Energy & Petroleum

Crude oil prices rose sharply amid U.S.–China trade relief, yet Asian base oil markets remain mixed. Group II and III face oversupply, especially with South Korean restarts, keeping prices under pressure. Bright Stock stays firm due to structural shortages. Market sentiment remains cautious amid persistent weak downstream demand and limited industrial recovery.

WTI crude oil hovers above $63/bbl, weighed by OPEC+ supply increases and U.S. trade tensions. Goldman Sachs highlights Trump’s historical preference for lower oil prices, adding uncertainty. While easing U.S.–China tariffs provided brief support, rising U.S. inventories and fragile geopolitical balances limit further upside. Market remains cautious and range-bound.

India has significantly ramped up U.S. crude oil imports, leveraging favorable WTI pricing and using energy trade as a strategic tool amid ongoing tariff negotiations with the U.S. State refiners are leading the charge, while analysts expect continued import growth, potentially impacting regional freight, WTI pricing, and global energy trade dynamics.

Global bitumen prices declined last week, driven by falling Brent crude and weak demand, especially from China. Indian bitumen prices dropped by $7–$8 on May 1. Despite geopolitical tensions, oversupply risks and economic stagnation continue to pressure prices. Market may stay bearish unless crude stabilizes above $60.

Petroleum product prices in India show wide regional and packaging variations, with VG40, base oils, and lubricants trading at distinct levels. OPEC+ output hike and subdued demand are shaping global supply dynamics. Despite regional geopolitical tensions, oil prices remain stable due to unaffected supply chains and sufficient global inventories.

Oil and bitumen prices witnessed a sharp decline, driven by economic factors like increased inventories and reduced Chinese demand. Brent crude fell to a 2021 low, impacting global and Indian bitumen prices. Despite geopolitical tensions, market behavior remained largely economic. Iran’s port disaster adds further instability to regional pricing.

Crude oil prices dipped as Brent fell to $63.61 and WTI to $59.72, amid weaker Asian refinery demand and rising trade tensions. Meanwhile, the Indian Rupee marginally appreciated. India’s crude sourcing shifts toward the US, with record June purchases planned, positioning oil imports as leverage ahead of May’s India - US trade talks.

Crude oil prices dropped sharply, with Brent at $66.18 and WTI at $62.45 per barrel, amid rising supply and weak demand. Bitumen held steady across most Asian markets, though Bahrain saw a $50 drop. Indian prices remained firm, supported by seasonal construction demand, despite overall market caution.

Virgin 180cST Furnace Oil prices in India are ₹47.5–₹49/kg. East China’s 180cST market declined 0.45% to $751/ton. Global inventories show mixed trends: fuel oil stocks rose, while middle distillates fell. Despite slight crude gains, cautious buying dominates, keeping fuel oil market sentiment consolidative amid OPEC+ policy uncertainties.