Markets

The imminent commencement of the Trans Mountain Expansion (TMX) project is set to reconfigure crude tanker movements in the US West Coast (USWC) and Pacific Aframax market.

Geopolitical tensions pushed futures prices for benchmark crudes higher on each day of the week.

OPEC and its allied partners, collectively known as OPEC+, are charting a steady course in their recent decisions regarding oil production policy.

The Energy Information Administration's (EIA) recent report revealed a significant increase in the production of

US crude exports soared to an 11-month peak in Feb., reaching 4.66MM b/d, marking a substantial 15% increase from the previous month and a notable 16.5% surge compared to Feb. 2023.

The Uinta Basin in northeastern Utah is witnessing a remarkable surge in waxy crude production, driven by advancements in drilling techniques and increasing demand from refiners. 

Amidst an ambitious merger between Chevron Corp. and Hess Corp., both companies are resolute in their efforts to overcome hurdles and capitalize on promising ventures.

Nigeria's Dangote oil refinery, operational since Jan., is poised to disrupt the global oil and gas market, particularly affecting Europe's refining sector.

Output cuts by Russia and expectations that OPEC+ will continue to keep supplies tight led to more increases in futures prices for benchmark crudes.