Japan METI reports September total oil product sales fell 10.4% YY
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Japan METI reports September total oil product sales fell 10.4% YY. METI product sales sit within Japan's long-running structural demand erosion, driven by efficiency gains, an ageing and shrinking vehicle fleet, hybrid penetration and falling heating fuel use, so a double-digit annual decline reads less as a fresh signal than as confirmation of a trend that has been running for years. That said, single-month Japanese data of this kind is frequently distorted by weather, typhoon-related logistics disruption and refinery maintenance, and prior episodes of outsized monthly swings have tended to be partially retraced in subsequent prints rather than marking a step-change. The composition matters more than the headline: gasoline and kerosene weakness points to transport and weather, while naphtha weakness maps to petrochemical margins and regional cracker economics, and those two cases carry different implications for crude versus product cracks. Japan remains one of the larger crude importers, so persistent demand loss feeds the bearish side of Asian balances only gradually, through run cuts and lower import requirements rather than any immediate price response. The follow-ons are crude import volumes, refinery utilisation and the seasonal kerosene build into winter, which historically show whether the decline is structural or idiosyncratic. 30 Oct, 02:43 Japan's Ministry of Economy, Trade and Industry affirms no plan to release oil reserves in November as it expects to secure 100% of oil for November 29 Oct, 23:07 ANZ raises its December 31st Brent crude oil forecast to USD 105/bbl from USD 95/bbl 29 Oct, 20:00 US DoE says five companies, including Trafigura, Gunvor and Vitol, are taking SPR oil loans; companies to borrow 16.75mln barrels of crude from the SPR out of 17mln barrels offered 29 Oct, 19:52 Houthi military says it carried out six operations against Saudi Arabia, including targeting the Ras Tanura refinery, Aramco’s Abqaiq facility and the Rabigh refinery with ballistic missiles 29 Oct, 18:34 CRUDE WRAP: WTI (Z6) SETTLES USD 0.78 LOWER AT USD 102.00/BBL EU Commissioner Jorgensen says half of oil stock releases in coming months will be diesel 12 hours ago Russia is set to extend its diesel export ban until the end of the year, according to reports, citing sources; uses a quota export system for individual companies to fulfil its US obligations 13 hours ago North Sea crude supply underpinning the Brent benchmark is scheduled to fall to 475k BPD in December (prev. 514k BPD in November), according to shipping schedules 13 hours ago Netherlands releases its final 700k bbls of oil products to the market 13 hours ago QatarEnergy CEO says Qatar is purchasing US LNG and holding discussions with other suppliers to establish trading and arbitrage hedges against potential future disruptions to shipping through the Strait of Hormuz, according to reports 14 hours ago French official says France is cutting diesel stock requirements to free up supply 15 hours ago France's Finance Minister says Europe will release 42mln barrels of oil over the next three months 17 hours ago ENI's (ENI IM) chief of global portfolio trading says he does not expect European gas prices this winter to reach their 2022 peak 19 hours ago EU Energy Commissioner says the bloc is better able to handle the crisis than in 2022 after cutting gas consumption; current gas use is 18% below 2022 levels 20 hours ago Venezuela's oil revival is threatened by a skilled worker shortage, energy executives in Venezuela warn they are struggling to recruit enough skilled workers to revive the country's dilapidated oil sector, according to FT 23 hours ago Petrobras (PBR) Q3 oil and gas output at 3.5mln BOEPD (prev. 3.14mln Y/Y, sales 3.49mln BOEPD (prev. 3.26mln Y/Y) 1 day ago US CRUDE WRAP: WTI (Z6) SETTLES USD 2.88 HIGHER AT USD 102.78/BBL 1 day ago US Energy Secretary Wright says diesel exports from Arabian Gulf likely to increase, and diesel prices will drop significantly 1 day ago Dutch PM says no European ally is willing to buy Russian crude 1 day ago ADNOC reportedly informed some Asian refiners that it may begin delivering Upper Zakum crude via a new pipeline to the Fujairah terminal in early 2027, allowing shipments to bypass the disrupted Strait of Hormuz, according to Bloomberg 1 day ago
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