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Trade Service
On Tuesday (November 9), U.
S.
crude oil rose for the third time, closing above $84 and currently trading around
84.
30.
On the one hand, the further easing of global economic restrictions and the surge in fuel demand, on the other hand, the unexpected decline in crude oil inventories has kept investors buying
on the dips.
Given the outlook of short supply, the market continues to be bullish on the rise in oil prices and may even rise to $
100.
India's fuel demand surged in October, with gasoline sales hitting a record high
India's fuel demand rose to a seven-month peak in October, with gasoline sales hitting a record high
.
Fuel consumption, which represents oil demand, rose more than 12 percent last month from September to 17.
87 million tonnes
.
Refinitiv analyst Ehsan Ul-Haq said consumption was boosted from the holiday season in October, offsetting the impact
of higher prices.
Sales of gasoline or gasoline in October were 8.
3% and 3.
4% higher than in 2019 and 2020, respectively, reaching 2.
75 million mt, the highest monthly figure
recorded according to data since 1998.
Prashant Vasisht, ICRA's vice president and co-head of corporate ratings, said increased vaccination coverage and the opening of schools, colleges and offices have helped boost
demand.
Diesel sales, which typically rise ahead of Diwali, rose nearly 20 percent from September to 6.
61 million mt, helped by the fastest monthly expansion
of plant activity in the country in eight months.
U.
S.
API crude inventories unexpectedly declined
In the week ended Nov.
5, crude inventories unexpectedly fell by 2.
485 million barrels, gasoline inventories plunged by 4.
516 million barrels, refined oil fell by 3.
257 million barrels, and Cushing crude inventories increased by 234,000 barrels
.
Analysts estimate an increase in crude inventories of 2.
1 million barrels
.
Markets will await the weekly inventory data released by the U.
S.
Energy Information Administration (EIA) on Wednesday to see if it confirms the decline in crude oil inventories
.
Russell Hardy, chief executive of trading giant Victor, said on Tuesday that oil demand has returned to pre-pandemic levels and the first quarter of 2022 could see demand exceed 2019 levels, further cementing the view that the
market remains tight.
Hardy said, "The possibility of a spike to $100 a barrel is clearly there
.
”
Supplies resumed in Russia, wholesale gas prices in Europe fell
Wholesale gas prices in Europe fell on Tuesday after Russia resumed gas deliveries to Germany, raising hopes that Russia is meeting its pledge to increase supplies and easing concerns about supply shortages and high prices ahead of winter
.
Russia began pumping gas to Germany through the Yamal pipeline in Siberia overnight on Monday (November 8), after halting exports a day earlier pushed up European gas prices
.
German data showed that gas flows later rose to their highest level
in nearly two weeks.
Russia supplies one-third of Europe's natural gas, and Russia's supply intentions are crucial at a time when spot prices are hitting European households and businesses, underscoring Europe's high dependence
on Moscow for energy supplies.
Russian President Vladimir Putin this month ordered state-run Gazprom to increase supplies to Europe and rebuild its stocks
once domestic gas tanks are filled.
Gazprom said on Tuesday (Nov.
9) that it had begun delivering November gas to five underground gas storage facilities in Europe, signaling that it had begun to implement the order
.
While wholesale gas prices in EU countries and the U.
K.
have fallen, market analysts say whether prices drop more sharply will depend on whether Russia does more to ease European concerns and how cold
it will be this winter.
Trevor Sikorski, an analyst at consultancy Energy Aspects, said by email: "So prices will remain high until these concerns dissipate
.
" ”