Update/ I could not resist another top up😄20 May 2025 16:33
Uesday, May 20, 2025
Oil prices have been range-bound after weeks of wild swings, with both positioning data and traded volumes indicating traders are taking a breather to assess where Brent futures would be moving next. With Brent at $65 per barrel and WTI at $62.5 per barrel, the next big pricing move might come from the Russia-Ukraine or US-Iran negotiations.
Chinese Refinery Runs Fall on Trump Impact. China’s crude refinery throughput declined by 1.3% from a year ago and averaged 14.12 million b/d last month, with consultants estimating that utilisation rates were as low as 73.8%, the lowest in the country’s post-COVID recovery period.
UK Signs All-Round Trade Treaty with Europe. Nine years after the United Kingdom voted to leave the European Union, London signed a defence and trade treaty with Brussels, opening up each other’s waters for fishing for 12 years, easing agricultural exports and facilitating arms investments.
Baltic Sea Shipping Roiled by Tanker Detainments. Russia detained a Greek tanker after it left Estonia’s port of Sillamae and crossed into Russian territorial waters, four days after the Baltic country’s navy attempted to stop a Russia-bound oil tanker for being part of the ‘shadow fleet’.
Indonesia Investigates Its Own State Oil Firm. The Indonesian Attorney General’s Office reached out to a number of trading firms in Singapore to investigate corruption in its state oil and gas company Pertamina, alleging that fraudulent oil import deals caused $12 billion in lost government revenue.
Turkey Keeps on Finding More and More Gas. Turkish explorer TPAO has discovered a new offshore gas field containing at least 75 billion cubic metres (2.6 Tcf) in the Black Sea, adding to the 400 bcm Sakarya field as Ankara doubles down on domestic exploration, still importing 90% of its energy needs.
China Becomes the New Favourite of TMX Exporters. Fears of US-Canada trade frictions have led Canadian oil exporters to focus primarily on China with their TMX barrels, sending 226,000 b/d of heavy sour crude (or 55% of all exports) to Chinese refiners, with Sinopec emerging as the largest buyer.
Equatorial Guinea’s Territory Expands. Following five lengthy years of arbitration, the International Court of Justice ruled in favor of Equatorial Guinea in its territorial dispute with Gabon, awarding it the Mbanie, Cocotiers and Conga islands, located in the oil-rich waters in the Gulf of Guinea.
China’s Copper Stocks Recover. Copper inventories in warehouses controlled by the Shanghai Futures Exchange rebounded sharply this week after weeks of continuous declines driven by strong US-bound export flows, jumping 34% week-on-week to 108,142 metric tonnes, marking the end of destocking.
Denmark Seeks to Attract Wind Investment. Having failed to attract any bids for its biggest ever offshore wind tender in late 2024, Denmark plans to launch its 2025 offering with two areas in the Danish North Sea, w
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