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Asia midday crude futures: Ice Brent edges lower
Ice Brent edged lower in early Asian trading today after the IEA lowered its demand growth outlook for this year and raised its supply forecast.
The Ice front-month April Brent contract was at $67.42/bl at 04:00 GMT, down by 10¢/bl from its settlement on 12 February, when the contract ended $1.88/bl lower.
The Nymex front-month March crude contract was at $62.71/bl, lower by 13¢/bl from its settlement on 12 February, when the contract ended $1.79/bl lower.
In its February Oil Market Report (OMR), IEA said that it sees demand increasing by 850,000 b/d this year, lower than the 930,000 b/d that it forecast in its January OMR, because a rally in prices in the first few weeks of the year will have "weighed on growth prospects".
The agency's 2026 supply forecast is for growth of 2.4mn b/d to 108.56mn b/d, assuming Opec+ maintains its current production plan.
The Dangote refinery's 650,000 b/d crude distillation unit (CDU) in Nigeria is operating again after maintenance, and the gasoline-producing residual fluid catalytic cracker (RFCC) is expected to begin test runs next week ahead of restarting, chief executive David Bird said.
In Russia, a fire broke out at Lukoil's 95,000 b/d Ukhta refinery in the far northern Komi republic, following an overnight drone attack on 12 February, state-owned news agency Tass said.
Enormous quantities of oil are accumulating at sea because of tightening western sanctions on key exporters Russia and Iran, trading firm Vitol's chief executive, Russell Hardy, said.
"The number is something like 40mn bl of Russian oil over the past, let's say 60 days... and it's just sitting there waiting to find a home," Hardy told the International Energy Week conference in London on 12 February. International sanctions have left Russia and Iran dependent on India and China as markets for their crude in recent years.
Ice Brent edged lower in early Asian trading today after the IEA lowered its demand growth outlook for this year and raised its supply forecast.
The Ice front-month April Brent contract was at $67.42/bl at 04:00 GMT, down by 10¢/bl from its settlement on 12 February, when the contract ended $1.88/bl lower.
The Nymex front-month March crude contract was at $62.71/bl, lower by 13¢/bl from its settlement on 12 February, when the contract ended $1.79/bl lower.
Paris-based agency IEA cut its oil demand growth forecast for 2026, but its estimate of a substantial supply surplus remains.
In its February Oil Market Report (OMR), IEA said that it sees demand increasing by 850,000 b/d this year, lower than the 930,000 b/d that it forecast in its January OMR, because a rally in prices in the first few weeks of the year will have "weighed on growth prospects".
The agency's 2026 supply forecast is for growth of 2.4mn b/d to 108.56mn b/d, assuming Opec+ maintains its current production plan.
Meanwhile, the IEA held its forecast for global refinery runs in 2026 steady in its latest OMR, while upgrading its estimate for December crude throughput to the highest monthly level on record.
The Dangote refinery's 650,000 b/d crude distillation unit (CDU) in Nigeria is operating again after maintenance, and the gasoline-producing residual fluid catalytic cracker (RFCC) is expected to begin test runs next week ahead of restarting, chief executive David Bird said.
In Russia, a fire broke out at Lukoil's 95,000 b/d Ukhta refinery in the far northern Komi republic, following an overnight drone attack on 12 February, state-owned news agency Tass said.
Enormous quantities of oil are accumulating at sea because of tightening western sanctions on key exporters Russia and Iran, trading firm Vitol's chief executive, Russell Hardy, said.
"The number is something like 40mn bl of Russian oil over the past, let's say 60 days... and it's just sitting there waiting to find a home," Hardy told the International Energy Week conference in London on 12 February. International sanctions have left Russia and Iran dependent on India and China as markets for their crude in recent years.
By Rhalain Reyes