Tuesday, September 22, 2020
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U.S. crude, distillate stockpiles rise unexpectedly

U.S. crude oil and distillate inventories rose unexpectedly and fuel demand slipped last week, the Energy Information Administration said on Wednesday, as a sharp outbreak in coronavirus cases hit U.S. consumption. U.S. crude production ticked higher and refined products supplied, a proxy for fuel demand, declined. The market has recovered...

Oil refiners and OPEC+ walk a tightrope as pandemic lingers

High-frequency data from the United States has provided the first convincing indication of global oil market rebalancing, but it also underscores the market’s vulnerability to a COVID 19 resurgence and new lockdowns. Total stocks of crude and refined products in the United States fell by 9 million barrels last week,...

OPEC sees oil demand soaring in 2021 but still below 2019

Global oil demand will soar by a record 7 million barrels per day (bpd) in 2021 as the global economy recovers from the coronavirus crisis but will remain below 2019 levels, OPEC said in its monthly report. It was the first report in which OPEC assessed oil markets next year. It...

Hedge funds pause oil buying as rally stalls

Hedge funds have stopped buying oil in recent weeks as the rally that carried prices higher during May and June has run out of momentum, amid concerns about the faltering economic recovery. Hedge funds and other money managers sold the equivalent of 21 million barrels in the six most important...

Oil slips as traders eye supply cut easing at OPEC meeting

Oil slipped in early Asian trade on Monday as traders eyed an OPEC technical meeting this week which is expected to recommend an easing in supply cuts that have been propping up crude prices. Brent crude fell 27 cents to $42.97 a barrel by 0114 GMT while U.S. West Texas...

Oil falls 3% as resurgent pandemic prompts worries about U.S. demand

NEW YORK, July 9 (Reuters) - Oil prices fell about 3% on Thursday as investors worried that renewed lockdowns to contain the spread of coronavirus in the United States would again sink fuel consumption. Brent crude futures fell $1.11, or 2.6%, to $42.18 a barrel by 10:43 a.m. EDT (1443...

Oil producers will fight for market share as consumption growth slows

LONDON, July 6 (Reuters) - Petroleum consumption growth has been slowing for decades and the industry shows increasing signs of maturity, which will have profound implications for the business strategies of oil-producing companies and countries. Slower growth will intensify intra-company and intra-company competition for market share putting downward pressure on...

Oil prices no longer particularly cheap after strong rally

Oil prices are no longer particularly cheap by historical standards. Perceptions about prices tend to be over-influenced by recent experience so current prices feel very low to producers used to receiving $60-80 per barrel over the 2018/19 period. But over a longer time horizon, current prices are not especially cheap, and...

Russian negotiator says no need to extend oil cuts beyond July

The head of Russia's sovereign wealth fund Kirill Dmitriev sees no point in extending strict global oil output cuts as world economies and oil demand recovers from the depths of the coronavirus crisis, he told the RBC Daily newspaper. The comments from Dmitriev, who is one of Moscow's top negotiators...

U.S. oil refiners’ shares rebound to pre-lockdown levels

Wall Street is betting on a strong recovery from the coronavirus pandemic by pouring money into shares of U.S. oil refiners, even though demand for gasoline, jet fuel and diesel remains well below seasonal lows. Shares of Valero Energy Corp and Marathon Petroleum Corp were trading on Monday at their...
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Recently Added

Schlumberger eyes deeper cost cuts as oil rout triggers $3.7 bln charge

Oilfield services giant Schlumberger NV on Friday outlined plans for deeper spending cuts after recording a $3.7 billion charge and a second straight quarterly...

Canada’s Cenovus Energy posts quarterly loss on oil price plunge

Canadian oil and gas producer Cenovus Energy Inc posted a second-quarter loss on Thursday and said the worst was behind the industry after the...

Bounceback in U.S. shale oil output is unlikely to last the summer

A reopening of some major economies locked down due to the coronavirus has lifted global oil prices and encouraged U.S. shale producers to return...

Kinder Morgan posts quarterly loss on $1 bln impairment charge

U.S. pipeline operator Kinder Morgan Inc on Wednesday posted a second straight quarterly loss as it took a $1-billion impairment charge after a steep...
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