News

Golden Ten Data reported on March 31 that shipping data indicates India’s diesel exports to Southeast Asia in March reached their highest level in over seven years. This surge is due to traders adjusting supplies to cover short positions, while refiners benefit from higher Asian margins driven by the US and Israel’s war with Iran, prompting increased shipments. Data from analytics firm Kpler and three trade sources show the route transported around 1 million tons (7.45 million barrels) of diesel, with about half headed to Singapore. Approximately 90% of the cargo was shipped by Reliance Industries. Traders turned to Indian diesel supplies to meet Southeast Asian and Australian demand after Middle East conflicts disrupted supply. Analysts at consultancy FGE NexantECA said, “Asian buyers must seek alternative sources, and Reliance Industries in India is among the main candidates in the region.” Traders noted these shipments will help ease supply tightness heading into April. Some analysts expect this trend to persist in the short term despite the Indian government’s reinstatement of the diesel export tax.

According to CryptoQuant data, long-term Bitcoin holders are currently selling at a loss, a "capitulation phase" that is typically associated with overall market losses and potential bottom regions. (Cointelegraph)

Glonghui, March 31 | Citi has raised the target price of Devon Energy from $44 to $60, maintaining a "Buy" rating. (Glonghui)