China Crude Processing Spikes to All-time High
Chinese refinery crude oil throughput has reached its highest level ever, with total processed volumes up 12% in the first five months of this year compared to 2020, and up 10.9% from the same period in 2019. In total 292.7m tonnes have been processed so far this year according to the National Bureau of Statistics China.Despite the 12.0% growth in crude oil processing…
Country-by-Country Look at Dropping Fuel Demand
It's hardly news that the COVID-19 pandemic has sent most every market into tumult, most notably the oil and gas market as political power plays flood the world with oil precisely when demand has plummeted. Here we provide some recent insights on just how steep falls in fuel demand has been as lockdowns…
Record Oil Output Cuts Fail to Make Waves in Coronavirus-hit Market
The minimal impact on oil prices from a global deal for record output cuts showed that oil producers have a mountain to climb if they are to restore market balance as the coronavirus shreds demand and sends stockpiles soaring, industry watchers said.After several days of discussions, oil producing and…
China's Gasoline Exports Rise to Record
China's gasoline exports in November nearly tripled from a year ago to an all-time high, as refiners processed crude at near record rates to take advantage of sturdy profit margins at home although domestic demand for the motor fuel remained sluggish.Gasoline shipments were 1.84 million tonnes last month, data from the General Administration of Customs showed on Monday.
W. Africa Crude-Freight costs ease, especially for VLCCs
Freight rates eased further on Friday, especially for the largest oil tankers, promising some recovery for West African oil prices which had touched multi-year lows. VLCC freight costs eased more rapidly than smaller Suezmaxes, making it less advantageous to ship on the latter. Prices for Suezmaxes were estimated around world scale 190-200…
China Crude Runs Hit Record High
China's crude oil throughput rose 9.4% in September from a year earlier to its highest level on record, official data showed on Friday, led by increases from new refineries and as some independent plants returned from maintenance.Refinery runs hit 56.49 million tonnes, or about 13.75 million barrels per day (bpd), according to figures from the National Bureau of Statistics
Sinopec Half-year Profit Rises 41%
China Petroleum and Chemical Corp , known as Sinopec, reported its best six-month profit since the second half of 2014 on Sunday, the latest Chinese state oil major to report a surge in results due to a big recovery in crude prices from last year. The country's largest refiner reported a first-half net…
Oil Rises Towards $62 on Libyan Violence
Brent near $62/barrel, WTI above $50; U.S. dollar off 11-year highs. Oil rebounded by more than $2 towards $62 a barrel on Tuesday as fighting in Libya, stronger equity markets and firm demand helped Brent futures recover from their biggest one-day loss in a month. Brent crude fell more than $3 on Monday as traders refocused on rising global supplies…
CHS to Invest $406m in Montana Refinery
CHS Inc. announced today it will invest $406 million in its Laurel, Mont., refinery to boost efficiency and increase diesel production. "These projects, along with all of our ongoing major refining, distribution and storage investments, underscore our continued commitment to building the CHS energy platform…
