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Energy groups view as hopeful Trump’s announced cease-fire in trade war with China

2 months ago DieselGasoil Comments Off on Energy groups view as hopeful Trump’s announced cease-fire in trade war with China
Highlights President vows not to impose additional tariffs Exports of US energy products to China down as result of dispute Houston — President Trump’s decision to postpone the levying of additional tariffs on Chinese imports marks a positive development for the US oil and gas industry, but more needs to be done to resolve the Read More

Profit-taking and demand growth concerns send oil sharply lower

2 months ago DieselGasoil Comments Off on Profit-taking and demand growth concerns send oil sharply lower
New York — Oil futures settled sharply lower Tuesday as pre-holiday profit-taking exacerbated downward pressure stemming from emboldened demand growth concerns. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now NYMEX August WTI settled down $2.84 at $56.25/b and ICE September Brent was $2.66 lower at $62.40/b at market close. Read More

Phillips 66’s oil port off Corpus Christi aims to load 16 VLCCs a month

2 months ago DieselGasoil Comments Off on Phillips 66’s oil port off Corpus Christi aims to load 16 VLCCs a month
Highlights Competition heats up to move next wave of US exports LOOP is currently only port able to fully load VLCCs Platts Analytics sees 2020 exports of up to 4.5 million b/d Washington — Phillips 66’s proposed deepwater oil export terminal off Corpus Christi, Texas, expects to load up to 16 VLCCs a month, joining Read More

Refinery margin tracker: USAC margins rise as Philadelphia Energy Solutions shutters plant

2 months ago DieselGasoil Comments Off on Refinery margin tracker: USAC margins rise as Philadelphia Energy Solutions shutters plant
Highlights PES, Phillips 66 refinery closures boost US gasoline cracks USAC Forties cracking margins up $2.75/b on week Gasoline-making unit maintenance high this month New York — US Atlantic Coast refining margins moved sharply higher after a June 21 fire cut rates at the 335,000 b/d Philadelphia Energy Solutions (PES) refinery, pulling up Northwest European Read More

Saudi Arabia’s Falih reaffirms Aramco IPO plan for 2020-21

2 months ago DieselGasoil Comments Off on Saudi Arabia’s Falih reaffirms Aramco IPO plan for 2020-21
London — Saudi Arabia still plans to launch the long-delayed initial public offering of Saudi Aramco, the world’s largest crude oil exporter, in 2020 or 2021, oil minister Khalid al-Falih said Tuesday. Aramco’s plans for the IPO have been delayed due to a deal to acquire a majority stake in state petrochemical company Sabic for Read More

Analysis: Oil traders yawn at triumphal OPEC, ministers say trust the process

2 months ago DieselGasoil Comments Off on Analysis: Oil traders yawn at triumphal OPEC, ministers say trust the process
Vienna — OPEC and its partners came into their meetings this week in Vienna aiming to show the oil market some muscle; they left with oil prices falling. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now The 24-country coalition, which controls almost half of the world’s oil production, renewed Read More

First delivered WTI Midland crude oil cargo trades in Platts assessment process

2 months ago DieselGasoil Comments Off on First delivered WTI Midland crude oil cargo trades in Platts assessment process
London — The development of a market for US crude delivered into Europe took a further step forward Tuesday with the first trade of a delivered WTI Midland cargo in the Platts Market on Close assessment process. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now The trade followed a Read More

Nigeria’s largest oil independent to spend $5 billion to boost output

2 months ago DieselGasoil Comments Off on Nigeria’s largest oil independent to spend $5 billion to boost output
By Elisha Bala-Gbogbo on 7/2/2019 ABUJA (Bloomberg) — Nigeria’s largest independent oil producer plans to spend as much as $5 billion to boost its oil and natural gas production in the next five years. Aiteo Eastern E&P Co. plans to drill new oil wells and re-open existing ones as it seeks to raise production, CEO Read More

Saudi Aramco to restart preparations for giant IPO

2 months ago DieselGasoil Comments Off on Saudi Aramco to restart preparations for giant IPO
By Dinesh Nair, Archana Narayanan and Matthew Martin on 7/2/2019 LONDON and DUBAI (Bloomberg) — Saudi Arabia is restarting preparations for a potential initial public offering of oil giant Aramco, months after putting the planned listing on hold, people familiar with the matter said. Aramco, the world’s most profitable company, recently held talks with a Read More

Iran says EU’s channel for trade not enough without oil

2 months ago DieselGasoil Comments Off on Iran says EU’s channel for trade not enough without oil
By Annmarie Hordern, Ladane Nasseri and Golnar Motevalli on 7/2/2019 LONDON, DUBAI and TEHRAN (Bloomberg) — Iran’s oil minister said a European mechanism to shield some trade with his country from crippling U.S. sanctions won’t be useful if it doesn’t allow for oil sales, as efforts to preserve the unraveling nuclear deal face a looming Read More