Ukraine Targets Russia's Key Black Sea Oil Port

Ukraine hit with drones overnight on Wednesday infrastructure in Novorossiysk, which is Russia’s key oil terminal in the Black Sea, in attacks that killed four people and reportedly sparked a fire at a fuel oil terminal at the port. Ukrainian drones hit buildings in and near Novorossiysk early on Wednesday, the city’s mayor Andrey Kravchenko said on his Telegram channel, adding that four civilians were killed and civil infrastructure was damaged. Ukraine’s Robert "Magyar" Brovdi, Commander of the country’s Unmanned Systems…

2026/9/9
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California Heat Wave Tests Grid as Power Demand Surges

The National Weather Service has issued heat advisories across California's Central Valley and coastal areas, including the Bay Area and Los Angeles, with more severe extreme heat warnings in parts of Southern California. Cooling demand is expected to soar over the next several days, putting pressure on the power grid, particularly in the evening as solar generation declines. Bloomberg reports that Los Angeles-area temperatures are forecast to reach 85F to 105F, roughly 10 to 15 degrees above normal. San Francisco could hit 86 degrees Wednesday,…

2026/9/9
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Sinopec Sees China Oil Demand Falling 8.9% in 2026

China’s Sinopec, the world’s top refiner by capacity, expects Chinese oil demand to drop by 8.9% in 2026 from a year earlier amid demand destruction from higher oil prices and the acceleration of electric vehicle adoption. Oil demand in the world’s biggest crude oil importer is expected to drop by 600,000 barrels per day (bpd) on average this year compared to last year, according to estimates by Sinopec’s research arm quoted by Reuters. Gasoline demand is set for an 8.7% decline, while diesel consumption is expected to crash…

2026/9/9
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Morgan Stanley: Oil Traders Are ‘More Precise’ With Risk as Wars Drag On

Uncertainty about how the wars in Iran and Ukraine will unfold is keeping many traders away from taking positions in longer-dated futures contracts, according to investment bank Morgan Stanley. Most traders have now moved to bet on futures prices within a three to six-month period, instead of longer-dated futures contracts, as volatility has spiked and uncertainty has grown regarding where the wars are going and how much they would continue to impact the global oil market. “People have been more precise with their risk,” Brendan Ross,…

2026/9/9
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Diesel Crunch Set to Worsen as Refining Capacity Falls Short, Industry Warns

The tight global diesel market is set to further tighten in the coming months and keep fuel prices high, raising the prices of all goods and threatening the inflation targets of the central banks. Industry officials, who gathered at the APPEC petroleum conference in Singapore this week, warned that the market has not seen the worst of the diesel crisis yet. Analysts say the real stress in oil markets is in the diesel market right now. Global fuel markets are very tight and inflexible, despite the higher crude oil flows out of the Persian Gulf in…

2026/9/9
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India’s Refineries Run at Up to 108% as Diesel Demand Surges

India’s refineries have been running at 105% to 108% capacity utilization in the past six months as demand for diesel soars and international fuel markets tighten amid the ongoing Middle East crisis. Refinery capacity utilization in the world’s third-largest crude oil importer has been between 105% and 108% since the war began, a senior executive at Mangalore Refinery and Petrochemicals Limited (MRPL) said at the APPEC petroleum conference in Singapore on Wednesday.   “Most of our refiners are complex, ‌can take a wide…

2026/9/9
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Iraq Pushes OPEC for a Huge Increase in Its Oil Quota

Iraq has asked the OPEC leadership for a significantly higher crude oil production baseline for future quotas, Bloomberg has reported, citing unnamed sources with knowledge of the matter. According to these sources, Baghdad wants its future quotas in the group to be set on a daily production baseline of 6 million barrels of crude. This is substantially higher than the country’s current production rate, which, as of August, stood at some 3.37 million barrels daily. However, the August daily average was markedly higher than the July average,…

2026/9/9
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Brent Breaks $100 for the First Time in Nearly Two Months

Oil prices hit the $100 per barrel mark early on Wednesday in Asian trade as the ongoing crisis in the Middle East has diminished hopes of U.S.-Iran talks and a return to normal oil flows soon.  As of early morning trade in Europe on Wednesday, the international benchmark, Brent Crude, jumped by 2.25% to top $100 per barrel. At $100.12, this was the highest level Brent has reached since July 24, when the first of several re-escalations in the Middle East hiked oil prices. The U.S. benchmark, WTI Crude, was also rallying, rising by 1.80% to…

2026/9/9
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Rising Oil Prices Threaten China’s Independent Refiners

Chinese independent refiners may be about to start reducing their processing rates as international oil prices rise and supply from major exporters such as Venezuela and Iran dries up as a result of U.S. foreign policy decisions. “Teapots are unlikely to be able to afford a full shift to mainstream grades,” an Energy Aspects analyst said this week, as quoted by Bloomberg. The so-called teapots are more sensitive to adverse oil market changes due to their refining margins being slimmer than those of state-owned majors. These margins…

2026/9/9
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Pakistan’s Energy Crisis Set to Ease as Qatari LNG Breaks Through Hormuz

Pakistan is about to get some energy relief with tankers carrying Qatari LNG set to arrive in the country this month. The first cargo is seen arriving as early as Thursday, Bloomberg reported, citing ship-tracking data. Pakistan has been struggling to keep the lights on after Qatar declared force majeure on its exports following Iranian strikes that caused damage to its Ras Laffan LNG hub. Since then, Pakistan has been forced to turn to spot LNG markets and pay hefty premiums for the occasional shipment. Qatar was the biggest supplier of liquefied…

2026/9/9
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