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    South Korea's crude imports and middle distillate exports will likely extend their upward momentum into June as refiners continue to maximize operating rates to fully capture lucrative product cracks, industry and market participants said over May 20-24. A recent explosion at the S-Oil Corp. refinery complex in Ulsan will have minimal impact on the country's overall refining capacity and crude... [...]

    Crude oil futures were lower in mid-morning Asian trade May 24 as Hungary continues to hold up the EU's planned embargo on Russian oil, but some support came from a weaker US dollar and tighter US gasoline inventories. At 10:39 am Singapore time (0239 GMT), the ICE July Brent futures contract was down 62 cents/b (0.55%) from the previous close... [...]

    Kurdish officials on May 23 asked federal Iraqi authorities not to unilaterally seize control of the semiautonomous region's oil sector and meddle in the contracts it has signed with foreign operators, in the escalating internal dispute in OPEC's second-largest crude producer. Baghdad has said it will establish a new oil company in Kurdistan to negotiate new service contracts with international... [...]

    A wide gasoline-naphtha swaps spread is expected to continue incentivizing gasoline blending in the week, but a dearth of blending components like reformate and MX would limit the blending capacity, market sources said. Gasoline, naphtha, butane The Northwest European gasoline market continues to be strongly supported by export demand, particularly from the US Atlantic Coast, which saw stocks fall in... [...]

    High energy costs caused in part by Russia's invasion of Ukraine should not be used to lock in a new wave of fossil fuel investments which threaten to create significant business and climate risks in the future, the head of the International Energy Agency said May 23. Although the immediate response to the loss of Russian oil and gas to... [...]

    Oil prices firmed in early Europe trading May 23 amid a tight market with low stocks, US fuel demand, and as Shanghai prepares to exit a two-month-long lockdown. At 11:55 am BST, ICE July Brent crude futures was up $1.18/b on the day at $113.73/b while NYMEX July WTI rose $1.05/b to $111.35/b. Products stocks are at low levels globally,... [...]

    Russia's invasion of Ukraine is consuming more than its supply of battle tanks. Higher domestic diesel prices show how large volumes of fuel are being guzzled by the Kremlin's military machine. Official data from the Russian energy ministry shows that domestic diesel output started to rise in December, and consumption started to increase from February, which coincides with the order... [...]

    Hefty discounts on Russian crude are increasingly whetting the appetite of China's independent refineries, but Beijing may not rush into shipping in plentiful cargoes from the non-OPEC supplier at current prices for strategic petroleum reserves, analysts said. China's SPR stock stood at 325.71 million barrels as of May 23 to account for 67% of the state crude reserve storage capacity... [...]

    Asia's light ends markets were entering the May 23-27 trading week on a strong note, supported by firmer crude futures, with gasoline also boosted by supply disruptions and improving travel demand. While naphtha was expected to seeing more activity for H1 July delivery this week as a only handful of end-users have purchased cargoes to date, steam crackers were operating... [...]

    As a June 3 deadline approaches for the Environmental Protection Agency to issue long-overdue annual biofuel blending requirements, the aviation industry is calling for "fixes" to an aspect of the agency's proposal aimed at making more fuels and feedstocks eligible for credit under the Renewable Fuel Standard program. The EPA's RFS proposal for the 2020 through 2022 compliance years included... [...]

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