One indication of this difference between these markets is the correlation, or co-movement, of daily prices. Measures of correlation range between positive one, indicating a very strong relationship for movements in the same direction, to negative one, indicating a strong relationship for movements...
Oil & Companies News
FEATURE: INE’s Shanghai Crude contract sustains Chinese demand for cheap Middle East barrels
Strength in the price of Shanghai crude oil futures hosted on the Shanghai International Energy Exchange, or INE, and a doubling of storage capacity may explain why Iraq’s Basrah and Oman have fetched higher prices in a deeply discounted market for Middle East crudes over April. This month, several...
One of UK’s richest businessmen says he expects oil at $40-$50 once the coronavirus crisis is over
Oil prices are likely to remain low until global economic conditions start to stabilize again, one of the richest businessmen in the U.K. said Tuesday. U.S. crude fell 13%, or $1.67, to trade at $11.11 per barrel, following a near 25% decline a day earlier. The international benchmark, Brent,...
Dubai crude futures edge higher amid Middle East production cuts
Benchmark Dubai crude futures edged higher in mid-morning trade Wednesday as the Middle East crude market in Asia took cues from evidence of supply cuts that could bring market inequilibrium closer to rebalancing, traders told S&P Global Platts. At 11 am in Singapore (0300 GMT), the June Dubai...
ANALYSIS-Resilience of independent oil firms faces hedging, debt tests
Independent international oil producers can cope with plunging oil prices better than higher-cost U.S. shale firms but persistent low prices may still leave them struggling to repay debts and renew hedging facilities needed to protect revenues. The drop in Brent crude to $20 a barrel and less, or...
Insight from Shanghai: Can shale gas secure China’s energy security?
As China’s energy imports rise, so energy security climbs up the political agenda. In 2014 Xi Jinping, General Secretary of the Communist Party of China, outlined a long-term energy strategy that included strengthening the domestic and overseas supply of oil and gas. More recently, external...
U.S. crude stocks jump by 10 mln bbls in latest week -API
U.S. crude oil, and distillate stocks all rose while gasoline stocks fell, data from industry group the American Petroleum Institute showed. Crude inventories rose by 10 million barrels in the week to April 24 to 510 million barrels, compared with analysts’ expectations for a build of 10.6 million...
https://www.hellenicshippingnews.com/u-s-crude-stocks-jump-by-10-mln-bbls-in-latest-week-api/
REFINERY NEWS ROUNDUP: Some plants in Asia-Pacific start up as measures ease
Indian Oil Corp. reduced crude throughput by 50% at its nine refineries to combat a slump in demand for petroleum products. The Indian government imposed a complete nationwide lockdown, initially from March 25 for 21 days to contain the pandemic, and subsequently extended it until May 3. IOC also...
U.S. crude inventories rise less than expected, gasoline posts surprise draw
U.S. crude oil stockpiles rose less than expected last week while gasoline inventories dropped for the first time in five weeks, the Energy Information Administration said on Wednesday, as the sharp decline in fuel demand due to the coronavirus pandemic is ebbing. Crude inventories rose by 9...
Wall Street awaits Chinese oil crash post-mortem
Bank of China’s commodities scandal deserves attention from foreign bankers. The country’s fourth-largest lender fumbled a crude oil futures product, leading to big losses. Beijing has moved to ease foreign entry into the sector, so how the government conducts this post-mortem will be instructive....
https://www.hellenicshippingnews.com/wall-street-awaits-chinese-oil-crash-post-mortem/