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Offshore Singapore stocks hit record low -analyst Supply tightness could be theme for fuel oil market in 2021 -analyst SINGAPORE, Feb 11 (Reuters) - Supported by shrinking supplies and firm demand, Asian refiners’ profit from producing very low sulphur fuel oil (VLSFO) rose to a one-year high this week, setting the stage for a trend that could persist throughout the year, traders and analysts said. “Tightness in the fuel oil complex will remain a common theme through 2021, especially as the tightness in crude ensures that any uptick in margins will be transferred straight to crude producers if OPEC+ producers can hold their nerve,” said Energy Aspects in a note to clients last week. ....
Qatar Petroleum (QP) aims to build a trading desk to rival oil majors and trading houses and to help smooth out spot gas price spikes, the chief executive of the world’s largest LNG producer told Reuters. ....
2 Min Read FILE PHOTO: Birds fly past the logo of India s state-owned natural gas utility GAIL (India) Ltd installed on its corporate office building in New Delhi, India, April 26, 2018. REUTERS/Adnan Abidi/File Photo NEW DELHI (Reuters) - Gas firm GAIL (India) Ltd expects to end overseas sales of the liquefied natural gas (LNG) it secures from the United States from 2023, as local demand rises with the commissioning of new fertiliser plants, a company official said. GAIL buys 5.8 million tonnes per annum (mtpa) of LNG from the U.S.-based projects. It has signed time and destination swap deals for some of these volumes to cut the landed cost for Indian customers and trade the remainder in overseas markets. ....
(New throughout, adds interview) MOSCOW/LONDON, Feb 8 (Reuters) - Demand for aluminium is extending its recovery so far this year despite a second wave of COVID-19 lockdowns, an executive at Russian aluminium producer Rusal said on Monday. “Demand is still strong in many sectors, especially automotive, packaging, construction,” Roman Andryushin, head of sales and marketing, said in an interview. “In the fourth quarter of last year we had clear signs of restocking to fill gaps in supply chains, but since then new orders have been picking up more and more.” Demand for aluminium was hit by the slide in economic activity due to the coronavirus pandemic starting last April, but started to recover in July and August, he added. ....
Brent crude prices are approaching $60 a barrel, a one-year high, driven in large part by OPEC+ cuts that are set to keep the oil market in deficit this year. ....