PROXY FOR OIL DEMAND
Oil prices slide on fears of slow US demand after surprise inventory build
Oil prices dropped due to rising U.S. stockpiles, affecting market sentiment. Brent crude traded at $84.17, and U.S. West Texas Intermediate at $80.58 per barrel. Escalating conflicts in Gaza, notably in Rafah, contribute to market uncertainties amidst concerns over weakening demand.
Oil prices ease on strong US dollar, mixed global economic news
WTI fell out of overbought territory as Fed's interest rate hikes to curb inflation impacted oil demand. The decline in crude prices was influenced by rising U.S. dollar and negative global economic news. U.S. business activity rose to a 26-month high in June with an employment rebound. Geopolitical tensions escalated with warnings of a trade war over electric vehicle imports.
Oil drops over $1 as OPEC+ decision spotlights shaky demand
Oil prices fell more than $1 on Tuesday on scepticism about an OPEC+ decision to boost supply later this year into a global market where demand has already shown signs of weakness.
Oil falls more than $1 on worries of supply rising later in 2024
Oil prices fell more than $1 on Tuesday, extending losses from a four-month low in the previous session, as investors worried about supply rising later in the year amid signs of weakening U.S. demand.
Oil prices extend losses on worries of supply rising later in 2024
Oil prices fell with Brent crude at $78.16 and U.S. West Texas Intermediate at $74.05. OPEC+ extended output cuts into 2025. GasBuddy data indicated a decline in U.S. gasoline prices.
Oil set for weekly loss as markets worry about demand
Oil prices rose on concerns of high interest rates impacting fuel demand. Federal Reserve's interest rate policy, US crude oil inventories, and statements from Fed Chair Jerome Powell influenced market sentiment. Analysts anticipate market shifts as OPEC+ considers extending production cuts and reports emerge of oil overproduction by Russia.
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Oil edges higher after inflation gloom hit prices
Oil prices crept higher on Friday, having been under pressure from lingering concerns that sticky inflation could prolong higher interest rates and curb fuel demand.
Iran President Raisi dead: How it may impact the region including Israel, oil prices, gold, and stock markets
The death of Iranian President Raisi in a helicopter crash is poised to have significant repercussions, given Iran's longstanding conflicts and alliances in the Middle East. The incident comes amidst escalating tensions between Iran and Israel, raising concerns about regional stability and Iran's nuclear ambitions.
Expect banks to start rallying from June: Ajay Bagga
Market expert predicts growth in capital goods, infrastructure, and domestic cyclicals while cautioning about global cyclicals. FMCG sector set to benefit from monsoon. Banks may rally after July budget. Iran's supply chain control impacts oil markets.
Oil prices fall on big build in US crude, fuel inventories
Brent crude futures fell 28 cents, or 0.3%, to $89.14 per barrel. U.S. West Texas Intermediate crude futures fell 35 cents, or 0.4%, to $84.88. U.S. crude stocks climbed by 5.8 million barrels in the week ended April 5
India's fuel demand hits new FY record, up about 5%
India's fuel consumption decreased by 0.6% year-on-year in March, totaling 21.09 million metric tons. However, demand for the 2024 financial year increased by about 5%, reaching a record high of 233.276 million tons. Sales of diesel, gasoline, bitumen, cooking gas, and naphtha saw increases, while fuel oil usage declined in both March and the fiscal year.
Oil falls ahead of US jobs data, caution on interest rates
Brent futures for June fell by 43 cents, or 0.5%, to $88.92 a barrel by 12:15 p.m. EDT. Investors are analysing macroeconomic data and monetary policy for potential clues on the outlook for oil demand.
Oil prices ease on Gaza ceasefire possibility, dollar strength
Brent crude futures fell 18 cents to $85.60 a barrel by 0011 GMT. U.S. crude futures shed 19 cents to $80.88 per barrel.
Oil prices underpinned by US inventory data, attacks on Russian refineries
Brent futures rose 10 cents, or 0.12%, to $84.13 a barrel at 0115 GMT, while U.S. West Texas Intermediate (WTI) crude was up 7 cents, or 0.9%, at $79.79 per barrel.
India's fuel demand rises 5.7% YoY in February on strong factory output
India's fuel consumption increased by 5.7% YoY in February, reaching 19.72 million metric tons, according to government data. This growth was attributed to strong factory activity in the country. Diesel demand, primarily used by trucks and commercially run passenger vehicles, rose by 6.2% YoY to 7.44 million tons in February.
India's fuel demand rises 8.2% y/y in January
India's fuel consumption rose 8.2% YoY in January to 20.04 million tonnes, driven by strong industrial activity. Diesel sales increased by 3.5% to 7.43 million tons, and gasoline sales grew by 9.6% to 3.10 million tons. Factory activity improved substantially, and carmakers reported record sales.
India expects fuel demand to grow 2.7% in the next fiscal year
India's fuel consumption is expected to rise 2.7% in the next fiscal year beginning on April 1, according to data from the Petroleum Planning and Analysis Cell. Consumption of gasoline is expected to rise by 5.4% to 39.2 million tonnes, while diesel consumption is expected to increase by 2.7% to 92.4 million tonnes.
India's fuel demand hits seven-month high in December
India's fuel consumption reached a seven-month high in December, reaching 20.054 million metric tons. Total consumption increased by 6.2% from 18.89 million tons in November, up 2.6% compared to the same period a year earlier. Diesel sales increased by 0.9%, while gasoline sales fell 4.5%. Sales of bitumen, fuel oil, cooking gas, and naphtha also increased.
India's fuel demand slips in November from four-month peak
Total consumption in November, a proxy for oil demand, fell by 2.8% to 18.72 million tonnes from 19.26 million tonnes in October, the data from the Indian oil ministry's Petroleum Planning and Analysis Cell (PPAC) showed. It was down about 2% compared with the same period a year earlier. "Consumption increased in October due to agricultural demand and as people traveled during the festive season. November is seeing a dip as people reverted to normal activity," said Prashant Vasisht, vice president and co-head, corporate ratings at ICRA.
Oil prices fall again; demand worries outweigh tight supply
Brent crude oil futures fell 68 cents, or 0.8%, to $85.19 a barrel by 11:07 a.m. ET (1507 GMT). U.S. West Texas Intermediate crude futures were 67 cents, or 0.8%, lower at $83.55. At their session lows, both benchmarks were down more than $1.
India's August fuel demand up 6.5% year on year
India's fuel consumption, a proxy for oil demand, rose by 6.5% year-on-year in August to about 18.57 million tons, data from the Petroleum Planning and Analysis Cell (PPAC) showed
Oil set to snap two-week losing streak on tightening supplies
Major benchmarks rose slightly in early Asian trade, with the U.S. West Texas Intermediate crude (WTI) up 7 cents, or 0.1%, at $83.70 a barrel, while Brent crude was also up 7 cents at $86.90/bbl as of 0107 GMT.
India's July fuel demand up 1.9% year on year
India's fuel demand rose by 1.9% YoY in July, yet it was still down about 6.6% from the previous month, mainly due to seasonal factors. Sales of gasoline fell 5.3% to 2.99 million tonnes and sales of diesel decreased around 13% to 6.89 million tonnes in July from the previous month.
Oil demand growth could near zero globally by 2028 — fossil fuel subsidies are a hidden problem in the green energy transition: Arthur van Benthem
"In extreme cases, they can even vote out board members, as in Exxon Mobil in 2021 when a majority of shareholders elected three new board members proposed by an activist hedge fund. They can also divest, sell or deliberately decide not to own high carbon stocks. Another option is to align with companies which are currently high carbon but have a credible commitment to reducing their emissions," Benthem said.
India's February fuel demand hits at least 24 year high
Consumption of fuel, a proxy for oil demand, rose by more than 5% to 4.82 million barrels per day (18.5 million tonnes) in February, its 15th consecutive year-on-year rise, data showed.
India expects fuel demand to grow 4.7% in the next fiscal year
Domestic demand for gasoline, used mainly in passenger vehicles, is expected to rise by 7.1% to 37.8 million tonnes, while gasoil consumption was seen growing by about 4.2% to 90.6 million tonnes, the data showed. Indian state refiners' gasoline and gasoil sales rose in the first two weeks of February from the same period last month, preliminary data showed, boosted by a pick up in transport of goods and mobility.
January fuel demand rises 3.3% year on year
Sales of gasoline, or petrol, jumped 14.2% to 2.82 million tonnes. Cooking gas or liquefied petroleum gas (LPG) sales decreased 2.1% to 2.51 million tonnes.
Oil rises slightly; focus on China demand and U.S. outlook
Demand for products has lifted the oil market and refining margins. The 3-2-1 crack spread, a proxy for refining margins, rose to $42.18 per barrel on Monday, the highest since October.
Proxy advisor for voting against audit of KBL's legal costs
Sanjay Kirloskar-led Kirloskar Brothers (KBL) called an extraordinary general meeting (EGM) on December 8 in response to the demand from Atul Kirloskar-controlled Kirloskar Industries (KIL) that an independent forensic auditor be appointed to conduct an external forensic audit on KBL's legal expenses, aggregating to ₹274 crore.
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