ENERGY

Four months after India's government rejected demands from Russian oil companies to pay for Russia's crude exports in Chinese yuan, it appears India is now hoping for a similar arrangement with Gulf crude exporters.

Bloomberg reports that the Reserve Bank of India (RBI) has asked the country’s major state-owned refiners to press Persian Gulf suppliers to accept at least 10% of oil payments in rupees in the next financial year, three executives at the processors said.

The (more…)

Amid chaos across markets today, oil was relatively calm, ending lower on broad risk-off sentiment, finding technical support intraday ahead of Powell's Humphrey Hawkins testimony tomorrow.

API

• Crude +423k (+1.3mm exp)

• Cushing

• Gasoline (-1.4mm exp)

• Distillates (-400k exp)

Crude stocks rose just 423k barrels last week according to API, well below expectations…

Source: Bloomberg

WTI was trading around $78.175 ahead of the (more…)

By Charles Kennedy of OilPrice.com

Russia has started diverting its LNG cargoes away from the Suez Canal and is using the longer route to China via the Cape of Good Hope in Africa, amid a higher risk of Houthi attacks in the Red Sea, according to LSEG data cited by Reuters on Wednesday. (more…)