will survive another year, the chairman of the U.S. House’s Energy and Commerce Committee said. Policy makers need time to decide whether to lift the 1975 prohibition on exporting most crude, … Continue reading

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WTI Crude Oil strengthens in June, Midcontinent markets weaken

NYC-based PIRA Energy Group reports that WTI strengthened in June while other midcontinent differentials weaken. In the U.S., crude stock drew while products built. In Japan, crude stocks built. Specifically, PIRA’s analysis of the oil market fundamentals has revealed the … Continue reading

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