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🔴 Oil prices are falling, as economic growth slows in China, the world's largest importer of crude oil, which has increased concerns about demand, overshadowing the impact of the halt in production and exports from Libya.
#crudeoil #oil #OilMarket #informationuseful #TipCreator
#crudeoil #oil #OilMarket #informationuseful #TipCreator
Türkiye strengthens energy independence by reducing oil imports.
In the ever-changing landscape of global energy markets, Turkey's energy sector is undergoing significant transformations. Recent data from the Energy Market Regulatory Authority (EPDK) sheds light on these changes, revealing intriguing trends in oil imports, domestic consumption, and exports.
Oil Imports: A Surprising Downturn
June 2024 marked a notable shift in Turkey's oil import patterns. Total oil imports dipped by 9.7% compared to the previous year, settling at 4,357,680 tons. This decline was particularly evident in crude oil imports, which saw an 8% decrease, totaling 2,841,675 tons.
What's driving this downturn? While global market fluctuations play a role, it's possible that Turkey is recalibrating its energy strategies, potentially focusing more on domestic resources and alternative energy sources.
Domestic Market: Fueling Up
Interestingly, while imports declined, domestic fuel sales painted a different picture. Gasoline sales surged by an impressive 28.6%, reaching 475,790 tons. Diesel sales also saw a modest increase of 4.8%. These figures suggest a growing domestic appetite for fuel, possibly driven by economic recovery or changes in consumer behavior.
Production: A Mixed Bag
Turkey's refining sector showed mixed results in June 2024. While diesel production saw a slight dip of 3.1%, other fuel types experienced significant growth:
Gasoline production jumped by 20.9%Aviation fuel production increased by 6.4%Marine fuel production skyrocketed by 707.6%
These figures indicate that Turkey is adapting its refining capabilities to meet changing market demands, both domestically and internationally.
Exports: Taking Flight
Perhaps the most exciting development is in Turkey's petroleum product exports. Aviation fuel exports grew by 2.55%, while marine fuel exports soared by 28.3%. Overall, total exports increased by a robust 23.6%, reaching 1,281,189 tons.
This export growth suggests that Turkey is successfully positioning itself as a key player in regional energy markets, leveraging its strategic location and refining capabilities.
Challenges and Opportunities
As Turkey navigates these shifts in its energy landscape, several questions emerge:
How will the country balance its energy security needs with its growing export ambitions?What role will renewable energy play in Turkey's future energy mix?How will geopolitical factors, particularly relations with major oil suppliers like Russia and Iraq, impact Turkey's energy strategies?
As we move further into 2024, Turkey's energy sector will undoubtedly continue to evolve. By adapting to global trends while leveraging its unique strengths, Turkey has the potential to emerge as a significant energy hub in the region.
#TurkeyEnergy #Turkey #türkiye #OilImports #oil
Oil Imports: A Surprising Downturn
June 2024 marked a notable shift in Turkey's oil import patterns. Total oil imports dipped by 9.7% compared to the previous year, settling at 4,357,680 tons. This decline was particularly evident in crude oil imports, which saw an 8% decrease, totaling 2,841,675 tons.
What's driving this downturn? While global market fluctuations play a role, it's possible that Turkey is recalibrating its energy strategies, potentially focusing more on domestic resources and alternative energy sources.
Domestic Market: Fueling Up
Interestingly, while imports declined, domestic fuel sales painted a different picture. Gasoline sales surged by an impressive 28.6%, reaching 475,790 tons. Diesel sales also saw a modest increase of 4.8%. These figures suggest a growing domestic appetite for fuel, possibly driven by economic recovery or changes in consumer behavior.
Production: A Mixed Bag
Turkey's refining sector showed mixed results in June 2024. While diesel production saw a slight dip of 3.1%, other fuel types experienced significant growth:
Gasoline production jumped by 20.9%Aviation fuel production increased by 6.4%Marine fuel production skyrocketed by 707.6%
These figures indicate that Turkey is adapting its refining capabilities to meet changing market demands, both domestically and internationally.
Exports: Taking Flight
Perhaps the most exciting development is in Turkey's petroleum product exports. Aviation fuel exports grew by 2.55%, while marine fuel exports soared by 28.3%. Overall, total exports increased by a robust 23.6%, reaching 1,281,189 tons.
This export growth suggests that Turkey is successfully positioning itself as a key player in regional energy markets, leveraging its strategic location and refining capabilities.
Challenges and Opportunities
As Turkey navigates these shifts in its energy landscape, several questions emerge:
How will the country balance its energy security needs with its growing export ambitions?What role will renewable energy play in Turkey's future energy mix?How will geopolitical factors, particularly relations with major oil suppliers like Russia and Iraq, impact Turkey's energy strategies?
As we move further into 2024, Turkey's energy sector will undoubtedly continue to evolve. By adapting to global trends while leveraging its unique strengths, Turkey has the potential to emerge as a significant energy hub in the region.
#TurkeyEnergy #Turkey #türkiye #OilImports #oil
🔴 Oil rises with demand expected to reach its peak in the third quarter as geopolitical risks continue in the Middle East despite the rise in crude inventories in the United States.
#OILCAT #OilMarket #oil #LayerZero #MicroStrategy
#OILCAT #OilMarket #oil #LayerZero #MicroStrategy
🔴 Gold declines as the US Federal Reserve fixes interest rates and indicates the possibility of reducing them once before the end of the year.
🔴 Stabilizing interest rates and fears of a slowdown in demand push oil into the red zone, and OPEC and the Energy Agency’s expectations limit losses.
🔴Green color dominates the closing of Asian markets after the US Federal Reserve fixed the interest rate and indicated the possibility of reducing it once before the end of the year.
#NewsAboutCrypto #GOLD_UPDATE #stocks #oil #GoldRus
🔴 Stabilizing interest rates and fears of a slowdown in demand push oil into the red zone, and OPEC and the Energy Agency’s expectations limit losses.
🔴Green color dominates the closing of Asian markets after the US Federal Reserve fixed the interest rate and indicated the possibility of reducing it once before the end of the year.
#NewsAboutCrypto #GOLD_UPDATE #stocks #oil #GoldRus
Commodity prices rise, tech stocks face pressure🫣
With commodities catching a bid, crude oil steady above $80, treasury issuance going higher, and financial conditions still at remarkably loose levels as when overnight rates were ~150bp lower (~3.80% vs 5.3% now), a bond-bearish narrative is being formed heading into Jackson hole at the end of the month even as the market is increasingly convinced that the Fed has basically concluded its hiking cycle. The bear-steepening of the yield curve continues to weigh on equities in the past week, which saw significant pressures on tech names with Nvidia down -15% from the highs since the turn of the month.
#commodity #stocks #oil #bond #Fed
With commodities catching a bid, crude oil steady above $80, treasury issuance going higher, and financial conditions still at remarkably loose levels as when overnight rates were ~150bp lower (~3.80% vs 5.3% now), a bond-bearish narrative is being formed heading into Jackson hole at the end of the month even as the market is increasingly convinced that the Fed has basically concluded its hiking cycle. The bear-steepening of the yield curve continues to weigh on equities in the past week, which saw significant pressures on tech names with Nvidia down -15% from the highs since the turn of the month.
#commodity #stocks #oil #bond #Fed
📑 Important - Federal Interest Rate Rule.. 🇺🇸
• If interest rates are raised, it will be positive for the dollar (rise) and negative for gold, stocks, and oil (fall).
• If interest rates are reduced or fixed, it will be negative for the dollar (fall) and positive for gold, stocks, and oil (rise).
#GOLD_UPDATE #stocks #oil #GoldRush #USDollarWarning
• If interest rates are raised, it will be positive for the dollar (rise) and negative for gold, stocks, and oil (fall).
• If interest rates are reduced or fixed, it will be negative for the dollar (fall) and positive for gold, stocks, and oil (rise).
#GOLD_UPDATE #stocks #oil #GoldRush #USDollarWarning
Exxon refinery malfunction causes crude oil prices to soar🤨
Gasoline futures jumped after news broke that one of Exxon's refineries will be down for 3-4 weeks due to a failure in some of the gasoline-making catalytic crackers. The squeeze in supply is coming at a time where OPEC+ has already been curtailing production, and has led to crude oil prices to rally to the highest prices since May and breaking its 200d moving average. The pop in gas prices has not gone unnoticed, as demand for TIPS (inflation protected securities) has seen a large jump for 2 days in a row after a long period of stagnation, just as expectations for inflation has eased dramatically since the last couple of soft CPI releases.
#Exxon #oil #price #CPIData #TIPS
Gasoline futures jumped after news broke that one of Exxon's refineries will be down for 3-4 weeks due to a failure in some of the gasoline-making catalytic crackers. The squeeze in supply is coming at a time where OPEC+ has already been curtailing production, and has led to crude oil prices to rally to the highest prices since May and breaking its 200d moving average. The pop in gas prices has not gone unnoticed, as demand for TIPS (inflation protected securities) has seen a large jump for 2 days in a row after a long period of stagnation, just as expectations for inflation has eased dramatically since the last couple of soft CPI releases.
#Exxon #oil #price #CPIData #TIPS
Oil futures surge, equities face multiple challenges🤔
Markets couldn't catch a break as reports of falling crude stock piles spiked oil futures to over $94, up a sizzling +7.3% over 48 hours despite the overall weakness across other asset classes. Over the past month, we have pretty much witnessed a cacophony of concerns against equities with a jump in real yields, USD strength, widening credit spreads, and a downgrade in growth forecasts. While the move in rates was no doubt the worst trigger, it has been a bit of a perfect storm for risk sentiment, and the one-sided (long) sentiment has only exacerbated the painful move lower.
#Markets #oil #equities #USDstrength #macro
Markets couldn't catch a break as reports of falling crude stock piles spiked oil futures to over $94, up a sizzling +7.3% over 48 hours despite the overall weakness across other asset classes. Over the past month, we have pretty much witnessed a cacophony of concerns against equities with a jump in real yields, USD strength, widening credit spreads, and a downgrade in growth forecasts. While the move in rates was no doubt the worst trigger, it has been a bit of a perfect storm for risk sentiment, and the one-sided (long) sentiment has only exacerbated the painful move lower.
#Markets #oil #equities #USDstrength #macro
