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 coronavirus pandemic has done in a handful of months what even a 27-year civil war did not: it has brought oil drilling to a halt in Angola, Africa’s second-largest oil producer. The consequences could be grave for a poor country that relies heavily on oil revenues and is saddled with debts that exceed its.
The coronavirus pandemic has disrupted maintenance at oil and gas projects and refineries from Russia’s the Far East to the coast of Canada, storing up problems for an industry already reeling from slumping prices, analysts say. Lockdowns to stop the spread of COVID-19, the flu-like infection caused by the virus, have snarled the supply of.
A month after sellers had to pay nearly $40 a barrel to get rid of U.S. oil futures, the next watershed moment looms with the expiry of the June contract on Tuesday – and so far there is little sign of a repeat of the historic plunge. The extent of the damage that the coronavirus.
Oil prices climbed by more than $1 a barrel on Monday, supported by output cuts and signs of gradual demand recovery amid easing coronavirus curbs, with U.S. oil showing no signs of last month’s contract expiry price rout. Brent crude (LCOc1) was up $1.06, or 3.3%, at $33.56 a barrel by 0452 GMT, after touching.
Europe’s top oil and gas companies have diverted a larger share of their cash to green energy projects since the coronavirus outbreak in a bet the global health crisis will leave a long-term dent in fossil fuel demand, according to a Reuters review of company statements and interviews with executives. The plans of companies like.
The U.S. benchmark approached $30 a barrel, a month after briefly falling below zero, but it’s still far from where it was before the pandemic. Workers at a drilling rig in Texas in April. Even after the recent rally, oil prices are roughly half of what they were at the beginning of the year. Driving.
U.S. gasoline demand is “the big enchilada,” says one analyst The coronavirus pandemic has stalled factories and shut down businesses around the world, causing a historic drop in oil demand just as production was reaching new highs. WSJ explains the oil price bust that could reshape energy markets. Wary of U.S. crude oil after prices.
The US Energy Information Administration reported a second consecutive triple-digit build, but production declines could affect the injection for the week in progress. Storage inventories increased by 103 Bcf to 2.422 Tcf for the week ended May 8, the US Energy Information Administration reported Thursday morning. The injection was less than S&P Global Platts’ survey.
Singapore’s residual fuel oil inventories rose 4% in the week ended May 13 despite lower net import volumes, official data showed on Thursday, in a sign of sluggish marine fuel demand at the world’s top bunkering hub. – Onshore fuel oil stocks rose by 851,000 barrels (about 134,000 tonnes) from the previous week to 24.987.