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COVID-19 - News digest as of 11.10.2021

October 11/2021

1. Asia distillates-gasoil prices are on the rise

MOSCOW (MRC) -- Asia's middle distillate markets firm on Friday, buoyed by a firming demand outlook and tighter regional supplies, said Hydrocarbonprocessing. Recovering industrial demand due to easing COVID-19 restrictions and increased usage of the fuel for power generation on the back of high coal and gas prices are boosting the markets, trade sources said. Rising natural gas and thermal coal prices are likely to see increased gas-to-oil switching, supporting demand for residual fuel oil and gasoil, ANZ Research said in a note. ANZ analysts raised their fourth-quarter 2021 crude oil demand forecast by 450,000 bpd amid rising gas-to-oil switching in the power generation and industrial sectors and a continued recovery in demand for transportation fuels. The front-month gasoil time spread climbed to 72 cents a barrel, its highest since December 2019, Refinitiv data in Eikon showed.

2. Dangote refinery will cut West Africa fuel imports

MOSCOW (MRC) -- Dangotes 650,000 barrels per day (BPD) oil refinery project has been identified as one of the oil distillation companies that would boost global refining capacity by 6.9 million barrels per day between 2021 and 2026, said the company. The Organisation of the Petroleum Exporting Countries (OPEC), which made this disclosure in its 2021 World Oil Outlook released recently, said Africas medium-term outlook appears more optimistic with 1.2 million barrels-per-day (mb/d) of new capacity expected by 2026; half of which is to be accounted for by the 650,000 BPD Dangote Oil Refinery project in Nigeria, which is likely to come on stream in 2022.
Author:Margaret Volkova
Tags:Asia, Africa, crude and gaz condensate, medicine, COVID-19.
Category:General News
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