Fuel Demand News

Prices of power-generation fuels are surging globally as electricity demand rebounds with industrial growth, tightening supplies of coal and liquefied natural gas.

India's fuel demand is likely to rise by 9%-11% as the economy in India is "steered towards higher growth" after the easing of the second wave of COVID-19, Chief Executive Alois Virag said.

Despite recent wobbles from U.S. economic figures, overall demand for fuel has rebounded to pre-pandemic levels.

Petrol demand could hit a new record this year in India as easing COVID-19 curbs boosts business and leisure travel.

For the week, Brent was up 3.3% and U.S. crude was up 3.2%, supported by tight supplies due to the hurricane outages.

Diesel sales by the country's state fuel retailers came in at 2.1 million tonnes during Sept. 1-15, a decline of about 1.5% from last year and down 6.8% from the same period in 2019, the data showed.

Oil and equity markets also got a boost from news of a call between U.S. President Joe Biden and his Chinese counterpart Xi Jinping. The call raised hopes for warmer relations and more global trade, analysts said.

Consumption of fuel, a proxy for oil demand, totalled 16.00 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed.

Changes in India's fuel demand patterns are crucial for global oil markets as Asia's third-largest economy is seen as the main driver of rising demand for energy over the next two decades

While the Delta variant drags on fuel demand, supply is steadily increasing. U.S. production rose to 11.4 million barrels per day in the most recent week, and drilling firms added rigs for the third week in a row, services company Baker Hughes said.

Refiners have ramped up production to 92.4% of operable capacity, the highest since late June, helping send U.S. crude inventories to the lowest since January 2020.

Easing restrictions by provincial governments as coronavirus infections subside had led to an increase in auto fuel demand last month. However, heavy monsoon rains in some parts of the country caused large scale flooding in early August, reducing demand for diesel and petrol.

While the pandemic drags on fuel demand, supply is steadily increasing. U.S. production rose and drilling companies added rigs for the third week in a row, services company Baker Hughes said.

Fuel demand also climbed last month to its highest since April as pandemic restrictions and lockdowns were unwound in most states.

Refiners have ramped up production to 92.4% of operable capacity, the highest since late June, helping send U.S. crude inventories to the lowest since January 2020.

Prices of power-generation fuels are surging globally as electricity demand rebounds with industrial growth, tightening supplies of coal and liquefied natural gas.

India's fuel demand is likely to rise by 9%-11% as the economy in India is "steered towards higher growth" after the easing of the second wave of COVID-19, Chief Executive Alois Virag said.

Despite recent wobbles from U.S. economic figures, overall demand for fuel has rebounded to pre-pandemic levels.

Petrol demand could hit a new record this year in India as easing COVID-19 curbs boosts business and leisure travel.

For the week, Brent was up 3.3% and U.S. crude was up 3.2%, supported by tight supplies due to the hurricane outages.

Diesel sales by the country's state fuel retailers came in at 2.1 million tonnes during Sept. 1-15, a decline of about 1.5% from last year and down 6.8% from the same period in 2019, the data showed.

Oil and equity markets also got a boost from news of a call between U.S. President Joe Biden and his Chinese counterpart Xi Jinping. The call raised hopes for warmer relations and more global trade, analysts said.

Consumption of fuel, a proxy for oil demand, totalled 16.00 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed.

Changes in India's fuel demand patterns are crucial for global oil markets as Asia's third-largest economy is seen as the main driver of rising demand for energy over the next two decades

While the Delta variant drags on fuel demand, supply is steadily increasing. U.S. production rose to 11.4 million barrels per day in the most recent week, and drilling firms added rigs for the third week in a row, services company Baker Hughes said.

Refiners have ramped up production to 92.4% of operable capacity, the highest since late June, helping send U.S. crude inventories to the lowest since January 2020.

Easing restrictions by provincial governments as coronavirus infections subside had led to an increase in auto fuel demand last month. However, heavy monsoon rains in some parts of the country caused large scale flooding in early August, reducing demand for diesel and petrol.

While the pandemic drags on fuel demand, supply is steadily increasing. U.S. production rose and drilling companies added rigs for the third week in a row, services company Baker Hughes said.

Fuel demand also climbed last month to its highest since April as pandemic restrictions and lockdowns were unwound in most states.

Refiners have ramped up production to 92.4% of operable capacity, the highest since late June, helping send U.S. crude inventories to the lowest since January 2020.