US crude stocks climbed during the week ended June 19 as rising production and weak refinery demand outshined resurgent exports, US Energy Information Administration data showed June 24. US commercial crude stocks climbed 1.44 million barrels to a record-high 540.72 million barrels in the week...
Dubai crude futures intermonth spreads were mixed at noon in Asia on June 25 as trading activity in the Middle East sour crude market thins towards the end of the trading cycle. The prompt July/August Dubai crude futures spread was pegged at 25 cents/b backwardation at 12 pm in Singapore (0400 GMT)...
https://www.hellenicshippingnews.com/intermonth-spreads-for-dubai-crude-futures-mixed-in-thin-trade/
Oil slipped towards $40 a barrel on Thursday after a more than 5% fall the previous session, as record-high U.S. crude inventories and a resurgence in coronavirus cases cast doubt on a recovery in fuel demand. U.S. crude stocks rose 1.4 million barrels, the Energy Information Administration said on...
https://www.hellenicshippingnews.com/oil-slips-towards-40-on-record-u-s-inventories-covid-fears/
The companies that operate offshore drilling rigs for major oil producers face a second wave of bankruptcies in four years amid a historic drop in energy prices that likely will leave surviving drillers more closely tied to big oil firms. A collapse of the offshore industry will have broad impact....
Australia’s ability to produce both ultra light and heavy crude oil may prove beneficial in protecting the country’s overall crude export earnings against volatile Asian refining margins, as regional fuel producers increasingly rely on Australian feedstocks for a wide variety of oil products. Asian...
Oil demand may not fully recover to pre-epidemic levels until 2022 at the earliest, according to a new report from the International Energy Agency (IEA). The accumulated surplus of crude oil in the world narrowed faster than expected due to the sharp drop in supply and a rapid recovery in demand in...
https://www.hellenicshippingnews.com/oil-market-gradually-recovers-will-we-see-50-for-a-barrel/
Global oil prices will likely continue to rebound over the coming eighteen months to over $60/b, driven by OPEC+ efforts to curb supplies and the near-term loss of US shale oil as producers react to the recent downturn, according to Ed Morse, the head of commodities research at Citigroup. Citi...
Refinery run cuts have slashed naphtha supply in both Asia and Europe, and rebounding petrochemical production and gasoline demand in Europe have led to upswings in both regions in the week started June 21. In the European naphtha market, the naphtha CIF NWE crack spread against ICE Brent crude oil...
Oil slipped below $40 a barrel on Thursday after a more than 5% fall the previous session, as record-high U.S. crude inventories and a resurgence in coronavirus cases cast doubt on a recovery in fuel demand. U.S. crude stocks rose 1.4 million barrels to a record high, the Energy Information...
https://www.hellenicshippingnews.com/oil-falls-below-40-on-record-u-s-inventories-covid-fears/
Energy trader Mercuria sees the oil market in deficit in July with stock draws reaching about 2 million barrels per day (bpd) as the world economy revives after coronavirus lockdowns, its chief executive told a Reuters webinar. During the peak lockdown period in April, Mercuria Chief Executive...
https://www.hellenicshippingnews.com/mercuria-sees-oil-market-in-deficit-by-2-mln-bpd-in-july/