Page 49 - Platts Analytics News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Fundamentals support strong iron ore prices in 2021: Platts Analytics Iron ore prices have risen to record highs in recent weeks, largely because supply has not been able to keep pace with demand in China, where crude steel production has grown by 30% over the past five years. Unless China drastically cuts steel output – which seems unlikely as Q1 output rose 16% on year – or global iron ore supply increases significantly, it is difficult to see what will cause benchmark prices to retreat to consensus views of around $100/mt in the next 12-24 months. Iron ore prices are currently hitching...

US gasoline stock draws likely resume as demand edges higher US gasoline inventory draws likely resumed in the week ended April 30, an S&P Global Platts survey of analysts showed May 3, amid an uptick in end-user demand. Total US gasoline stocks are expected to have declined 500,000 barrels last week to around 234.6 million barrels, analysts said. The draw would snap four consecutive weekly builds that had pushed inventories to their highest since late February, though would narrow the deficit to the five-year average of US Energy Information Administration data to 2.4% from 2.6% the week pri...

Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now Late last week, calendar-month prices for the June-July-August strip briefly topped $3 before settling to an average $2.97/MMBtu on April 30, S&P Global Platts' most recently published M2MS data shows. Bullishness in the forward market has accompanied an even steeper rise in cash prices. At mid-session May 3, Henry Hub spot gas was trading around $2.93/MMBtu – up 56 cents or nearly 24% since early April, according to data from the Intercontinental Exchange. This winter, higher ...

African oil demand poised to reach pre-pandemic levels by H2 2021: analysts African oil demand is recovering steadily with demand likely to reach pre-coronavirus pandemic levels by the second half year, with imports continuing to account for a larger share of total fuel needs, analysts said on April 28. This compares with other regions such as Europe where oil demand is unlikely to reach pre-pandemic heights till at least early next year as mobility restriction weigh on fuel needs. Africa-focused oil consultancy CITAC said oil consumption is expected to return to pre-pandemic levels from H2 2...

Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now China's has stepped up efforts to reform the refinery sector. New measures include the installation of sales to-tax monitoring systems at retail pumps, the crackdown on oil smuggling and an investigation into refineries' compliance with the terms for receiving crude quotas. Plans to allocate revenues from oil levies to the local authorities may provide incentives to further improve tax collections, as monitoring systems will not cover direct sales of oil products where the sale o...