Ohio-based oil refiner Marathon Petroleum (MPC) saw its Q4 profits exceed analyst expectations, the company reported on Tuesday—thanks in part to OPEC’s production cuts. The U.S. refiner reported a net income of $3.84 per share—or $1.5 billion—for the last quarter of 2023, while analysts estimated a figure far lower, at just $2.20 per share. This.
Crude oil inventories in the United States fell again this week, by 2.5 million barrels for the week ending January 26, according to The American Petroleum Institute (API), after analysts predicted a draw of 867,000 barrels. The API reported a 6.674-million-barrel dip in crude inventories in the week prior. On Tuesday, the Department of Energy.
Refining margins for naphtha in Asia jumped to their highest level in nearly two years on Monday, following an attack in the Gulf of Aden on a tanker transporting Russian fuel. The profit for making naphtha, a key feedstock for the petrochemicals industry, jumped in Asia on Monday to a premium of $0.25 over Dubai.
Crude oil prices started the week with a gain following a drone attack in Jordan that killed three U.S. military servicemen. The news added to the bullish momentum of continuing Houthi strikes on ships in the Red Sea to push Brent crude well over $80 per barrel, with the benchmark close to touching $84 in midmorning trade.
North Dakota’s production of crude oil is returning to full force at a quicker pace than first suggested by authorities, new data from the state’s regulator showed on Friday. Crude oil production in the Peace Garden State is now down by between 30,000 and 80,000 bpd after extreme cold led to operational challenges. Associated natural.
Shell plans to convert its oil refinery at the Wesseling site in Germany into a production unit for base oils, the UK-based supermajor said on Friday. Shell Deutschland GmbH has taken a final investment decision (FID) to turn the Wesseling site at the Energy and Chemicals Park Rheinland into a manufacturing facility for Group III base oils,.
About 10 million barrels of Russian crude oil have been stranded off the coast of South Korea thanks to U.S. sanctions, traders and shipping data told Reuters on Friday. The 10 million barrels, carried by 14 tankers, are of the Sokol variety from Sakhalin-1 and remain unsold due to Western sanctions. That amount represents about 45 days’.
The cost of carrying some fuels from the Middle East to Asia has jumped by 182% since January 12, Bloomberg reported on Tuesday, as the disrupted flow of traffic through the Red Sea continues to spook carriers. The rates that some vessels are now commanding to transport naphtha from the Middle East to Asia have.
Oil prices struggled for direction and fell early on Tuesday, reversing Monday’s gains, as concerns about oversupply overshadowed the escalation of tensions in the Middle East. As of 13:12 p.m. ET on Tuesday, the U.S. benchmark, WTI Crude, was trading slightly lower, by 0.63% at $74.29. The international benchmark, Brent Crude, was down by 0.76% at $79.45..
Crude oil inventories in the United States fell this week by 6.674 million barrels for the week ending January 19, according to The American Petroleum Institute (API), after analysts predicted a draw of 3 million barrels. The API reported a 483,000-barrel build in crude inventories in the week prior. On Tuesday, the Department of Energy.
