During the early trading session in Asia, ICE Brent crude oil futures prices slightly declined after a significant increase in the previous trading day.
During the early trading session in Asia, ICE Brent crude oil futures prices slightly declined after a significant increase in the previous trading day.
As of 12:00 Beijing time, the ICE Brent crude oil futures contract for August was priced at $84.08 per barrel, down 17 cents from the settlement price on June 17, while the contract rose $1.63 on June 17 at the end of trading.Pricing. By product structure, the operating income of 10-30 billion yuan products is 401/1288/60 million yuan respectively.
The main contract price for NYMEX crude oil in July was $80.17 per barrel, down 16 cents from the settlement price on June 17, and the contract ultimately rose $1.88 on that day.
The National Weather Service predicts that from June 17 to 21, winds of up to 35 miles per hour (56 kilometers) will occur along the Texas coast from Corpus Christi to Beaumont-Arthur Port, and gusts can sometimes reach speeds of 45 miles per hour.During this time, waves may reach 15 feet (4.6 meters), which could cause ship-to-ship transfer (STS) operations to be delayed for much of the week. The Gulf of Mexico's transfer usually takes place in designated light oil areas near Corpus Christi, Galveston, and Beaumont-Arthur, from Africa-type or Suez-type tankers to ultra-large crude oil tankers.
One market participant said on June 17 that it may be the last chance to complete STS operations before Friday afternoon. The National Hurricane Center said as of 2 p.m. Eastern Time on June 17 that the storm had a 70% chance of developing into a tropical depression or tropical storm.
Iran's state news agency Shana reported that Iran has launched the second phase of the development of the 30 billion barrels of crude oil reserves in the Yadavaran oil field in the southwest, and the new well is expected to increase crude oil production by 42,000 barrels per day. Mohsen Khojasteh-Mehr, CEO of the National Iranian Oil Company (NIOC), said that the Yadavaran oil field's first phase production has exceeded 110,000 barrels per day, and NIOC plans to increase daily production by 100,000 barrels in the second phase.
Market participants said that compared with the second quarter of 2024 and the third quarter of 2023, the plan maintenance activities of Russian refineries will be reduced during the July to September period. Maintenance of crude distillation units (CDUs) will occupy 5% more capacity than in April-June, but nearly a quarter less than a year ago. CDU maintenance work has been arranged at four refineries of Rosneft, with a total capacity of 938,000 barrels per day. Lukoil, Russia's second-largest oil producer, is also planning CDU maintenance at two plants, with a total capacity of 460,000 barrels per day.
Due to the continuous erosion along the Quito River in Napo Province, the largest oil pipeline in Ecuador, the OCP pipeline with a daily processing capacity of 450,000 barrels, stopped operating as a preventive measure on June 17. The OCP consortium announced force majeure on its operation.Petroecuador told Argus that the second largest pipeline in the region, the Sote pipeline with a daily processing capacity of 360,000 barrels, operated by the state-owned enterprise Petroecuador, has continued to transport oil.Erosion has caused multiple shutdowns of pipelines in the northeast of the country near the Coca River and its tributaries.
(The above content is from Argus, an independent international energy and commodity price assessment agency)