East Texas forward gas basis jumps as market prices in Freeport LNG demand

Prices strengthen after IEA hikes global demand growth

Port of Antwerp-Bruges sees multi-fuel as the future of energy transition in maritime

Processing at bigger refineries will depend on the early start of autumn maintenance at some plants. Their planned sales of diesel and gasoline and diesel on the St. Petersburg's exchange have been lower than July, indicating an earlier start to some partial works. Others, however, will increase fuel oil sales, indicating higher processing rates.

On Aug. 11, the IEA hiked its 2022 oil demand growth estimate by 380,000 b/d to 2.1 million b/d, citing "soaring" oil use in power generation and gas-to-oil switching in industry as a result of surging gas prices.

Hapag-Lloyd expects global container volume growth to slow to 2% this year, from 7% in 2021, the company said citing Seabury and Container Trade Statistics figures.

The refinery had been expected to start ULSD production in May and exports in June as it was reducing exports of high sulfur vacuum gasoil, traders said.

Engen previously sought 40,000 mt of 10 ppm sulfur winter-specification gasoil from Singapore/Malaysia loading over Aug. 19-21, or the Persian Gulf/India with loading over Aug. 23-25, S&P Global Commodity Insights reported earlier. The results of the tender could not be confirmed.