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Brian Kessens, Tortoise Portfolio Manager, joins On The Move to discuss how the oil sector is faring amid the coronavirus despite Saudi Aramco’s report that it will be able to produce 12 million barrels a day starting on April 1.
Van Leeuwen & Company’s Managing Director, Ken Van Leeuwen joins On The Move to discuss how markets, specifically the oil sector, have been impacted by the coronavirus outbreak and how leadership is planning to help offset damages.
Oil prices rebounded on Tuesday, following reports that Saudi Aramco will be able to produce more than 12 million barrels of crude oil per day starting around April 1. KKM Financial Managing Director Dan Deming joins On The Move to discuss the details.
The latest analyst coverage could presage a bad day for Valero Energy Corporation (NYSE:VLO), with the analysts making...
To the annoyance of some shareholders, Valero Energy (NYSE:VLO) shares are down a considerable 33% in the last month...
MEXICO CITY/NEW YORK, March 27 (Reuters) - Demand for refined products in Latin America is quickly drying up as the coronavirus pandemic worsens, leaving U.S. refiners without their primary export destination as the virus spreads. The crisis has nearly shut down worldwide air travel and is destroying fuel demand, which could fall by 15% to 20% globally in coming months. The virus had not hit Latin America with the same intensity as Europe or the United States, but it is increasingly spreading there, and a growing number of nations are imposing travel restrictions.
The stocks have arguably already taken all of that into account and then some, Jefferies analyst Chritopher Sighinolfi argues.
(Bloomberg) -- Oil resumed its decline after the head of the International Energy Agency warned global demand was in ‘free fall’ as coronavirus lockdowns wreak havoc on consumption while major producers pump more.Futures in New York tumbled 7.7% in New York, dropping for the first time this week, after IEA executive director Fatih Birol said demand could drop as much as 20 million barrels a day. The gloomy outlook exacerbated investor pessimism driven by a U.S. decision to rescind a crude-buying offer after failing to win funding from Congress.Market gauges have been signaling weakness, with key swaps in the North Sea plummeting, and U.S. traders and consultant IHS Markit raising alarms about storage space running out. Goldman Sachs Group Inc. also warned of a massive contraction in demand that not even a supply freeze or cut from OPEC could rectify.“We’ve never seen something like this before,” said Mike Hiley, president of OTC Futures. “Oil is going to continue to be stuck in this rut given the simultaneous supply and demand shocks. Stimulus doesn’t really help these issues. Just because people have more money in their pockets, doesn’t mean they’re getting in their cars.”Falling crude prices were undeterred by the U.S. Senate approving a $2 trillion stimulus plan after days of intense negotiations. The House is under pressure to pass the bill quickly and send it to President Donald Trump for his signature as signs of weakness in the economy mount with American jobless claims surging to a record 3.28 million last week.The White House is urging Saudi Arabia to dial back its plan to flood the crude market. Still, any agreement to curtail supply among producers will be too little and too late in the face of an unprecedented shock for the world’s oil refining system, Goldman said.Refineries in India -- the world’s third-largest crude importer -- are preparing to slash processing rates by as much as half, according to estimates from one of the country’s biggest Middle Eastern suppliers.“We expect crude demand to now start declining, following products demand on its downwards path, and this is what will fundamentally drive prices lower,” said Per Magnus Nysveen, head of analysis at Rystad Energy AS.Producers are already showing signs of strain with Brazil’s Petrobras cutting output through the end of March, while some operators in Canada are shutting production altogether.The glut extends far beyond the U.S. The Brent Dated-to-frontline swap, which helps traders to cover the gap between the futures and physical market in the North Sea was at the weakest level in at least a decade on Thursday. Similarly, Russian Urals crude traded at a nine-year low, and the country plans to boost its eastern exports to a record in May.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
It will now host a conference call on April 29, 2020, at 10:00 a.m. ET to discuss first quarter earnings results, which will be released earlier that day, and provide an update on company operations. Valero Energy Corporation, through its subsidiaries (collectively, “Valero”), is an international manufacturer and marketer of transportation fuels and petrochemical products. Valero is a Fortune 50 company based in San Antonio, Texas, and it operates 15 petroleum refineries with a combined throughput capacity of approximately 3.2 million barrels per day and 14 ethanol plants with a combined production capacity of 1.73 billion gallons per year.
Valero is donating to eight local charities providing critical support services during the coronavirus pandemic.
Valero Energy Corporation (NYSE: VLO, “Valero”) announced that the Valero Energy Foundation has committed $1.8 million to support organizations on the front-lines helping people most in need primarily in cities where the company operates. In addition, Valero is also providing gas cards to the selected charitable organizations to provide access to essential fuels and products for their operations. “The health and the safety of our employees, our families, and our communities are critically important,” said Joe Gorder, Valero Chairman and Chief Executive Officer.
Alamo City leaders will have to be more creative in their wooing of companies and jobs as recruiting assets are cancelled or postponed. Here's how they plan to maintain the momentum.
The energy sector is comprised of companies focused on the exploration, production, and marketing of oil, gas, and renewable resources around the world. Popular energy sector stocks include upstream companies that are primarily engaged in the exploration of oil or gas reserves. Well-known companies in the sector are Hess Corp. (HES) and Diamondback Energy Inc. (FANG).
Valero Energy Corporation (NYSE:VLO) shareholders (or potential shareholders) will be happy to see that the...
Russia and Saudi Arabia are battling each other and America’s shale producers. There will be casualties, but some U.S. drillers, shippers, and refiners will survive to fight another day.
The PGA Tour has determined that its events, including the 2020 Valero Texas Open, will be played as scheduled — without spectators. The Texas Open is scheduled for March 30 through April 5 at TPC San Antonio. The tournament will be conducted with essential personnel only to protect the safety of fans, players, sponsors and volunteers.
Coronavirus is probably the 1 concern in investors' minds right now. It should be. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW. We predicted that a US recession is imminent and US stocks will go down by at least 20% in the next 3-6 […]
To the annoyance of some shareholders, Valero Energy (NYSE:VLO) shares are down a considerable 35% in the last month...
SAN ANTONIO, March 10, 2020 -- Valero Energy Corporation (NYSE:VLO) (“Valero”) today announced that it will host a conference call on April 23, 2020, at 10:00 a.m. ET to.