Indian Refiners Look to Lessen Reliance on Russian Oil
March 20, 2024
The API report is calling crude oil inventories down 1.5 million barrels, gasoline down 1.6 million barrels and distillates up 512,000 barrels.
The estimates for today’s DOE from the Bloomberg survey are crude down 733,000 barrels, gasoline down 2.336 million, and distillates down 269,000 barrels.
The average estimate for today’s propane inventory update is for supplies to be down 343,000 barrels.
Energy markets are selling off this morning in what is most likely profit taking after a strong rally and the Fed’s decision today on rates.
One of India’s largest state-owned refiners has signed a 4-month agreement with BP to buy US WTI crude oil for four months, beginning in June. The deal will send a million barrels of WTI crude oil a month to the refinery, which also included a spot purchase of 2 million barrels of WTI loading in April. The deal comes at a time when Indian refiners are looking for more US, West African, and Middle East crude, as purchases of some of Russian’s crude grades are being hampered by stricter enforcement of US sanctions on Moscow.