Jack Wittels

1 week ago | bloomberg.com | Rachel Graham |Jack Wittels

Heating oil delivered to a home near Frankfurt. (Bloomberg) -- A German online heating oil platform registered record fuel sales on the day that crude prices plunged to a four-year low earlier this month. The Heizoel24 sales platform handled the highest volume on April 9 for any day since it started operations 20 years ago, Managing Director Oliver Klapschus said Wednesday. The volume of heating oil sold that week was six times the normal level, he said.

1 week ago | bloomberg.com | Jack Wittels |Nicholas Lua

(Bloomberg) -- One of the oil market’s dirtiest fuels is giving many refiners’ margins a boost as the industry contends with a weaker demand outlook. High-sulfur fuel oil — a gloopy substance used in power generation and as ship fuel — is the strongest it’s been for the time of year against crude since 2020 in Europe and since 2022 in Singapore, according to figures from commodity data provider General Index.

1 week ago | news.bloomberglaw.com | Jack Wittels

Shipping’s international regulator agreed new rules to slash the industry’s future greenhouse gas emissions, paving the way for the end of oil as a maritime fuel in the decades to come. The UN’s International Maritime Organization approved draft amendments to MARPOL Annex VI — the main treaty on preventing air pollution from ships — that will force the industry to reduce and pay for at least some of its emissions.

1 week ago | bloomberg.com | Jack Wittels

Oil tankers off the coast of Port-de-Bouc, France. (Bloomberg) -- Shipping’s international regulator agreed new rules to slash the industry’s future greenhouse gas emissions, paving the way for the end of oil as a maritime fuel in the decades to come. The UN’s International Maritime Organization approved draft amendments to MARPOL Annex VI — the main treaty on preventing air pollution from ships — that will force the industry to reduce and pay for at least some of its emissions.

2 weeks ago | bloomberg.com | Jack Wittels |Bill Lehane

(Bloomberg) -- The cost of transporting liquefied petroleum gas from the US Gulf to Asia — a boom trade for American producers of the fuel — collapsed after China pressed ahead with 84% tariffs on the cargoes. LPG, as it’s known, was among an array of US goods upon which Chinese authorities ratcheted up tariffs on Wednesday. Based on a prior announcement, cargoes already on the water look set to be exempt, but those leaving after midday Thursday China time will be affected.