The Middle East is set to become an increasingly important supplier of natural gas on the global market in the coming years.
1. Q3 Earnings Calls to Focus on Capex Direction and Cost Management- The news of ExxonMobil being in advanced talks to purchase US shale producer Pioneer Natural Resources for some $60 billion has set the scene for a very interesting period of Q3 earnings calls in the second half of October.
export cuts. - With Indian refiners mostly buying the Urals grade delivered at a discount of $4 per barrel to Brent, Russian barrels remain cheaper than regional competitors from Saudi Arabia or Iraq. - Saudi Arabia has seen its market share in India decline precipitously so far this year, with September imports into India averaging only 491,000 b/d, a 41% decline week-on-week.
Supply Cuts, Robust Demand Shrink Hi-5 Spread to Narrowest in Years- Hi-5 spreads across Europe fell to unprecedented lows last month as the difference between high sulfur fuel oil HSFO and very low sulfur fuel oil VLSFO narrowed to as little as 20 per metric tonne. - production cuts from Saudi Arabia and Russia have limited the supply of crudes that yield sufficient amounts of residue and middle distillates, especially impacting the HSFO market as both countries produce sour grades mostly. - Soaring VLSFO supply, aggravated by additional production from the Middle East and Kuwait in particular, has been putting a lot of pressure on low-sulfur fuel oil, alongside higher availability of blending components after the end of peak gasoline driving season.
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