Fuels & Lubes

When Will The U.S. Oil Industry Recover from COVID-19 Induced Slump?

  • Oil market downturns drag down a list of oil-producing countries and affected its markets.
  • 25 emerging market currencies are trading the highest in 15 years against Brent crude.
  • It will take a few months for the market to recover from COVID-19 induced slump.
  • U.S. rig count has fallen to 465 on April 24 down 45 percent in just five weeks.

According to an article published in Oil Price, the industry is wondering when will the U.S. oil storage reach its limit.

EM currencies hold up against oil
  • Sixt...

https://mfame.guru/when-will-the-u-s-oil-industry-recover-from-covid-19-induced-slump/

Asia-Pacific Refineries Run Cut Continues!

  • Indian Oil Corp. reduced crude throughput by 50% at its refineries to combat a slump in demand for petroleum products.
  • Pakistan’s Attock Refinery in Punjab has increased its run rate to 67% of capacity.
  • South Korea’s SK Energy in March reduced the crude run rate at Ulsan to 85%, from 95% a year earlier.
  • Singapore Refining Company in April reduced the operating rate at its 290,000 b/d refinery due to poor refining margins.
  • New Zealand’s Refining NZ plans to extend the reduced production mode.
  • Ca...

http://mfame.guru/asia-pacific-refineries-run-cut-continues/

ABS Unveils Latest Projections for a Low Carbon Shipping

  • ABS releases latest trends and projections on carbon-reduction strategies for shipping.
  • The industry is in the process to meet decarbonization ambitions.
  • The study is thorough and comprehensive, and links the task ahead with practical steps of implementation.
  • ABS collaborated with Maritime Strategies International (MSI) to create a global scenario for the future CO2 emissions from shipping.

ABS has published the latest trends and projections on carbon-reduction strategies for shipping as the...

https://mfame.guru/abs-unveils-latest-projections-for-a-low-carbon-shipping/

Stenabulk And GoodFuels Completes Trial of BioFuel Oil

  • The MR tanker belonging to Stenabulk has received the first delivery of BioFuel oil.
  • The fuel reduces greenhouse gas emissions by 83% and reduces SOX emissions.
  • BFO was tested in tanks, storage, and as it was burned in the engines.
  • This will help owners and operators to future-proof against current and impending regulations.

The 49646 dwt MR tanker received the first delivery of BioFuel Oil during its recent call at the Port of Rotterdam, says a press release published by Stenabulk.

Aim to...

http://mfame.guru/stenabulk-and-goodfuels-completes-trial-of-biofuel-oil/

Top Bunkering Hubs Show Buoyancy Amid Coronavirus Pandemic!

  • Bunker demand at the top bunkering hubs appears to be holding up so far this year despite the COVID-19 pandemic.
  • For the first quarter as a whole, Panama’s demand climbed by 8.9% compared with a year earlier, while Singapore’s rose by 5.3%.
  • First-quarter results from Maersk will also give some indication of how demand from the container sector has fared.

Bunker demand at the world’s top bunkering hubs appears to be holding up so far this year despite the COVID-19 pandemic, writes Jack Jordan...

http://mfame.guru/top-bunkering-hubs-show-buoyancy-amid-coronavirus-pandemic/

OPEC+ Begins Record Cuts as Oil Firms See Weekly Rise!

  • US oil prices were 4pc higher while the front month Brent crude futures rose above $26 per barrel.
  • In April, U.S. crude fell to an all-time low and traded negative for the first time on record while Brent hit a near-21-year low as the pandemic eroded demand.
  • Brent futures for July eased 17 cents, or 0.6pc, to $26.31 by 1:42 p.m. ET (1742 GMT).
  • US WTI was 82 cents, or 4.4pc higher, at $19.66 after climbing above $20 earlier in the session.

Oil rose further above $26 a barrel on May 1 as OPEC...

http://mfame.guru/opec-begins-record-cuts-as-oil-firms-see-weekly-rise/

Global Price War Ending Pact Forces Oil Majors To Production Cuts!

The world’s largest energy companies are negotiating production cuts with oil-rich nations ahead of Friday’s deadline for OPEC and the Group of 20 countries to sharply reduce output—reductions that will limit these firms’ options for coping with the crude-price rout, reports the Wall Street Journal.

What is it?

Earlier in April, Saudi Arabia and Russia ended a price war and joined forces with the Organization of the Petroleum Exporting Countries and other oil-producing nations, agreeing to cut...

http://mfame.guru/global-price-war-ending-pact-forces-oil-majors-to-production-cuts/

[Listen] Coronavirus Pandemic: Crude Market Have Their ‘Options Open!’

  • Coronavirus pandemic has resulted in an unprecedented demand destruction in Asia.
  • Commodity trends in the country seem to be showing signs of recovery despite the outbreak.

S&P Global Platts editor Avantika Ramesh and analysts Oceana Zhou and Daisy Xu discuss if China is the only respite for crude sellers under the current circumstances.

Chinese markets in the path of recovery

There has been unprecedented demand destruction in Asia as a result of the coronavirus pandemic, causing many refiners...

https://mfame.guru/coronavirus-pandemic-crude-market-have-their-options-open/

Oil Price Roller Coaster Month Ends With High Surge on the Last Day!

According to a Reuters report, oil prices jumped last Thursday, after several producers said they would cut output as signs of the U.S. crude glut was not growing as quickly as many had feared brought an upbeat close to one of the most volatile months for oil trading in history.

Key Developments That Lead To This
  • Fuel demand worldwide slumped about 30% in April.
  • Even after major oil producers led by Saudi Arabia agreed to slash production by nearly 10 million barrels per day (bpd), U.S. crude...

https://mfame.guru/oil-price-roller-coaster-month-ends-with-high-surge-on-the-last-day/

Is COVID-19 The End of The Road for The U.S Oil Industry?

  • 2020 global oil demand may average 20 million barrels per day lower than in 2019.
  • U.S. gasoline comparative inventory has increased by 30 million barrels since March 20.
  • This is a record level of 28.4 million barrels more than the five-year average.
  • Rig count through April 2020 and 12-month lagged production.
  • Gross domestic product (GDP) is proportional to oil consumption
  • U.S. GDP to contract 30-35% in 2020 based on estimates by seventeen investment analysts.

According to an article published...

http://mfame.guru/is-covid-19-the-end-of-the-road-for-the-u-s-oil-industry/

+ More