Page 5 - Gulf Intelligence News Today

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Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now The total inventories stood at 23.445 million barrels as of May 17, up 5.4% from a week earlier as light distillates stockpile jumped 20%, the biggest gain in six months, according to Fujairah Oil Industry Zone, or FOIZ, data provided exclusively to S&P Global Platts. The latest update, published May 19, showed stocks of middle distillates such as jet fuel hit a three-week low and ...

IFAD Murban crude futures see strong start but end-month volatility fuel concerns Trading activity for Murban crude futures on the ICE Futures Abu Dhabi, or IFAD, exchange in April points to a strong start for the nascent contract, but traders say end-month volatility in the key front-month contract is a cause for concern. More broadly, traders say the launch of IFAD Murban has made it easier to value and trade all Abu Dhabi grades against benchmark Platts Dubai, which is used directly or indir...

Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now Total open interest for the 12 months on the board were up 100 lots from the prior trading day, and up 5,651 lots from February 1. Open interest data is delayed by one day. The futures contract, launched in March 2015, is based on crude storage capacity at the Louisiana Offshore Oil Port. The contract allows the buyer the right, but not the obligation to store crude for a calendar ...

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The chance of OPEC and its allies agreeing to increase crude output by 1.5 million b/d for April will hinge on a successful rollout of the COVID-19 vaccines and its impact on demand as the group seeks to lower inventories, the UAE’s energy minister said. “Whether the market can absorb an additional 1.5 million b/d ...

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DUBAI: The long-awaited global economic recovery is awaiting take-off — in a literal as well as a figurative sense. All the experts, from august institutions like the IMF down to the smallest of small and medium-sized enterprises, are agreed that 2021 will see a significant recovery from the lockdown recessions of last year. But one factor above all others is still casting a shadow over the pace and strength of that turnaround: the global aviation business. Fewer passengers traveling for busi...

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The recent rally in liquefied natural gas (LNG) prices in Asia is being driven by various supply problems and cold weather, the boss of oil trader Vitol told an industry event. “Asia was short LNG; there were various production problems, this has been going all winter,” Russel Hardy told the Gulf Intelligence forum. He added ...