Fuel Oil
Fuel oil is a heavy petroleum product derived from the distillation of crude oil, primarily used for heating and power generation. It has a higher flash point t...
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Domestic Fuels Mixed; Global Crude Lifts Sentiment
Domestic oil products traded mixed, with FO at ₹47,540–48,607/MT and LDO at ₹58,300–60,890/KL. Demand is recovering post-monsoon, while Chennai Petroleum’s maintenance may tighten supply. Internationally, Brent rose to $68.47/bbl on supply concerns. Expanding global base oil output and new imports into India could restrain future price gains.
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Muted Base Oil Group I Demand, Tight Light Grades Amid Balanced Group II & III Supplies
The base oils market stayed mostly steady to soft, with Group I pressured by excess Iranian and Chinese supply. Group II remained capped by weak crude and feedstock values, while Group III stayed broadly stable, though 4 cSt and 8 cSt showed localized weakness. Buyers continued cautious, need-based procurement.
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Russian Urals Crude Gains Ground in Asia as U.S.–India Trade Tensions Escalate
Russian Urals crude maintains a strong pricing edge over Saudi grades, reshaping Asian trade flows. China and India increase reliance on discounted Russian barrels, while U.S. tariffs on Indian imports raise geopolitical tension. Saudi Aramco adjusts supplies to defend market share. Competitive pricing and politics drive short-term crude market trends.
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Crude and Bitumen Prices Ease Amid Weak Demand, Stockpile Surge
Crude oil and bitumen prices softened amid weak demand and rising stockpiles, especially in the U.S. Trade tensions and geopolitical uncertainties added further downward pressure. Bitumen prices in Europe dipped slightly, while Bahrain held steady. Markets remain volatile, with investor sentiment cautious ahead of further trade and policy developments.
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Tariff Turbulence Hits Oil Trade: Indian Refiners Navigate Pressure from U.S. and EU Sanctions
India's oil market remains tight as refiners rush to replace Russian crude amid geopolitical tensions and Western scrutiny. Brent and WTI prices remain steady, but Indian bitumen prices vary across grades and locations. Urgent tenders and sourcing shifts point to rising procurement costs and heightened volatility in global energy markets.
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Oil Market Gains Amid US Crude Draw and Russian Export Cuts
Bitumen and base oil prices showed mixed regional trends, with sharp drops in VG40 and firm furnace oil rates. Crude oil markets strengthened on falling U.S. inventories and Russian export cuts. Despite temporary supply easing from Venezuela, global prices are expected to remain firm, supported by supply constraints and geopolitical developments.
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EU Sanctions on Russian Oil Supply Chain Impacting Global Dynamics
The EU plans to lower the Russian oil price cap from $60 to $45–50 per barrel, aiming to curb Moscow’s revenue. This could trigger crude price volatility and boost demand for discounted Russian oil from countries like India. Previously, Russia bypassed the cap’s impact by inflating freight and insurance costs, maintaining near-market earnings despite restrictions.
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Base Oil Prices Steady in Asia Despite Monsoon-Led Demand Slowdown
Base oil prices across Asia remained stable to firm in mid-July, supported by constrained supply and rising crude benchmarks. Group I and III grades saw the most pressure. Demand stayed weak due to monsoon impact and soft industrial activity, while refinery turnarounds kept supply tight. Outlook remains firm for key grades.
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Tight Bitumen Supply and Firm Demand Keep Indian Market Supported
Brent crude has softened to $82.34/barrel on recession fears, but disciplined OPEC+ output keeps the downside in check. In India, bitumen prices continue to rise, especially at Kandla, amid tight import supply and strong restocking demand. Market sentiment remains bullish due to ongoing monsoon disruption and limited PSU allocations.
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