|Day's Range||61.03 - 63.60|
Which Refining Stocks Could Post More Gains?(Continued from Prior Part)Marathon Petroleum’s implied gainsMarathon Petroleum (MPC) is a US refiner with refining and marketing, midstream, and retail segments. The company is ranked first among the
U.S. crude oil inventories rose unexpectedly last week, hitting their highest levels since July 2017, due to weak refinery output, particularly in the Midwest, the Energy Information Administration said on Wednesday. Crude inventories rose 4.7 million barrels in the week ended May 17, compared with analysts' expectations for a decrease of 599,000 barrels. In particular, refining usage in the Midwest fell to its lowest levels in May since 2013.
The probe is broad in scope and is at an early “investigatory stage,” Clive Thomas, director of the the State Assets Recovery Agency, said in an interview in the seaside capital of Georgetown last week. The Stabroek, Kaieteur and Canje blocks, all operated by Exxon, will be part of the inquiry, as well as Orinduik operated by Tullow, he said. The investigation pits the administration of President David Granger against the previous government headed by Donald Ramotar, who left office in 2015.
Oil Prices: Will the Risk Premium Evaporate?Oil prices and broader market divergedOn May 21, US crude oil July futures fell 0.1% and settled at $63.13 per barrel despite a 0.8% gain in the S&P 500 Index (SPY). Based on the API’s data on May
Next-day natural gas prices at the Waha hub in the Permian basin in West Texas fell below zero for the first time since early April. The last time Waha traded below zero was April 3 when it averaged a record low minus $4.28, according to data from Refinitiv. On the Intercontinental Exchange, meanwhile, Waha has been trading below zero all week.
As Germany plans to shutter its coal sector, the government pledged Wednesday to pour 40 billion euros ($45 billion) into mining regions over the coming years to stimulate growth and jobs. While Germany now meets one third of its electricity needs with clean renewables such as wind, solar and biogas, it produces another third with coal, a climate killer with huge CO2 emissions. The coal phase-out has however stoked anger against Chancellor Angela Merkel's government in mining regions where the industry accounts for tens of thousands of jobs.
Crude Prices fall to near $62.35 bbl as OPEC+ members cast contrasting comments over Oil production. Sinking USD Index drags down the Loonie to 10-days low.
Investing.com - U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) rose by 4.7 million barrels last week, versus expectations for a decline of nearly 600,000 barrels, the Energy Information Administration said Wednesday.
For years, the Comoros islands off the east coast of Africa have dreamt of an oil or gas strike -- now the first planned seismic survey could reveal if the poverty-stricken nation's hopes are about to come true. The possibility of a lucrative resources boom has gripped Comoros for seven years after then-president Ikililou Dhoinine awarded a batch of offshore oil and gas exploration permits. The arrival last year of Tullow Oil changed the game, as the British company boosts a strong record striking deposits in Ghana, Uganda and Kenya.
Oil headed for its biggest drop in two weeks as signs the worsening U.S.-China trade war will take a toll on global economic growth overshadowed the prospect of OPEC+ extending output curbs.
Norway's Equinor (EQNR) acquired an additional 22.45% stake in GoM's Caesar Tonga oilfield, while energy services behemoth Schlumberger (SLB) sold several drilling assets for $400 million.
The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 2.4 million barrels for the week ended May 17, according to sources. The API also reportedly showed a stockpile increase of 350,000 barrels in gasoline, but distillate supplies fell by 237,000 million barrels. Inventory data from the Energy Information Administration will be released Wednesday. The EIA data are expected to show crude inventories declined by 2 million barrels last week, according to a survey of analysts conducted by S&P Global Platts. It also forecast a supply climb of 1 million barrels for gasoline and a decline of 1 million barrels for distillates. July West Texas Intermediate crude was at $62.99 a barrel in electronic trading, down from the contract's $63.13 settlement on the New York Mercantile Exchange.
Crude Oil WTI Futures continued to climb the ladder amid OPEC-led supply cut fears. PM May stated that she will give MPs last chance to back her “new improvised deal”. EUR/USD pair uplifted on USD plunge.
Based on the earlier price action, the direction of the June E-mini S&P 500 Index into the close is likely to be determined by trader reaction to the downtrending Gann angle at 2849.25. Currently, the market is trading on the bullish side of this angle.
Crude oil markets tried to rally during the trading session on Tuesday, but it is looking very likely that we are going to continue to see a lot of selling just above. If that’s going to be the case we may be trying to carve out another short-term range.
The natural gas markets fell doing the trading session on Tuesday, as the markets continue to drift lower overall. The supply issue always favor selling as there is far too much in the way of proven natural gas reserves. Even if storage drops, the reality is that the drillers will simply fill those tanks back up.
Angolan state oil company Sonangol has finalised its allocations of July-loading crude to term buyers, traders said on Tuesday, while the number of unsold Nigerian June cargoes was dwindling. * Sonangol has allocated all of its July-loading cargoes to term buyers and still has a cargo of Mostarda available, a trader said, which is being offered. * Dalia: Sonangol sold a cargo of this grade in a tender, due to high demand, a trader said.
Hopes for a speedy resumption of oil exports from Russia to Poland and Germany along the Druzhba pipeline route are fading after plans to remove dirty oil from the pipeline had a major setback last week, three trading sources said. Russia halted oil flows along the pipeline to Eastern Europe and Germany in April because of contaminated crude, leaving refiners in Europe scrambling to find supplies. Under the restart plan, Total was due to take the lion's share of the dirty oil into its Leuna refinery in Germany to dilute and process it there, sources said.
Oil at the port of Ust-Luga was also contaminated. At least 5 million tonnes of oil, or about 36.7 million barrels, have been contaminated by organic chloride, a chemical compound used to boost oil extraction by cleaning wells and accelerating the flow of crude. The compound must be removed before oil is sent to customers because it can destroy refining equipment.