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COVID-19 - News digest as of 19.10.2021

October 19/2021

1. Asia Distillates-Jet margins drop but still near multi-month highs

MOSCOW (MRC) -- Asia's jet fuel refining margins slipped to USD13.42 a barrel on Friday, but were just 8 cents shy of a near two-year high reached in the previous week, reported Reuters with reference to Refinitiv data in Eikon. This came as oil prices hit a fresh three-year high on Friday, climbing above USD85 a barrel on forecasts of a supply deficit over the next few months as rocketing gas and coal prices stoke a switch to oil products. Asian refining margins for jet fuel have climbed in October to their highest levels since January 2020 as air travel demand recovers in Asia, according to analysts and Refinitiv data. Asia-Pacific nations, home to some of the world's strictest pandemic-related travel rules, are gradually easing border restrictions resulting in a surge in flight bookings and travel enquiries.

2. Oil prices jump to three-year high on back of supply shortage

MOSCOW (MRC) -- Oil prices jumped to a three-year high above USD85 a barrel on Friday, on forecasts of a supply deficit over the next few months, spurred by rising demand due to the easing of travel restrictions, reported Reuters. Brent crude futures were up 77 cents, or 0.9%, at USD84.77 a barrel at 11:48 a.m. EST (15:48 GMT). Front-month prices, which touched their highest since October 2018 at USD85.10, were headed for a weekly rise of 3%, which would be their sixth straight weekly gain. US West Texas Intermediate (WTI) crude futures rose 87 cents, or 1.1%, to USD82.19 a barrel. The contract is heading for a 3.5% gain on the week, up for the eighth consecutive week. Demand has picked up with the recovery from the COVID-19 pandemic, with a further boost from power generators who have been turning away from expensive gas and coal to fuel oil and diesel.

3. Nayara Energy hopes to operate its refinery in Western India at full rates in 2021

MOSCOW (MRC) -- India's Nayara Energy hopes to operate its 400,000 barrels per day (bpd) refinery in western India at close to 100% capacity in 2021 as fuel demand is picking up, according to Hydrocarbonprocessing with reference to Chief Executive Alois Virag's statement at APPEC 2021 conference. Nayara, part owned by Russian oil major Rosneft, cut rates at its Vadinar refinery in Gujarat state last year. India's fuel demand is likely to rise by 9%-11% as the economy in India is "steered towards higher growth" after the easing of the second wave of COVID-19, he said.

4. Crude oil futures roll back from multi-year highs on reports suggesting that global economic recovery was slowing down

MOSCOW (MRC) -- Crude oil futures retreated further from multi-year highs in mid-morning trade in Asia Oct. 19 after a mixed overnight session, with sentiment bruised by a slew of reports suggesting that the global economic recovery was slowing down, reported S&P Global. At 10:30 am Singapore time (0230 GMT), the ICE December Brent futures contract was down 4 cents/b (0.05%) from the previous close at USD84.29/b, while the NYMEX November light sweet crude contract fell 5 cents/b (0.06%) at USD82.39/b. Investor confidence took a hit overnight after data showed US industrial production fell by 1.3% on the month in September, much weaker than the expected 0.1% rise. In addition, China's economy grew by a relatively paltry 4.9% in the third quarter from a year earlier, down from a 7.9% growth in the second quarter.
Author:Margaret Volkova
Tags:Asia, crude and gaz condensate, medicine, petrochemistry, Rosneft, COVID-19, India, China, Russia, USA.
Category:General News
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