With fuel oil exports having tumbled since Russia's invasion of Ukraine, refineries in the country opted to cut processing in March and April.

Total sales came to 670,063 cu m in April, down 3.8% from March and 1.4% lower than a year earlier, according to Fujairah Oil Industry Zone data compiled by S&P Global Commodity Insights.

S&P Global Commodity Insights assessed the lowest cost of hydrogen production via alkaline electrolysis in Qatar at an average of $2.59/kg in April, or 20% of highest priced region -- the UK -- at $13.14/kg.

The change in methodology follows feedback gathered that shows the market has moved away from Russian origin being traded on the same basis as other origins.

S&P Global understands that the stricter sulfur requirements imposed by the IMO 2020 regulations for 0.5%S marine fuel has resulted in trades that are often close to the maximum specifications compared to HSFO, and feedback suggests that hand blends may have a higher likelihood of specification and quality issues.

The Singapore marine fuel oil market is expected to remain firm in the May 17-20 trading week, as tight availability of cutter stocks persist given relatively stronger gasoil crack spreads compared with low sulfur fuel oil.

Consumption of biofuels in the EU among three key sectors -- road, marine and aviation -- is set to surge further with major industry players advocating for long-term mandates and more ambitious targets in a bid to secure investment in infrastructure as well as energy independence.

He called for concrete action to accelerate progress in low-carbon steel and hydrogen, as well as for progress in exiting fossil fuels.

A consortium is planning to set up a hydrogen infrastructure under a project dubbed HyPipe Bavaria / H2-Cluster Ingolstadt, which will supply the participating industrial sites and the region with hydrogen.

Shanghai has reported no new COVID-19 cases for three days in row, prompting Chinese authorities to move the city of 25 million inhabitants closer to a reopening at the beginning of June. This reopening is contingent on the city reporting no new cases until May 21.

Russia's key crude grade Urals has been trading at record low values. Urals was assessed by Platts at $77.78/b on May 16, compared to Dated Brent at $113.135/b, S&P Global Commodity Insights data showed.

The Bilbao refinery is restarting its halted fluid catalytic cracker and boiler unit in Plant 3, which were halted May 14 and May 15 respectively for maintenance.

Crude prices rose midday, shaking off early-session selling pressure as the market weighed tighter global supply outlooks against uncertain Chinese demand.

While flat prices have remained volatile, European middle distillates markets have been broadly stable amid relatively tight supply of cargoes of jet fuel, 0.1% gasoil and ultra low-sulfur diesel -- especially in the Mediterranean -- but thin buying appetite to bring barges from ARA to inland demand centers.

State-led oil company Petrobras reaffirmed its commitment to keeping Brazil's domestic fuel prices at parity with international imports, despite renewed criticism of the company and an energy industry shakeup by President Jair Bolsonaro.

The oil market is gradually being weighed down by bearish factors on both the demand and supply side, even as prices remain supported above $100/b amid the geopolitical ructions stemming from the Russia-Ukraine war, industry analysts said May 16.

US refined product inventories likely declined in the week ended May 13, analysts surveyed by S&P Global Commodity Insights said May 16, with distillate stocks expected to test 17-year-lows amid continued strong export demand.

Volatility continues to be the main factor in pricing for bunkers in Latin America, with participants reacting cautiously and in a lagging way to the steep day-to-day changes seen in global oil markers.

Finland's Neste has "mostly replaced" Russian crude, while its remaining supply contracts will end in July.

It was agreed to end support for new fossil gas and oil projects, but to allow a transitional period to the end of 2029 for funding of gas projects that would be converted to hydrogen.