Crude edges lower as hot inflation, rising unemployment prompt recession fears

No formal agreement had been signed between Russia and Ukraine, the UN said.

Some 1.305 million mt of US LPG was imported into the two regions in June -- 888,000 mt propane and 416,000 mt butane.

India's jet fuel consumption maintained more than two-year highs in June as the aviation sector continues to recover. Gasoil consumption also rose in June after cuts in excise duties spurred demand.

The US producer price index climbed 1.1% in June, US Bureau of Labor Statistics data showed July 14, meaning wholesale prices have increased 11.3% from a year ago.

The three main unions of Repsol workers, CCOO, UGT and STR, have called for six days of strike action in July and August, according to a joint statement issued July 13.

Russian gas supply curtailments have left much of Europe short of gas at a time when storage is usually refilled ahead of winter, fueling concerns of shortages in the coming winter.

Throughput of diesel and fuel oil, key Russian exports to Europe, had been steadily declining since 2019 but in H1 2022 they grew 10.4% on the year, the port authority said in a statement.

Russia's Astrakhan refinery, which predominantly processes gas condensate and produces only light products, has delayed its restart from maintenance, but is due to restart in early August, according to market sources.

Russian Urals is trading at a significant discount to international benchmark Dated Brent and this adds to the attraction of Russian material.

Pakistan State Oil last bought one 65,000-mt HSFO cargo with the similar specifications for the second half of July delivery from Coral Energy at a premium of $85/mt to the MOPAG 180 CST assessments.

South Korea and Thailand were the two major suppliers of oil products in the month.