Refineries around Asia Join Chinese Peers in Increasing Production
Refineries from India to South Korea are expected to increase output from June, joining their Chinese counterparts as the easing of lockdown measures boosts demand for oil products, industry executives said.The average operating rate for refineries in Asia is expected to rise to 75.5% and 82.2% in the third and fourth quarters…
Virus Lockdowns Pummel Global Gas Demand, Force LNG Output Cuts
Lockdowns to slow the coronavirus pandemic are pummelling gas demand in the world's biggest buyers of liquefied natural gas (LNG), pushing Asia's spot prices to record lows and forcing some suppliers to start cutting output. Economies worldwide have ground to a halt as virus containment measures have taken their toll, slashing gas demand for power generation…
U.S. Oil Futures Plumb Historic Sub-Zero Lows, Brent Plunges
U.S. oil futures continued to trade in negative territory on Tuesday, after closing down nearly $40 on Monday in their first-ever sub-zero dive, as concerns grew the United States will run out of storage for a glut caused by the coronavirus lockdown.Global benchmark Brent crude also fell sharply in response to the collapse of demand following reduced economic activity.U.S.
Oil Rises from 18-Year Lows after U.S., Russia Agree to Talks
Oil recovered ground on Tuesday after U.S. President Donald Trump and Russian President Vladimir Putin agreed to talks to stabilize energy markets, with benchmarks climbing off 18-year lows hit as the coronavirus outbreak cut fuel demand worldwide. Brent crude was up by 30 cents, or 1.3%, at $23.06 a barrel by 0635 G5MT, after closing on Monday at $22.76, its lowest finish since November 2002. U.S.
Coronavirus Leaves China-bound Tankers Stranded
The coronavirus's effect on energy markets is worsening, as the sharp fall in demand in China, the world's largest importer of crude, is stranding oil cargoes off the country's coast and prompting shippers to seek out other Asian destinations.More than 1,360 people have died from the coronavirus in China, which has disrupted the world's second largest economy and shaken energy markets…
Oil Prices Climb on Hopes of Deeper OPEC+ Production Cuts
Oil prices edged higher on Thursday as investors focused on the possibility of deeper supply cuts from the world's biggest producers, whilst largely shrugging off reports which cut demand forecasts after the coronavirus outbreak in China, the biggest oil importer.Brent crude was up 32 cents, or 0.6%, at $56.11 a barrel by 10:52 a.m. ET (1552 GMT), while U.S.
CNPC Pulls Staff from Iraq Oilfield
China National Petroleum Corp (CNPC), a top investor in Iraqi oil, has withdrawn about 20 employees from the West Qurna-1 field operated by U.S. major Exxon Mobil because of tensions in the region, a company source familiar with the matter said.CNPC made the move on Sunday after last week's killing of Iranian general Qassem Soleimani in a U.S.
Petrochemicals: Weak Margins Sweep Asia
Asian petrochemical makers, who are unable to pass down sky-high feedstock costs, are resorting to run cuts or extending cracker shutdown periods to tie through the bad times.The gloom was evident across South Korea, Asia's top naphtha importer, as well as Southeast Asia as crude-derived naphtha premiums were recently either setting…
Oil on Track for Biggest Yearly Rise Since 2016
Oil fell on the last trading day of the decade on Tuesday but was still on track for monthly and annual gains, supported by a thaw in the prolonged U.S.-China trade row and Middle East unrest.Brent crude was down 74 cents at $65.93 a barrel by 1434 GMT. U.S. West Texas Intermediate (WTI) crude fell 82 cents at $60.86 per barrel.The…
Oil Prices Set for Biggest Yearly Rise Since 2016
Oil rose on the last trading day of the decade on Tuesday and was on track for monthly and annual gains, supported by a thaw in the prolonged U.S.-China trade row and Middle East unrest.Brent crude was up 11 cents at $66.78 a barrel by 1143 GMT. U.S. West Texas Intermediate (WTI) crude rose 6 cents at $61.74 per barrel.The volume…
Asian Refiners Strive to Finish IMO Preparations
At SK Energy's largest refinery in South Korea, engineers are rushing to complete a new processing unit ahead of schedule as the firm looks to boost sales of low-emission fuels before new marine fuel standards take effect in just one month.In Japan, the country's second-biggest refiner Idemitsu Kosan Co is taking a more cautious stance…
Oil Rises Above $62
Oil rose above $62 a barrel on Thursday after China hinted at progress towards a trade deal with the United States, raising hopes for an end to a long dispute that has weighed on economic growth and demand for fuel.China and the United States have agreed in the past two weeks to cancel tariffs in different phases, the Chinese commerce…
Iranian Tanker Hit by Missiles, Oil Rises
Oil prices jumped more than 2% on Friday, October 11, 2019, after Iranian media said a state-owned oil tanker had been struck by missiles in the Red Sea near Saudi Arabia, raising the prospect of supply disruptions weeks after attacks on Saudi oil plants.The Suezmax crude tanker Sabiti was ablaze and suffered heavy damage after being hit by two missiles…
KNOC Aims to Sell Stake in Dana Petroleum
State-run Korea National Oil Corp (KNOC) is considering upping the stake it is planning to sell in its British unit Dana Petroleum after failing to lure a buyer for the 30% previously on offer, banking and industry sources said.KNOC had hired Canada's Scotia Bank to help with selling part of the oil and gas producer, but the minority…
Oil Prices Rise on Lower U.S. Stocks, OPEC+ Supply Cuts
Oil prices rose slightly on Thursday, boosted by a decline in U.S. inventories, ongoing supply cuts from OPEC and its allies, and U.S. sanctions on Venezuela and Iran.Brent crude futures were at $71.80 a barrel at 1313 GMT, up 18 cents from their last close and near Wednesday's five-month high of $72.27 a barrel.U.S. West Texas Intermediate (WTI) crude futures were at $63.83 per barrel…
Iran's Oil Tanker Fleet Being Squeezed as Sanctions Bite
Iran is running short of options to replace its ageing fleet of tankers and keep oil exports flowing because renewed U.S. sanctions are making potential sellers and flag registries wary of doing business with Tehran, Western and Iranian sources said.Since U.S. President Donald Trump reimposed sanctions in November, exploratory…
Oil Slips Back Toward 18-month Lows
Oil prices fell on Thursday after rebounding 8 percent in the previous session, as worries over a glut in crude supply and concerns over a faltering global economy pressured prices.Brent crude oil dropped $1.67 a barrel, or 3.1 percent, to a low of $52.80 before recovering to around $53.45 by 1415 GMT. U.S. light crude oil slipped…
LNG Imports into Northeast Asia at Record High
Shipments of liquefied natural gas (LNG) into Northeast Asia have risen to a record in December, mainly driven by China's continued gasification push, and as the region faces colder-than-usual temperatures this week.LNG imports into China, Japan, South Korea and Taiwan, have climbed to 20.5 million tonnes so far in December, 5…
Oil Surges 8% After Steep Slide
Oil surged on Wednesday, posting its strongest daily gain in more than two years in a partial rebound from steep losses that pushed crude benchmarks to lows not seen since 2017.Both U.S. and Brent crude rose about 8 percent, their largest one-day increase since Nov. 30, 2016, when OPEC signed a landmark agreement to cut production.
Oil Rises to $51 After Steep Slide
Oil rose to $51 a barrel on Wednesday on perceptions that a price slide to 2017 lows prompted by economic worries had been overdone amid an OPEC-led effort to tighten supply.Crude has been caught up in wider financial market weakness as the U.S. government shutdown, higher U.S. interest rates and the U.S.-China trade dispute unnerved investors and exacerbated worries over global growth.Brent crude…
