U.S. pipeline operator Energy Transfer LP will begin cutting about 6% of its workforce next week, underscoring the spreading impact of weak oil and gas prices on the energy business. Marshall McCrea, the chief commercial officer for the Dallas-based company, said in a recorded message to employees the cuts would begin Monday and affect about 6%.
The closing of a $252 million sale of the Philadelphia Energy Solutions (PES) oil refinery to a Chicago-based real estate developer has been delayed, a city official and source with knowledge of the agreement said on Friday. Hilco Redevelopment Partners won an auction in January to purchase the 1,300-acre site along the Schuylkill River in.
Oil extended losses after an industry report showed a surprise jump in U.S. crude stockpiles last week. West Texas Intermediate crude futures fell as much as 3.2% after the close in New York. The industry-funded American Petroleum Institute reported that U.S. crude stockpiles rose 8.73 million barrels last week, according to people familiar with the data. Gasoline.
Oil was mixed on Thursday morning in Asia, with the black liquid clawing back some losses from its second venture into negative territory during the previous session. U.S.-China tensions heated up overnight as U.S. Secretary of State Mike Pompeo certified that Hong Kong no longer warrants special treatment under U.S. law, dealing a major blow.
Oil prices slid for a second consecutive session on Thursday as U.S. industry data showed a steep and surprising build-up in crude stockpiles, dampening hopes of a smooth demand recovery as the world begins to ease its way out of coronavirus lockdowns. The decline extended losses from Wednesday on uncertainty about Russia’s commitment to deep.
The third cargo of an Iranian tanker flotilla carrying fuel for gasoline-thirsty Venezuela on Tuesday reached the nation’s exclusive economic zone as the previous two were discharging at state run PDVSA’s ports, Refinitiv Eikon data showed. The Iran-flagged tanker Petunia crossed the Caribbean Sea (NYSE:SE) earlier on Tuesday, following the same route as vessels Fortune.
Oil prices fell on Wednesday on revived concerns over how quickly fuel demand will recover even as coronavirus lockdowns begin to ease in many countries, while U.S.-China tensions added to negative sentiment. Brent crude futures fell 21 cents, or 0.6%, to $35.96 by 0120 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 31 cents,.
Oil was down on Wednesday morning in Asia on the back of analyst warnings over the fragile demand recovery. Brent oil futures were down 0.17% to $36.11 by 12:40 AM ET (5:40 AM GMT) and WTI futures fell 0.32% to $234.24 as investors retreated from the black liquid. The warnings came as the United States heads into its.
Amid the coronavirus pandemic, oil demand has plummeted over the last few months but Russia’s oil minister sees the global supply and demand situation rebalancing within two months, according to RIA sources, cited by Reuters. Russia’s Energy Ministry expects oil demand to improve in May, and notes that we are already seeing major shifts to global.
Oil prices rose in Asia after the head of the International Energy Agency gave an upbeat assessment on the prospects for a demand recovery as coronavirus restrictions are lifted around the world. Futures in New York were up 1.4% from Friday’s closing price. There was no settlement in the U.S. market on Monday due to.