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New Indian Express
03-07-2025
- Business
- New Indian Express
Crude oil Imports dip slightly in June; Russia remains top supplier
India imported 4.66 million barrels per day (mbd) of crude oil and condensates in June 2025, slightly down from 4.72 mbd in May, according to data from shipping analytics firm Vortexa. Russia continued to be India's top crude supplier, followed by Iraq, Saudi Arabia, the United Arab Emirates, and the United States. The report highlights a marginal month-on-month increase in crude imports from the US, rising to 2.98 mbd in June from 2.63 mbd in May. In May, India's crude oil imports reached an all-time high of 23.32 million metric tonnes in May, up 10% from the previous month. Russia accounted for nearly 40% of these imports, followed by Iraq at 22%, while imports from Saudi Arabia continued to decline. Despite the ongoing conflict in the Middle East, particularly tensions between Israel and Iran, India's crude imports from the region remained largely unaffected. While imports from the Middle East Gulf (MEG) declined slightly in June, Vortexa noted that this was likely not linked to the geopolitical situation, as there were no observed disruptions through the Strait of Hormuz. The drop, instead, appears to be driven by India increasing purchases of Russian grades like ESPO. Import of crude from the Middle East Gulf decreased slightly m-o-m in June, but that might not be due to the Israel-Iran conflict as we did not see any disruptions in flows across the Strait of Hormuz. The drop in MEG crude intake by India last month might be due to India taking more Russian crude, particularly ESPO grade,' said said Ivan Mathews, Head of APAC Analysis Vortexa.. Meanwhile, Petroleum Minister Hardeep Singh Puri on Tuesday said that crude oil prices are expected to stabilize around $65 per barrel going forward. His remarks came after Brent crude briefly rose to $78 per barrel following the recent conflict between Israel and Iran.
Time of India
02-07-2025
- Business
- Time of India
Northeast Asia sends the most jet fuel to Europe in nearly a year in June, ET Infra
Advt Advt Traders shipped the most jet fuel from Northeast Asia to Europe in almost a year in June, driven by lower freight rates, ample regional supply, and concerns over potential supply disruptions from the Middle East, according to ship tracking data and trade 350,000 metric tons (2.8 million barrels) of aviation fuel were shipped from South Korea and China to Europe in June, Kpler data showed. Trader estimates suggest total bookings for the month could reach up to 465,000 shipments are expected to slightly ease Asia's jet fuel oversupply and help stabilise prices in the near term, according to tankers were chartered in June by major players including Vitol, BP, Aramco Trading, Gunvor, and Unipec — the trading arm of Asia's largest refiner, Sinopec, Kpler data showed. Vitol and Saudi Aramco declined to comment, while Gunvor, Unipec, and BP did not immediately respond to fuel exports from Northeast Asia rose in June as refiners ramped up production following maintenance and as profit margins — or "product cracks" — improved, said Ivan Mathews, head of APAC analysis at weak spot demand from regional importers, traders diverted spot cargoes westward to capitalise on stronger margins and lower shipping costs, two Singapore-based trade sources said.'These flows were purely opportunistic, spurred by geopolitical tensions that sent Northwest Europe cracks surging, while freight rates on modern newbuild vessels remained attractive enough to justify the move,' said Zameer Yusof , senior lead research analyst at jet fuel prices in Northwest Europe remained $60 to $80 per ton higher than in Asia through most of June, LSEG data showed. Demand in Europe typically spikes during the summer travel season — Eurocontrol data showed June flight numbers were up 5.2 per cent year-on-year and 7.8 per cent over Middle East conflict also contributed to rising European jet fuel prices. Meanwhile, the cost to ship 90,000 tons of jet fuel on LR2 tankers fell to a one-month low of $40 to $45 per ton for bookings made before the Iran-Israel conflict began on June least four new LR2 tankers have been booked to carry jet fuel from East to West for June and July, according to two shipping sources. Shipbroking sources noted that maiden voyages on new vessels often come at lower freight rates, as owners seek to build tracking history and analysts don't expect the recent exports to lift Asian jet fuel prices significantly.'Asia remains chronically net long jet/kero by around 625 kbd in June and July, and Europe-bound flows won't make a meaningful dent in that surplus,' said Kpler's alone is targeting jet/kero exports exceeding 2 million tons per month, he added. In May, China exported 1.92 million tons of jet fuel — a 20 per cent increase year-on-year.
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Business Standard
30-05-2025
- Business
- Business Standard
India's May diesel exports to SE Asia hit multi-year high on strong margins
Increased diesel from India, one of the largest suppliers in the region, is cooling spot premiums for the fuel in Asia Reuters India's diesel exports to Southeast Asia for May are set to hit the highest in at least four years, according to shiptrackers and three trade sources, as traders eyed higher profits in Asia while higher freight costs deterred shipments to Europe. Increased diesel from India, one of the largest suppliers in the region, is cooling spot premiums for the fuel in Asia and pressuring derivatives markets, while tightening the fuel's availability in Europe and supporting prices there. Shipments on the India-Southeast Asia route climbed to 600,000 metric tons (4.47 million barrels) or more this month, shiptracking data from LSEG, Kpler, Vortexa and two trade sources showed. Such levels were last seen at the end of 2021, Kpler data showed. Most volumes were destined for Singapore or Malaysia, the data showed. Meanwhile, Indian diesel bound for Europe in May was estimated at 500,000 tons, LSEG data showed. "The re-direction of Indian diesel barrels east has had a two-fold effect," said Sparta Commodities analyst James Noel-Beswick. "First, it has flooded the Singapore market, leading to a swift rebound in local inventories and applying downward pressure on diesel spreads since late April," he said. For Europe, the drop in Indian supplies has prompted June ICE gasoil prices to rise, he added. Asian cash premiums for 10-ppm sulphur diesel fell to seven-week lows of 20 cents per barrel early this week while refining margins have been struggling to hold above $16 per barrel, LSEG data showed. ARBITRAGE The average discounts for the east-west price spread for April and May were at $22 and $20 per ton, respectively, LSEG data showed, with traders saying such levels were slightly more profitable for sellers to sell east instead of west. Lower shipping costs also helped push more Indian supply to Southeast Asia, they added. Cost for chartering a medium-range vessel carrying 40,000 tons of diesel on the India-Northwest Europe route jumped to $2.35 million in the past week, equivalent to $59 per ton, up from $2.05 million last month, SSY Tanker data on LSEG Workspace showed. In comparison, shipping fees for a similarly-sized vessel on the India-Singapore route were less than $1 million, the data added. India's diesel production also rose in May after Reliance Industries restarted a crude unit at the Jamnagar refinery, leading to more exports, said Vortexa's head of APAC analysis Ivan Mathews. Next month, India will probably export more diesel as local demand is set to fall during the monsoon season, two Singapore-based trade sources said. One of them estimated that demand could drop by 500,000 tons or more.
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First Post
30-05-2025
- Business
- First Post
India's May diesel exports to SE Asia hit multi-year high on higher margins
India's diesel exports to Southeast Asia in May will hit a four-year high, cooling spot premiums and pressuring derivatives markets. Shipments reached 600,000 metric tons. read more India's diesel exports to Southeast Asia for May are set to hit the highest in at least four years, according to shiptrackers and three trade sources, as traders eyed higher profits in Asia while higher freight costs deterred shipments to Europe. Increased diesel from India, one of the largest suppliers in the region, is cooling spot premiums for the fuel in Asia and pressuring derivatives markets, while tightening the fuel's availability in Europe and supporting prices there. Shipments on the India-Southeast Asia route climbed to 600,000 metric tons (4.47 million barrels) or more this month, shiptracking data from LSEG, Kpler, Vortexa and two trade sources showed. Such levels were last seen at the end of 2021, Kpler data showed. Most volumes were destined for Singapore or Malaysia, the data showed. Meanwhile, Indian diesel bound for Europe in May was estimated at 500,000 tons, LSEG data showed. 'The re-direction of Indian diesel barrels east has had a two-fold effect,' said Sparta Commodities analyst James Noel-Beswick. 'First, it has flooded the Singapore market, leading to a swift rebound in local inventories and applying downward pressure on diesel spreads since late April,' he said. For Europe, the drop in Indian supplies has prompted June ICE gasoil prices to rise, he added. Asian cash premiums for 10-ppm sulphur diesel fell to seven-week lows of 20 cents per barrel early this week while refining margins have been struggling to hold above $16 per barrel, LSEG data showed. ARBITRAGE The average discounts for the east-west price spread for April and May were at $22 and $20 per ton, respectively, LSEG data showed, with traders saying such levels were slightly more profitable for sellers to sell east instead of west. Lower shipping costs also helped push more Indian supply to Southeast Asia, they added. Cost for chartering a medium-range vessel carrying 40,000 tons of diesel on the India-Northwest Europe route jumped to $2.35 million in the past week, equivalent to $59 per ton, up from $2.05 million last month, SSY Tanker data on LSEG Workspace showed. In comparison, shipping fees for a similarly-sized vessel on the India-Singapore route were less than $1 million, the data added. India's diesel production also rose in May after Reliance Industries restarted a crude unit at the Jamnagar refinery, leading to more exports, said Vortexa's head of APAC analysis Ivan Mathews. Next month, India will probably export more diesel as local demand is set to fall during the monsoon season, two Singapore-based trade sources said. One of them estimated that demand could drop by 500,000 tons or more. (Except headline, this story has not been edited by Firstpost staff)
