U.S. refiners are expected to report poor first-quarter results starting this week, but investors are more concerned about the outlook for coming months as various states ease movement restrictions designed to curb coronavirus infections. Fuel demand has dropped by roughly 25% in the United States...
Oil & Companies News
Oil gets shock treatment, now it needs a cure
The way panic spread through global oil markets early last week was pretty much similar to that caused by the initial outbreak of the coronavirus, although the nature, of course, differed widely. It was for the first time in modern history that a strategic commodity was sold at three times lower...
https://www.hellenicshippingnews.com/oil-gets-shock-treatment-now-it-needs-a-cure/
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/
Vietnam’s gasoline, gasoil oversupply woes to persist even as government eases movement controls
Vietnam’s successful control of the spread of the coronavirus within the country has spurred its government to gradually ease domestic travel restrictions, but the country’s refiners are not out of the woods yet, with the pick up in driving activity expected to be slow, while inventories and run...
Oil prices rise as U.S. inventories build smaller than feared
Oil prices gained on Wednesday after U.S. stockpiles rose less than expected and gasoline stocks fell and buoyed by hopes demand will improve as some European countries and U.S. cities moved to ease coronavirus lockdowns. June Brent crude futures were up 2.30%, or 47 cents, to $20.93 a barrel by...
https://www.hellenicshippingnews.com/oil-prices-rise-as-u-s-inventories-build-smaller-than-feared/
Oil fund’s forced sales send WTI prices plunging again
Front-month U.S. light crude oil futures prices slumped almost 25% yesterday, the second sharp tumble in a week, after the exchange operator ordered a major commodity fund to sell some of its near-dated futures contracts. United States Oil Fund (USO) announced to investors it would roll its current...
https://www.hellenicshippingnews.com/oil-funds-forced-sales-send-wti-prices-plunging-again/
Japan seen facing 13 mil barrels of crude surplus over demand in June
Japan could see roughly 13 million barrels of surplus crude supply over domestic demand in June amid plummeting petroleum consumption in the midst of the coronavirus pandemic, pressuring refiners to delay some of their term supply after June, according to S&P Global Platts calculations based on...
BP targets breakeven below $35/bbl next year, CEO says
BP seeks to sharply reduce its spending and costs to be able to generate profit at oil prices below $35 a barrel by next year compared with $56 a barrel last year, CEO Bernard Looney said. The company announced a 25% cut in its 2020 spending to $12 billion following the recent collapse in oil …
https://www.hellenicshippingnews.com/bp-targets-breakeven-below-35-bbl-next-year-ceo-says/
European gas markets feel the pressure – but there are signs of recovery
As the number of new cases of coronavirus starts to slow across Europe, many countries are reviewing their current restrictions. In many cases, lockdowns have been extended, but there are also moves to ease restrictions in some markets. As a result, while milder weather and an oversupplied market...