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...
Oil & Companies News
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/
U.S. Oil And Natural Gas Fighting COVID-19
Let me start with a basic premise. Reliable, affordable, and reliability energy is the foundation of our COVID-19 mobilization: “To Fight The Coronavirus, The World Returns To Fossil Fuels.” Led by oil and natural gas, fossil fuels supply over 80% of the energy used here in the U.S. and around the...
https://www.hellenicshippingnews.com/u-s-oil-and-natural-gas-fighting-covid-19/
For Big Oil, this crisis will be different, and it may be irreversible
The price of oil has gone negative after weeks of oil sands output selling for less than a pint of beer per barrel. Banks are preparing for a wave of oil bankruptcies by setting up their own oil companies to operate seized assets. Regulators in Texas are considering setting limits on the state’s...