Reuters LONDON- Crude oil prices rose on Monday as storms closed in on the Gulf of Mexico, shutting more than half its oil production, and on signs of progress in development of a COVID-19 treatment. Brent crude LCOc1 was up 32 cents, or 0.7%, at $44.67 a barrel by 1351 GMT. U.S. West Texas Intermediate crude CLc1 rose 8 cents,
Reuters LONDON – Fuel traders and refiners are becoming more pessimistic about the outlook for the global economy and transportation for the rest of this year, even as the crude producers in OPEC+ try to push oil prices higher. OPEC+ is anxious to see higher crude prices as soon as possible but its ambition is likely to be thwarted in
EIA Oil & Gas Publishers Note: Our 360 team has covered the refinery capacity news. The key take away is; “U.S. Gulf Coast, which is home to about half of U.S. refining capacity, used imported crude oil for only 28% of its crude oil inputs to refineries during 2019, down from 69% in 2010.” This percentage and dynamics will change
Reuters LONDON – Hedge funds continue to bet on a recovery in oil prices, but their bullishness is concentrated on crude, especially U.S. crude, while refined fuel markets are expected to take longer to tighten. Hedge funds and other money managers purchased the equivalent of 26 million barrels of futures and options in the six most important contracts in the
Reuters NEW YORK – U.S. ultra-low sulfur diesel was the latest product refined from crude oil to take a hit in its cash market last week, after refiners boosted production in a bid to flee poorer margins for other products more affected by coronavirus fallout. Refining margins for gasoline and jet fuel have tanked because of decreased demand for transportation
Source: Reuters (Reuters) – U.S. crude oil stockpiles rose sharply last week as refineries cut output and exports dropped, while refined products extended a multi-week drawdown, the Energy Information Administration said on Wednesday. Crude inventories rose by 7.9 million barrels in the week to Nov. 1, compared with analysts’ expectations in a Reuters poll for an increase of 1.5
From Reuters An intensifying tropical storm in the U.S. Gulf of Mexico on Thursday cut more than half the region’s oil output, with energy companies evacuating staff from nearly 200 offshore facilities and a coastal refinery. Oil firms shut more than 1 million barrels per day of oil production, 53% of Gulf of Mexico’s output, and 1.2 billion cubic feet
From Reuters Lyondell Basell Industries may keep production cut at its 263,776 barrel-per-day (bpd) Houston refinery for a week because of constrained logistics, Gulf Coast market sources said on Friday. Royal Shell Plc plans to increase production on April 3 at its 275,000 bpd joint-venture Deer Park, Texas, refinery, which was cut because of a shipping shutdown, the sources said.
From Bloomberg What’s worse: Too much oil, or too much gasoline? The government of Alberta, weighing the potential of a new refinery for the province, may be on its way to finding out. In 2018, surging crude production in the Canadian province ran into limited space on export pipelines, creating bottlenecks and sending the price of local oil to record
Chinese production continues to fall due to aging assets as demand grows Demand for crude oil at Chinese refineries continues to grow as the country’s aging oil properties slow production. Chinese production fell the most month-over-month since November 2011 in April, reports Bloomberg, down 3.2% from March. Meanwhile, the country’s refiners processed a record 10.93 MMBOPD of oil. The production
Mexico’s rapidly changing oil and gas industry took another step forward last month, reaching an agreement with the United States Bureau of Industry and Security to swap crude oil depending on its respective grades. U.S. refineries, particularly on the Gulf Coast, are more equipped to handle heavy and sour grade crudes like Mexico’s Mayan crude oil. U.S. refineries best suited
Allowing independent refiners to import could boost demand China’s Ministry of Commerce announced today that it will grant licenses to two independent refineries to directly import crude oil as the country works to allow more room for independent players in its oil and gas markets, reports Economic Times. Up until now, about 90% of China’s crude imports have gone to
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