|Day's Range||65.04 - 66.28|
Poland and Germany have suspended imports of Russian oil via a major pipeline, citing poor quality and triggering a rare crisis over supply from the world's second-largest crude exporter. Halting imports from the Druzhba pipeline could trigger legal claims by Western buyers against Russian suppliers, who would in turn seek compensation from Russian pipeline monopoly Transneft, three traders with Western buyers said. The suspension cuts off a major supply route for Polish refineries owned by Poland’s PKN Orlen and Grupa Lotos, as well as plants in Germany owned by Total, Shell, Eni and Rosneft.
The decline in oil & gas production from Californian legacy fields continues to mount as the Golden State isn’t keen on approving new projects that could reverse its output slump
Brent crude touched $75 per barrel on Thursday for the first time in nearly six months as quality concerns halted some Russian crude exports to Europe while the United States prepared to tighten sanctions on Iran. Brent crude futures climbed 28 cents to $74.85 a barrel by 12:10 p.m. EDT (1610 GMT) after hitting a high of $75.60 earlier in the session, the highest since Oct. 31. Poland and Germany suspended imports of Russian crude via the Druzhba pipeline due to contamination.
California drivers are paying an average $4.03 per gallon, which is more than $1 per gallon higher than the national average. Why is anyone surprised?
Oil: There Might Be another Rally in the Cards(Continued from Prior Part)Oil-weighted stocks On April 17–24, our list of oil-weighted stocks rose 1%—compared to the 3.2% rise in US crude oil June futures. On average, our list of oil-weighted
Oil: There Might Be another Rally in the CardsAnother rally for oil prices? At 4:18 AM EST on April 25, US crude oil May futures were 23 cents higher than the last closing price. In the last two trading sessions, US crude oil active futures
Will Marathon Petroleum’s Q1 Earnings Rise?(Continued from Prior Part)Short interest in Marathon Petroleum The short interest in Marathon Petroleum (MPC) has risen from 1.1% on February 27 to the current level of 1.4%. Usually, an increase in the
Saudi Arabia's energy minister Khalid al-Falih told Reuters on Thursday that China has "not yet" asked for more crude oil after the United States decided to end sanction waivers on Iranian oil imports that had permitted Beijing to keep buying from Tehran. The United States re-imposed sanctions against Iran's oil exports last November, but Washington initially allowed the eight biggest buyers of Iranian oil - China is number 1 - to keep purchasing limited imports for six months ending April. Al-Falih spoke briefly on the sidelines of a visit to Beijing for a summit on China's Belt and Road economic development initiative, rebuilding the old Silk Road to connect China with Asia, Europe and beyond.
* Palm prices hit 3-session peak earlier in day * Bearish production outlook weighs on mkt - trader * M'sia April 1-25 palm export data up 1.4-8.9 pct - cargo surveyors (Updates with closing prices) By ...
China plans to buy an additional 1.9 million tonnes of palm oil from Malaysia over the next five years and invest at least 2 billion ringgit ($480 million) in a biojet fuel plant, Malaysia's ministry of primary industries said on Thursday. The plans are outlined in a memorandum of understanding signed between the China Chamber of Commerce of Foodstuffs and Native Produce and the Malaysian Palm Oil Council in Beijing, according to a ministry statement. China and Malaysia also agreed in the MoU to work together to encourage the use of the yuan for palm oil trade, pending approval from Malaysia's central bank.
KUALA LUMPUR, April 25 (Reuters) - China will buy an additional 1.9 million tonnes of palm oil from Malaysia over the next five years, Malaysia's state news agency Bernama said on Thursday, citing the ...
OSLO/LONDON (Reuters) - Norwegian oil and gas company Equinor will revise its climate targets next year and assess its investments against U.N.-backed goals following talks with major investors. Oil companies, among the largest emitters of greenhouse gases, are coming under increased shareholder pressure to have strategies compatible with the 2015 Paris climate agreement. Equinor revealed the new steps on Wednesday after talks with a group of more than 320 investors, led by UBS Asset Management, HSBC Global Asset Management and Storebrand Asset Management, which together manage more than $33 trillion in assets.
While not a mind-blowing move, it is good to see that the Gulf Keystone Petroleum Limited (LON:GKP) share price has gained 24% in the last three months. But spare a thought for the long term holders, who have held the stock as...
(Corrects headline to 8.9 pct, not 4.2 pct, and bullet point to 1,260,622 tonnes, not 1,206,622, after AmSpec corrects export figures) April 25 (Reuters) - * MALAYSIA'S APRIL 1-25 PALM OIL EXPORTS SEEN ...
KUALA LUMPUR, April 25 (Reuters) - Malaysian palm oil futures opened higher on Thursday, edging up to a three-session top. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives ...
We think that it's fair to say that the possibility of finding fantastic multi-year winners is what motivates many investors. You won't get it right every time, but when you do, the returns can be truly splendid. One such sup...
KUALA LUMPUR, April 25 (Reuters) - The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets. FUNDAMENTALS * Malaysian palm oil futures recouped earlier losses ...
The OPEC member will raise output to almost 6 million barrels a day by 2030, overtaking Canada as the world’s fourth-largest producer, as it continues to rehabilitate an oil industry ravaged by decades of conflict and sanctions, the IEA said Thursday. The outlook was downgraded from the agency’s last assessment seven years ago, when it projected Iraq would pump 7.5 million barrels a day by 2030. “Iraq’s potential is huge but the road to increased production is not without obstacles,” said the Paris-based organization, which advises most of the world’s major economies on energy policy.
Venezuela's state-run oil company PDVSA on Wednesday said it had activated a power generator that would allow for an increase in crude oil output, after a string of nationwide blackouts disrupted operations in the country's heavy-crude oil Orinoco belt. The company said in a statement the generator would add 10 megawatts of power to the electrical system in the Morichal district of the belt, allowing for an increase in output of Merey crude, Venezuela's most common export grade. PDVSA said the additional capacity would benefit the Petroindependencia joint venture, which is 34 percent owned by Chevron and allow for the reactivation of a pumping station for diluents, which are oil products that PDVSA needs to convert its extra-heavy oil into exportable grades.
In the first of a three-part series, FreightWaves examines prospects for liquid bulk transiting the Panama Canal. As tens of billions of dollars are spent building liquefied natural gas (LNG) export facilities along America's coastline, the importance of the Panama Canal is coming into sharper focus. Many of the cargoes from these terminals will be destined for Asia and must pass through the larger ‘Neopanamax' locks.
While Trump’s decision not to extend the Iran sanctions waivers may seem to suggest he is pursuing higher oil prices, his base desperately needs prices to stay low
Saudi Oil Minister Khalid al-Falih has reassured oil markets that his country won’t ramp up oil production soon despite the end of Iranian sanction waivers
Blacktip, operated by Shell and co-owned by U.S. oil giant Chevron Corp, Equinor ASA and Repsol, is the company's second material discovery in the Perdido Corridor, Shell's Upstream Director Andy Brown said. "The Blacktip exploration well has encountered more than 400 feet (122 metres) net oil pay with good reservoir and fluid characteristics," the company said.
Will Marathon Petroleum’s Q1 Earnings Rise?(Continued from Prior Part)Analysts’ ratings for Marathon PetroleumIn this part, we’ll discuss analysts’ ratings for Marathon Petroleum (MPC). The company is expected to post its first-quarter