Sunday, July 28, 2013

Nigeria: Fresh Initiative to Curb Oil Theft Launched

A fresh initiative to curb the widespread oil theft in Nigeria known as 'Publish What You Pump' was Wednesday inauguration by a coalition of civil society groups in the country The advocacy campaign is aimed at filling the gap in the present initiative and the Nigeria Extractive Industries Transparency Initiative (NEITI) processes.

At the event in Port Harcourt the Rivers State capital, which was graced by representatives of civil society groups, community-based organisations and the media, the Environmental Rights Action/Friends of the Earth Nigeria (ERA/FoEN) said although the NEITI processes had been ongoing for nearly 12 years, it had largely failed to sanitise the nation's petroleum sector or reduce the level of corruption as the country loses nearly 500,000 barrels of crude oil per day, costing the nation about $8 billion a year.

Agric to displace crude oil in revenue generation - Minister

Nigeria’s economy within the next 10 years would be braced mainly by revenue from agriculture rather than oil, going by the government’s sustained efforts towards reposition the sector, Minister of Agriculture, Dr Akinwumi Adesina, has assured. The minister said by 2015, the ongoing revolution in the agricultural sector would have become visible with the eagerness by farmers to ensure food security with production of large quantities of cassava, rice, beans, canned fruit juices and others for both domestic consumption and exports.
He made this known in Abuja as he explained that part of the transformation agenda by President Goodluck Jonathan was to develop the agricultural sector to generate revenue as an alternative to crude oil.
He disclosed that the target of the agricultural transformation agenda was to provide not less than 3.3 million jobs by 2013, while also targeting the production of 20 million metric tonnes of food by 2015.

Saturday, July 27, 2013

Oil slips after China orders industrial capacity cuts

World oil prices slipped on Friday after China ordered industrial production capacity cuts in the face of slowing economic growth.
The government action added to market concerns about weakening demand in China, the world's second-largest economy.
New York's main contract, West Texas Intermediate (WTI) for September, finished the trading session at $104.70 a barrel, down 79 cents from Thursday's close.
The European benchmark contract, Brent North Sea crude for delivery in September, fell 48 cents to $107.17 a barrel in London trade.
"The news out of China that they are forcing a cut in excess industrial capacity is a very bearish factor for crude oil," said John Kilduff of Again Capital.

UK police probing Shell, ENI Nigerian oil block deal

British police are investigating a money-laundering allegation related to a big oil field bought by Shell and ENI from Nigeria for $1.3 billion (€984 million), after most of the cash they paid ended up in a company linked to a former Nigerian oil minister.
The probe concerns offshore block OPL 245, which industry sources say contains up to 9.23 billion barrels of crude – more than enough to keep China running for 2½ years – the ownership of which had been in dispute for more than a decade.

Wednesday, July 24, 2013

Crude oil edges lower after IMF cuts global growth forecast - Crude oil futures declined on Tuesday, after the International Monetary Fund cut its estimate for global economic growth in 2013.

Investors now looked ahead to the release of key U.S. weekly supply data to gauge the strength of oil demand from the world’s largest consumer.

On the New York Mercantile Exchange, light sweet crude futures for delivery in August traded at USD102.77 a barrel during U.S. morning trade, down 0.35% on the day.

New York-traded oil prices held in a range between USD102.31 a barrel, the daily low and a session high of USD103.39.

Not Your Mothers Crude Oil

I am a big fan of trains. I have always been. It’s just that now, there are few trains which move people. In Detroit Lakes you can get a passenger train going east or west at 3 AM . Not exactly convenient. One reason is that trains no longer move people: they move oil, gas and coal- over a thousand cars a day through Detroit Lakes. Our town is about the same size as Lac-Megantic, Quebec which suffered from a train derailment disaster on a train carrying fracked Bakken oil.

China's crude oil output slightly up

BEIJING - China's crude oil output rose slightly year on year in the first half of 2013, according to data released Friday by the country's top economic planner.

The National Development and Reform Commission (NDRC) said in a statement that crude oil production stood at 103.31 million tonnes in the first six months, up 3.2 percent from the same period last year.

The country refined 217.46 million tonnes of crude oil during the first half, up 6.6 percent year on year, while refined oil products rose by 6 percent to 133.77 million tonnes, the NDRC said.

Apparent consumption of refined oil products rose 4 percent from a year earlier to 126.54 million tonnes.

In the same period, natural gas output rose 9 percent to 58.8 billion cubic meters, while imports climbed 24.6 percent to 24.7 billion cubic meters.

Apparent consumption of natural gas climbed 13.1 percent year on year to 81.5 billion cubic meters, according to the statement.

Sunday, July 21, 2013

Global oil prices hit 15-month high point

LONDON Global oil prices hit a 15-month high point on Thursday, boosted by signs of strengthening demand in top consumer the United States and ongoing supply fears linked to violence in Egypt, dealers said.

New York’s main contract, West Texas Intermediate for delivery in August, spiked to $107.45 a barrel -- a level last seen in late March 2012. It later stood at $106.02, down 50 cents from Wednesday’s closing level.

Brent North Sea crude for August rallied to $108.93 a barrel -- reaching a high last seen in early April 2013 -- before pulling back to $108.20, down 31 cents from Wednesday.

Crude futures had already scored multi-month highs on Wednesday after the US Energy Information Administration’s (EIA) weekly crude stockpiles data indicated a major pickup in energy demand.

The EIA said crude-oil stockpiles tumbled by 9.9 million barrels in the week ended July 5. That was more than triple the 2.9-million-barrel drop expected by analysts polled by Dow Jones Newswires, and followed the prior week’s drop of nearly 10 million barrels.

Added to the picture, traders remain deeply concerned over potential disruption in Middle East supply following the overthrow last week of Egypt’s president Mohamed Mursi.

“The spike in oil is driven by three things; optimism over improving economic conditions in the United States, fears of escalation in Egytian unrest, and lower US inventory levels,” said analyst Ishaq Siddiqi at trading firm ETX Capital.

Crude Oil Stays Above $108

Crude oil prices held above $108 per barrel Friday morning in New York. On the New York Mercantile Exchange, West Texas Intermediate crude added 30 cents to $108.11 per barrel. A long rally in equity markets supported higher prices, which were bumped up recently by political tension in Egypt.
On Friday morning, reformulated blendstock gasoline added 5.22 cents to $3.162 per gallon. Home heating oil added 2.06 cents to reach $3.1213 per gallon. Natural gas lost 2 cents to $3.792 per million British thermal units. At the pump, the national average price for a gallon of unleaded regular gasoline was $3.672, up from Thursday's $3.669, the AAA Fuel Gauge report said.

Source: Copyright UPI 2013

What’s wrong with the global oil market?

Recent developments in domestic energy production have shifted the political debate about energy independence. Yet as the discussion focuses on finding a desirable mix of American energy sources, policy decisions must account for a global oil market distorted by the interventions of foreign governments.

Some may think this doesn’t matter because the domestic oil boom offers the United States a chance to reclaim the title of the world’s largest oil producer. Estimates suggest that there are more than seven billion barrels of oil in shale formations in the Dakotas and Montana alone. If more federal lands were opened to exploration, there is no doubt Americans could soon lose the need to import oil.


How sugar could help satisfy the world's energy needs

Hydrogen makes an extraordinarily efficient and clean fuel. Three times as energy-efficient as petrol, Nasa used it to power its space shuttles. It can be used to generate electricity and only produces water as a byproduct.

And yet, scientists are struggling to scale up hydrogen production. Ironically, given hydrogen's green potential, the cheapest and most viable sources are hydrocarbon-based compounds such as natural gas. But liberating hydrogen from fossil fuels creates carbon emissions that outweigh any environmental advantages.

Percival Zhang, professor of bioengineering at Virginia Tech Institute, says that the problem is not just technical but that, sometimes, "scientists have poor imaginations". And so he wants to try something different: why not take advantage of an abundant natural resource, sugar? "Our idea is that simple," he says. "We call the project Sweet Hydrogen."

Wednesday, July 17, 2013

India pips US as Nigeria’s biggest crude oil buyer

India has overtaken the US as the top buyer of Nigerian crude oil.

Indian High Commissioner to Nigeria Mahesh Sachdev said recent statistics showed that India had been buying more of Nigeria’s crude than the US over the last three months.

“India will continue to cooperate with Nigeria to improve its economy and it will also assist the country in capacity building of workers in both the public and private sectors,” Sachdev said, during a courtesy visit to the Governor of Niger state in northern Nigeria last Wednesday.

Saturday, July 13, 2013

Chevron Issues Interim Update for Second Quarter 2013

SAN RAMON, Calif. -- 
Chevron Corporation (NYSE: CVX) today reported its interim update, which contains industry and company operating data for the first two months of the second quarter. Readers are advised that the commentary below compares results for the first two months of the second quarter 2013 to full first quarter 2013 results, unless indicated otherwise.
U.S. net oil-equivalent production was comparable with first quarter 2013 results. International net oil-equivalent production decreased 71,000 barrels per day, primarily due to planned turnaround activity in Kazakhstan and Australia, maintenance in Nigeria, and lower demand in Thailand.

U.S. refinery crude-input volumes increased by 183,000 barrels per day, largely due to the completion of planned maintenance activity at the Pascagoula, Mississippi refinery and the late-April restart of the Richmond, California refinery crude unit which resumed normal operations by quarter-end. International refinery crude-input volumes increased 40,000 barrels per day, reflecting completion of maintenance activities at the Burnaby, Canada and Cape Town, South Africa refineries. Chemicals earnings are expected to be lower due to planned and unplanned outages affecting ethylene production.
              2012           2013
              2Q     3Q     4Q           1Q    
2Q thru
Volumes: MBD
      U.S. Refinery Input 928     779     702 576     759
Int’l Refinery Input (1) 870 909 918 818 858
U.S. Branded Mogas Sales 521 519 507 500 523
Refining Market Indicators: $/Bbl
U.S. West Coast – Blended 5-3-2 21.23 24.43 19.54 21.37 22.23
U.S. Gulf Coast – Maya/Mars 5-3-2 22.97 25.92 19.93 19.73 20.54
Singapore – Dubai 3-1-1-1 9.30 10.77 7.17 9.40 7.49
Marketing Market Indicators: $/Bbl
U.S. West – Weighted DTW to Spot 10.14 5.74 8.85 5.51 6.15
U.S. East – Houston Mogas Rack to Spot 5.10 3.99 5.21 4.78 5.30
      Asia-Pacific               11.73     9.58     10.26           11.07     11.59
(1) As of June 2012, Star Petroleum Refining Company crude-input volumes are reported on a consolidated basis. Prior to June 2012, crude-input volumes are reported on a net interest basis.

The table that follows includes the estimated values of select additional items in the full quarter.
$MM       2Q 2013       Comments
Foreign Exchange       $250 - $300       Primarily balance sheet translation effects
“All Other” Segment
$(400) - $(500)
Asset Impairment
Power-related equity affiliate

Chevron’s discussion of second quarter 2013 earnings with security analysts will take place on Friday, August 2, 2013, at 8:00 a.m. PST. A webcast of the meeting will be available in a listen-only mode to individual investors, media, and other interested parties on Chevron’s website at under the “Investors” section. Additional financial and operating information will be contained in the Earnings Supplement that will be available under “Events & Presentations” in the “Investors” section on the website.

This interim update of Chevron Corporation contains forward-looking statements relating to Chevron’s operations that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “budgets,” “outlook” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. 

The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this interim update. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices; changing refining, marketing and chemical margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of equity affiliates; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s production or manufacturing facilities or delivery/transportation networks due to war, accidents, political events, civil unrest, severe weather or crude oil production quotas that might be imposed by the Organization of Petroleum Exporting Countries; the potential liability for remedial actions or assessments required by existing or future environmental regulations and litigation; significant investment or product changes required by existing or future environmental statutes, regulations and litigation; the potential liability resulting from other pending or future litigation; the company’s future acquisition or disposition of assets and gains and losses from asset dispositions or impairments; government-mandated sales, divestitures, recapitalizations, industry-specific taxes, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; and the factors set forth under the heading “Risk Factors” on pages 28 through 30 of the company’s 2012 Annual Report on Form 10-K. In addition, such results could be affected by general domestic and international economic and political conditions. Other unpredictable or unknown factors not discussed in this interim update could also have material adverse effects on forward-looking statements.

'OPEC’s production declined by 310,000bpd in June'

•Nigeria’s output down by 70,000 bpd
AGGREGATE production from members of Petroleum Exporting Countries (OPEC) fell by about 310,000 barrels a day, as violent protests slashed about 200,000 barrels a day from Libyan production while oil theft cut 70,000 barrels a day of Nigerian output.
  This was contained in the organisation’s monthly report released yesterday.
  Total OPEC crude oil production averaged 30.38 million barrels per day (mbpd) in June, representing a decline of 0.31 mbpd, when compared with the previous month.  OPEC crude oil production, excluding Iraq, average 27.32 mbpd, a drop of 0.28 mbpd over the same period.

  Nigeria, Angola and Iraq, led the crude oil output decrease, while crude oil production from Saudi Arabia, and the United Arab Emirates experienced the increase in June.
  But Nigeria’s crude oil production has declined further from the 1.930 mbpd recorded in the Month of May to 1.861mbpd in June, representing 69.7 per cent decrease from the previous month’s production.
  OPEC’s natural gas liquids and non-conventional oils are expected to grow by 0.21 mbpd in 2013 to average 5.87 mbpd.  “In 2014, OPEC natural gas liquids and non-conventional oils are projected to increase by 0.15 mbpd to average 6.01 mbpd.   

  The expected growth in 2014 is expected to come mainly from Algeria, Angola, Nigeria, Qatar, Saudi Arabia and the United Arab Emirates”, the report added.
   According to the monthly report, the total developing countries’ oil supply is expected to average 12.55mbpd in 2014, representing growth of 0.32mbpd over this year.
  This increase, it noted, is expected to come mainly from Latin America, supported by growth in Brazil and Colombia, followed by Africa and other Asia, while the Middle East’s supply is seen to decline in 2014.
  It stated: “Africa’s oil production is expected to average 2.40mbpd in 2013, an increase of 80tbpd over the previous year and an upward revision of 15tbpd from the previous month. The upward revision came from the South Sudan and Sudan supply forecasts, as the two nations as the two nations reportedly agreed to continue the flow of oil.
   “Africa’s oil production in 2014 is also forecast to average 2.49 mbpd, an increase of 90tbpd over 2013. Oil supplies from Chad, Congo, Egypt and South Africa are expected to remain steady in 2014, with minor declines of up to 20tbpd. This comes on the back of supplies from Ghana, Gabon, and Equatorial Guinea are forecast to increase slightly in 2014, supported by such developments as the Jubilee and Anguille, and Alen projects”.

  OPEC projected that world oil demand will surge by 1.04 million barrels a day next year, an increase of around 300,000 barrels compared with the growth predicted for the current year.
  OPEC, whose members produce more than one in three barrels consumed in the world each day, says it won't benefit from rising oil demand. It sees demand for its crude next year declining by about 300,000 barrels a day to average 29.6 million barrels a day.
 But the organization warned its supply forecasts from rival producers were subject to a "high level of risk"--largely due to political unrest. It emphasized turmoil in African countries such as South Sudan and in Middle-Eastern nations like Syria and Yemen.
  "Political instability is continuing to be the prime source of uncertainty on the (African) continent during 2013 and 2014," the group said.

Demand for OPEC’s crude will slip by 300,000 barrels a day next year to 29.6 million a day next year, or about 2.6 percent less than the 12-member group is pumping now, the organization said in its first set of forecasts for 2014.

The need for OPEC’s crude will diminish even as global oil demand growth recovers to one million barrels a day in 2014, from 800,000 a day this year, amid rising output in the US and Canada.
  Supplies from outside OPEC will increase by 1.1 million barrels a day next year to 55.1 million, compared with an increase of 1 million estimated for this year, according to the report. The expansion will be led by the U.S. and Canada, and assisted by nations including Brazil, Kazakhstan and South Sudan.


Monday, July 8, 2013

Nominations, Banking And Shipment Procedure For BLCO At Temmark Marine - Business To Business


1. Seller(s) sends a
Draft Contract which shall be opened for signing by the
end buyer and immediate return of the contract within 48 hours to seller
with any amendment(s). Seller/ Buyer Sign Seal the Contract and Exchange
the Signed Copy by Electronic Mail. The Electronic Signed Copy By Both
Parties Is Considered Legally Binding And Enforceable.

Friday, July 5, 2013

Nigeria halves fuel debt to traders with $1.4 billion repayment

* Debts were from fuel imports from three years ago

* Outstanding debt is still $1.7 billion

By Dmitry Zhdannikov

LONDON, July 5 (Reuters) - Nigeria has repaid $1.4 billion in mostly overdue debts to fuel traders after raising the money via an oil prepayment loan from international lenders, successfully concluding some of the most painful and lengthy debt talks in its history.

The $1.4 billion repayment, which follows a smaller payment to creditors of $400 million earlier this year, will allow the country to halve its fuel debts to $1.7 billion, sources at three trading companies told Reuters.

It will ease the threat of large write-downs for big trading houses, oil firms and Nigerian banks, as well as lowering the risk of insurance claims and legal action from traders, bankers and insurers against the Nigerian National Petroleum Corporation (NNPC).

India Now Nigeria’s Biggest Crude Oil Buyer

INDIA High Commissioner in Nigeria, Mr Mahesh Sachdev, on Wednesday, said that the Indian government now leads the United States in the purchase of crude oil from Nigeria.

He disclosed this during a courtesy call on Niger State Governor, Babangida Aliyu, at the government house in Minna. He said recent statistics showed that India had been buying more of Nigeria’s crude than the United States government over the last three months.
Sachdev also said that bilateral trade between Nigeria and India had hit $10bn mark while India’s investment in the country was valued at $16.6bn.
The envoy said India would continue to cooperate with Nigeria to improve her economy, adding that India would assist Nigeria in capacity building of workers in both the public and private sectors as one of the ways to revamp Nigeria’s economy.

“To reduce unemployment in Nigeria, the Indian government is now partnering with the Kano State Government for the establishment of a film city. We will also collaborate with the Niger State Government to create health care facilities and improve agriculture as well as embark on vocational training of youths towards self employment,” Sachdev said .
Responding, Governor Aliyu commended India for being one of the few countries in the world that had kept faith in the policy of strengthening the civil service, saying that the retention of the policy had helped the country to develop in all ramifications.
He therefore urged Nigeria to take a cue from India for the rapid economic development of the country, adding that if peace prevailed in all parts of the country the economy would be revived.

Nigerian government holds crisis talks with oil unions over strike threats

Lagos (Platts)--5Jul2013/552 am EDT/952 GMT

The Nigerian government, led by oil minister Diezani Alison-Madueke held talks Thursday with the country's two oil worker unions, in a bid to stave off a strike that could potentially disrupt oil production and exports.

Nigerian blue-collar oil workers union Nupeng on Tuesday called off a planned three-day strike to protest against planned job cuts by foreign companies. It has, however, threatened to go on indefinite strike if the government fails to halt plans to sack its members as well as regularize the employment status of several hundred others.

The other workers union Pengassan has also issued an ultimatum to the government, demanding that it address widespread oil theft in the country. The deadline expires July 5.

A statement issued by the office of the oil minister said that at the end of Thursday's meeting held in Abuja, a 12-point resolution aimed at addressing the grievances of the unions was adopted.

"In the 12-point communique jointly endorsed by representatives of all stakeholders, far reaching decisions [were] adopted on all the items put forward by the unions as areas of concern," the statement said.

The government agreed to include the unions in a special committee set up to look into the rise of oil thefts and pipeline sabotage, which has disrupted production and, in some cases, exports.

"It was resolved that the unions should submit the list of all unfair labor practices to the 13-man committee headed by permanent secretary, Ministry of Petroleum Resources," the statement said.

The unions' grouse on the irregular status of junior oil workers is to be addressed by the labor ministry.

A general strike by oil workers will severely hurt Nigeria, whose economy is already under serious threat through widespread oil theft, illegal bunkering and pipeline sabotage.

The finance ministry said in late June that oil theft and pipeline vandalism were responsible for a 5% fall in Nigeria's revenue in the month to Naira 590.77 billion ($3.7 billion) compared with Naira 621.07 billion in the preceding month.

Nigeria's biggest producer, Shell, which put in place force majeure on exports of Bonny Light crude grade following disruptions to production because of attacks on its pipelines, has estimated that up to 150,000 b/d of crude oil is stolen in Nigeria, out of a total production of a little over 2 million b/d.

Wednesday, July 3, 2013

Oil Futures Settle Above $100 a Barrel on Egypt, Stockpiles

--Nymex crude up $1.64 at $101.24/barrel
--Tensions in Egypt raise investors' concerns
--U.S. oil stockpiles fell 10.3 million barrels last week, the EIA said
  By Sarah Jacob and Dan Strumpf 
NEW YORK--U.S. oil prices settled above $100 a barrel Wednesday for the first time in more than a year, following political uncertainty in Egypt and a sharp fall in domestic stockpiles.
Light, sweet crude for August delivery rose $1.64, or 1.7%, to $101.24 a barrel on the New York Mercantile Exchange, the highest settlement since May 3, 2012. ICE North Sea Brent crude oil for August delivery was recently $1.79 higher at $105.79 a barrel.
"Crude oil got its first boost from fears of the spread of unrest in Egypt. It got its second boost from the friendly weekly inventory report...It caught people a little bit off guard," said Phyllis Nystrom, energy analyst at CHS Hedging.

The amount of oil in storage in the U.S. fell by 10.3 million barrels to 383.8 million barrels for the week ended June 28, the U.S. Energy Information Administration said. It was the biggest weekly drop in U.S. stockpiles since the week ended Dec. 28 and was more than the 2.3-million-barrel decline analysts had expected.

Stockpiles in the Gulf Coast region saw the biggest drain, down 3.2% from the previous week.
"We've got the refining industry really back up and running, turning this crude-oil surplus that we've seen back into refined products," said Andy Lipow, president of Houston consulting firm Lipow Oil Associates. "We're in the peak summer driving season, so [demand] is going to be at the highest level we've seen this year."
Refineries turn crude oil into gasoline and other products. They ramp up production at this time of year to prepare for increased demand as Americans travel during the summer. Refineries were running at 92.2% capacity last week, up from 90.2% the previous week.
Analysts also said stockpiles were lower because of supply disruptions in Canada, curbing imports. Pipeline operator Enbridge Inc. (ENB) shut down three oil pipelines in Canada last week after detecting a leak in one.
Oil prices also got a boost from political tensions in Egypt that increased concerns about supplies from the Middle East.
"All eyes are on Egypt. There is fear of more instability in an already unstable region," said Andy Lebow, senior vice president of energy futures at Jefferies Bache.
Egyptians have taken to the streets in recent days to participate in mass demonstrations demanding the resignation of President Mohammed Morsi. A deadline set by the Egyptian army for Mr. Morsi to resign expired Wednesday. Mr. Morsi refused to step down and proposed a consensus government as a way out of the country's crisis.
Although Egypt isn't a major crude producer, its control of the Suez Canal and its proximity to large oil exporters such as Saudi Arabia make investors uneasy whenever there is political unrest in the country.
Front-month August reformulated gasoline blendstock, or RBOB, settled 5.49 cents higher at $ 2.8382 a gallon. August heating oil settled 4.98 cents higher at $2.9512 a gallon.
More information on settlements and highs and lows for futures on Nymex and ICE platforms can be found by searching for the following headlines:
   Nymex Light Crude Oil Close 
   Nymex Harbor RBOB Gasoline Close 
   Nymex Heating Oil Close 
   ICE Brent Crude Oil Close 
   ICE Gas Oil Close 

US crude oil supplies grew by 300,000 barrels

The nation's crude oil supplies were unchanged last week, the government said Wednesday.
Crude supplies stayed at 394.1 million barrels, which is 1.8 percent above year-ago levels, the Energy Department's Energy Information Administration said in its weekly report.
Analysts expected a decrease of 2 million barrels for the week ended June 21, according to Platts, the energy information arm of McGraw-Hill Cos.
Gasoline supplies grew by 3.7 million barrels, or 1.6 percent, to 225.4 million barrels. That's 10 percent above year-ago levels. Analysts expected gasoline supplies to rise by 1 million barrels.
Demand for gasoline over the four weeks ended June 21 was 0.3 percent lower than a year earlier, averaging 8.8 million barrels a day.
U.S. refineries ran at 90.2 percent of total capacity on average, up 0.9 percentage point from the prior week. Analysts expected capacity to rise to 89.7 percent.
Supplies of distillate fuel, which include diesel and heating oil, rose by 1.6 million barrels to 123.2 million barrels. Analysts expected distillate stocks to grow by 1 million barrels.
Benchmark crude futures fell by 95 cents to $94.37 a barrel in New York.


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The product offered by the Seller and accepted by the Buyer is Bonny Light Crude Oil that shall be lifted from NNPC Bulk approved equity agent’s share Off OPEC Record.

3. MPR REF NO: DPR/DS/CTO/2018/V.95/103

Shell Expects Energy Demand To Double Over Next 50 Years

KUALA LUMPUR, July 3 (Bernama) -- Global oil and gas company, Shell, expects energy demand to double over the next 50 years, with the global population heading towards 9.5 billion mark by 2060 and emerging economies lifting millions of people out of poverty.

Shell International Chief Political Analyst Dr Choo-Oon Khong said the scenario highlighted the need for business and government to find new ways to collaborate, foster policies that promote the development and use of cleaner energy and improve energy efficiency.

"This scenario shows how the choices made by the government, business and individuals in the next few years will have a major impact on the way the future unfolds," he told a media briefing on Shell's New Lens Scenarios Report here Wednesday.

The report, which explored two possible ways the 21st century could unfold, described the scenarios as "Mountains" and "Oceans".