Asian refining margins for jet fuel turned positive for the first time in a month, bolstered by deep supply cuts and an uptick in domestic flights in regional markets such as China and Vietnam after governments eased in-country travel restrictions. The jet fuel refining margin in Singapore flipped to $1.83 per barrel above Dubai crude.
The Railroad Commission of Texas and oil producers’ associations are warning oil firms in the state that people have been visiting oil sites claiming, falsely, to be inspectors of the Railroad Commission, the oil regulatory body in Texas. “Nefarious activity in the oil patch is on the rise, including an increase in oil and equipment.
President Donald Trump wants to partially reopen the U.S. economy within four to eight weeks, but the Covid-19 outbreak is still showing only patchy signs of slowing down, as the number of U.S. cases doubled over the last week to 400,000. Bond spreads widened after another acrimonious meeting at which Germany and others refused to.
Oil erased gains as the shutdown of swaths of the global economy triggered a meltdown in fuel demand. Futures in London traded little changed after earlier rising as much as 4%, as measures by governments to restrict travel hammered fuel consumption and led to the biggest daily decline in U.S. gasoline prices since 2005. A.
DUBAI (Reuters) – Saudi Arabia’s economy grew by a weaker-than-expected 0.3% in 2019 as the oil sector contracted sharply, official data showed on Sunday, although the non-oil sector accelerated. Saudi Arabia, the world’s biggest oil exporter, wants to boost the private sector and diversify its economy away from oil, but sliding oil prices and crude.