STRATEGIC PETROLEUM RESERVE
Oil prices extend rally on potential U.S. crude purchase for reserve
Oil prices rose on hopes of higher seasonal fuel demand and potential U.S. crude purchases for its petroleum reserve, supported by expectations of rising fuel demand this summer. Market focus is on the Fed's policy meeting and upcoming reports from OPEC and the International Energy Agency. Analysts expect Brent to rise to $86 a barrel in the third quarter.
Oil slips on dollar's strength from US jobs data
Oil prices slipped on Monday due to a stronger dollar and delayed interest rate cuts following strong U.S. jobs data. Developments in Iraq, including progress in oil export talks with the Kurdistan region, impacted market sentiment.
America is joining its frenemies back in the fossil fuel club
US President Joe Biden imposed tariffs on Chinese clean technology imports to support the US clean technology industry against China's dominance.
Oil prices climb amid uncertainty over Iran president's fate
Brent rose 26 cents, or 0.3% to $84.24 a barrel by 0049 GMT. U.S. West Texas Intermediate crude (WTI) gained 15 cents, or 0.2% to $80.21 a barrel.
Oil prices pick up on prospect of US replenishing strategic reserve
"The oil market was supported by speculation that if WTI falls below $79, the U.S. will move to build up its strategic reserves," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities.
India aims for first strategic petroleum reserve with a private company by 2029-30
India is aiming to establish its first privately managed strategic petroleum reserve (SPR) by 2029-30, allowing the operator to trade all stored oil, according to the chief executive of Indian Strategic Petroleum Reserves Ltd (ISPRL). This move mirrors models adopted by countries like Japan and South Korea, where private lessees, often oil majors, are permitted to trade the crude.
India to build first commercial crude oil strategic storage
India plans to build its first commercial crude oil storage at Padur, Karnataka, with 2.5 million tonnes capacity. The project under ISPRL will be operated in a PPP model, with India retaining emergency oil usage rights. Deadline for bids is April 22.
Government allows UAE's Adnoc to export oil from Indian strategic storage
In an order, the ministry said the condition of export being allowed only through IOC will continue, but "AMI (Adnoc Marketing International (India) RSC Limited India) is exempted from STE conditions and is allowed to re-export crude oil from their commercial stockpile at Mangalore strategic petroleum reserve, at their own cost".
Govt plans to lease strategic oil reserve space to private companies
About 0.75 mmt of capacity in Mangalore and about 0.25 mmt in Visakhapatnam is currently vacant and needs to be filled, L R Jain, the CEO of Indian Strategic Petroleum Reserves Limited (ISPRL), said on Tuesday.
Govt halves Budget support to oil firms, defers filling strategic oil reserves
The government has halved the equity infusion in state-owned fuel retailers to Rs 15,000 crore for supporting their investments in energy transition projects. While other state-owned oil companies have lined up investments to achieve net zero carbon emissions, the equity support was limited to the three fuel retailers
India defers $602 mln plan to fill parts of strategic petroleum reserve
In the federal budget for 2023-24, the government had outlined a plan to purchase crude oil worth 50 billion rupees for caverns in the southern cities of Mangalore and Visakhapatnam.
India holds back $600 million strategic oil reserve top-up
India has limited oil storage capacity, with space for only 39 million barrels of crude — barely enough for eight days of the country’s consumption — to use in the event of an emergency. It filled the storage in 2020, when Brent crude prices crashed, but has since released about a third of that oil to local refiners.
Oil extends gains on US strategic reserve purchase
Both contracts jumped more than 2% on Friday but fell for the seventh straight week, their longest streak of weekly declines since 2018, on lingering oversupply concerns.
India seeks to build strategic reserves by storing gas in depleted wells
The strategic facilities would be built in phases in India's western and northeastern regions with an initial capacity to store three to four billion cubic meters (bcm) of gas, Sumit Kishore, an executive director at GAIL, told reporters at an industry event.
US plans to buy 1.2 million barrels of oil for Strategic Petroleum Reserve
The department said it bought the oil at an average price of $77.57 a barrel from two companies after 18 bids were submitted.
India wants Saudi Aramco to develop strategic petroleum reserve as ties strengthen
India is seeking Saudi Arabia's Aramco to participate in its strategic petroleum reserve (SPR) program to strengthen ties with its key oil supplier. India has approved the construction of two new commercial-cum-strategic petroleum reserves of 6.5 million metric tons (MMT) and Aramco can be invited to participate. India has conducted road shows for the second phase of its SPR program, with interest from companies
Oil prices rise on outlook for higher gasoline demand, tighter supply
Oil prices increased due to the anticipation of seasonal gasoline demand and production cuts by OPEC+ producers. Brent crude futures rose 0.3% to $76.19 a barrel, while U.S. West Texas Intermediate (WTI) crude stood at $72.26 a barrel, up 0.3%. The U.S. Department of Energy's decision last week to purchase 3 million barrels of crude oil to refill the Strategic Petroleum Reserve (SPR) in August also supported the market. However, concerns over the U.S. debt ceiling talks and a potential increase in U.S. interest rates limited gains, making investors focus on negotiations to raise the debt limit of the U.S.
Oil prices ease after U.S. oil stock build
Oil prices edged lower on Thursday as concerns over plentiful supply eased and investors watched developments around U.S. debt ceiling negotiations. However, U.S. oil inventories rose unexpectedly last week, weighing on prices.
Oil prices extend gains on US plans to refill reserve, Canada's wildfires
Oil prices increased for a second straight day as the US intends to buy oil for the Strategic Petroleum Reserve (SPR) and wildfires in Canada raised supply worries. Brent crude futures gained 0.4% to $75.54 per barrel, while West Texas Intermediate crude rose 0.4% to $71.38 per barrel. The US Department of Energy announced plans on Monday to acquire 3 million barrels of crude oil for delivery in August, and bid requests are expected to be in by 31 May. Global crude supplies could also drop if OPEC+ goes ahead with further output cuts in H2 2022.
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