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Oil prices rose half a percent Monday on signs of higher demand for refined products. Diesel futures continued to rally, gaining 5% on low global supplies.
In mid-morning trading today, WTI futures were down 0.5% at $104.70/bbl, Brent was down 0.4% at $107.20/bbl, and U.S. natural gas was up 8.4% at $8.11/MMBtu.
Swelling orders for new LNG-carrying vessels are on pace to crush last year’s $16 billion orderbook as global demand for the fuel grows and more U.S. export projects come online:
Chinese oil demand is down over 1 million bpd from the same time last year, analysts say.
OPEC likely remained more than 250,000 bpd short of its planned output hike for April, the fourth shortfall in five months. The group meets Thursday and is expected to keep a gradual output increase for June.
Pemex reported over $6 billion in first-quarter profit, the highest in 18 years as output stabilized with more onshore and shallow-water drilling.
India’s power demand is up 13% from March as century-high temperatures rock the nation’s electricity grid.
More oil news related to the war in Europe:
The EU may spare Hungary and Slovakia from a Russian oil embargo as it prepares to finalize its next batch of sanctions today.
Mitsui & Co., one of Japan’s biggest traders, will stay involved with a massive LNG project in Russia’s Far East it says is vital for Japanese energy supply. The firm tripled its full-year profit to $7 billion on the recent rise in energy prices.
BP took a $25.5 billion accounting charge related to its decision to exit Russian holdings, the biggest hit so far among firms pulling out of the nation.
Supported by a tax on energy firms, Italy unveiled over $14 billion in new fiscal support to help households and businesses manage rising costs, particularly for energy.
New Mexico’s Calf Canyon wildfire, the U.S.’s largest blaze currently, spread to 120,000 acres Monday as 13,000 people prepared to evacuate in the state’s central-northern region. The fire is expected to spread further due to high winds, officials said.
The U.S. Purchasing Manager’s Index fell to 69.7 in April, a 16-month low, primarily on a drop in transportation capacity:
The ports of Seattle and Tacoma saw a 28.1% decline in first-quarter loaded exports from the same time last year, while imports hit an all-time high.
Export bookings at the Port of Shanghai are down more than 20% since mid-March. Cargo diversions are creating backlogs at the nearby Port of Ningbo-Zhoushan.
The Suez Canal saw a record $629 million in ship fees in April, up 13.6% from the same time last year on a 6.3% gain in ship volumes.