Latest news with #YongchangChin
Mint
30-04-2025
- Business
- Mint
Oil Set for Historic April Selloff as Trade War Darkens Outlook
Oil headed for the worst April performance on record on signs that the US-led trade war is hurting economic growth and energy demand, and as an industry group flagged a rise in crude stockpiles. Global benchmark Brent — which fell toward $64 a barrel — has slumped by more than 14% this month, the largest loss for that period since the contract started trading in 1988. West Texas Intermediate was near $60 a barrel. Data later on Wednesday may confirm a slowdown in US economic growth, after figures showed that consumer confidence slumped to an almost five-year low. Nationwide commercial crude stockpiles, meanwhile, rose 3.8 million barrels last week, according to an estimate from the American Petroleum Institute, which also saw a modest climb at the key storage hub in Cushing, Oklahoma. Crude has been battered this month, touching a four-year low, as US President Donald Trump's sweeping trade levies — including on top importer China — have blunted the outlook for energy demand. At the same time, OPEC has been loosening output curbs, with JPMorgan Chase & Co. warning that the cartel may opt to accelerate planned supply increases at a meeting next week. Elsewhere, Russia's oil exports edged higher for a second week, with almost half of the tankers sanctioned in previous years now back hauling the producer's barrels. Crude flows from all Russian ports in the four weeks to April 27 rose to 3.26 million barrels a day, up by 1% from the previous week. To get Bloomberg's Energy Daily newsletter in your inbox, click here. With assistance from Yongchang Chin.
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Business Standard
29-04-2025
- Business
- Business Standard
Indian refiners purchase more US crude ahead of proposed trade talks in May
India's trade deficit widened more than expected in March, as oil imports jumped more than 60 per cent from a month earlier Bloomberg By Yongchang Chin and Bill Lehane Indian refiners have been boosting US oil purchases before trade talks between the two nations next month. Around 11.2 million barrels of crude are set to arrive in India from the US in June, the highest volume since last August, according to provisional data from analytics firm Kpler Ltd. That comes after a drop in prices in the West Texas Intermediate benchmark as the result of lower demand because of a refinery overhaul in Singapore, along with reduced appetite in China — the world's biggest oil importer. 'WTI has to discount significantly more than usual to incentivise the rest of Asia to take in the barrels,' said June Goh, a senior oil market analyst at Sparta Commodities. 'There is also a geopolitical element, where Asian buyers may seek more WTI as a negotiating tool with the US to reduce the reciprocal tariffs, per what we are observing with Indonesia and India.' India's trade deficit widened more than expected in March, as oil imports jumped more than 60 per cent from a month earlier. The nation's exporters have been urging New Delhi officials to seal a bilateral trade deal with the US as soon as possible, with in-person negotiations set to start in the second half of May, after President Donald Trump paused a proposed 26 per cent tariff on the Asian nation this month. State refiners including Indian Oil Corp. and Bharat Petroleum Corp. have purchased at least 6 million barrels of June-arrival crude from the US across various tenders held this month, according to Bloomberg calculations. Bharat Petroleum — which is also seeking spot supplies including grades from the US — bought 1 million barrels for the four months through September. Indian Oil has also started buying crude for July, including 3 million barrels from the US. Indian Oil and Bharat Petroleum didn't respond to requests for comments due to the release of their earnings this week. Private refiner Reliance Industries Ltd. is also a regular buyer of US crude, although it isn't yet clear how much they have procured for the coming months. The stronger American sales to India are displacing purchases from West Africa, which is typically one of India's main sources of lighter oil imports, according to traders.
Bloomberg
29-04-2025
- Business
- Bloomberg
Indian Refiners Purchase More US Crude Before Trade Talks in May
By Yongchang Chin and Takeaways NEW Follow Bloomberg India on WhatsApp for exclusive content and analysis on what billionaires, businesses and markets are doing. Sign up here. Indian refiners have been boosting US oil purchases before trade talks between the two nations next month.
Bloomberg
01-04-2025
- Business
- Bloomberg
Trump's Russian Oil Threat Pushes India to Seek Alternatives
By and Yongchang Chin Save Indian refiners have rushed back to the market to seek crude supply after President Donald Trump's threat of more penalties against Russia raised concerns over potential disruptions to oil flows. State-owned Bharat Petroleum Corp. and Hindustan Petroleum Corp. are seeking additional supplies for May arrival from regions such as the Middle East, North Sea and Mediterranean, said people familiar with the matter. The trading cycle for barrels delivered next month is typically concluded in early March.
