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WTI structure strengthens as Middle East tensions simmer

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New York — The NYMEX WTI forward structure continued to strengthen Monday after the front-month contract settled at a three-week high in a turbulent session. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now NYMEX August WTI settled up 47 cents at $57.90/b, while ICE August Brent was still down Read More

Refinery Margin Tracker: Atlantic Coast margin rally aided by Philadelphia refinery fire

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New York — US Atlantic Coast refinery margins moved up sharply on Friday after an early morning fire cut rates at the region’s largest refinery, with expectations higher margins will continue into the current week, an analysis from S&P Global Platts showed on Monday. Not registered? Receive daily email alerts, subscriber notes & personalize your Read More

Philadelphia refinery fire extinguished; alkylation unit destroyed: sources

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New York — The fire in the alkylation unit at Philadelphia Energy Solutions’ refinery was extinguished Sunday, according to company spokeswoman Cherice Corley. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now “We can confirm that the fire in the alkylation unit has been extinguished,” Corley said in an email. Read More

Trump threatens to lessen US security role in Strait of Hormuz

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Washington — President Donald Trump signaled Monday that the US may lessen its role in the Strait of Hormuz as domestic oil and gas output grows and US energy imports from the Middle East decline. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now “China gets 91% of its Oil Read More

Iran aims to direct more oil, condensate to domestic market: NIORDC

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Tehran — Iran plans to raise its current oil refining capacity by 250,000 b/d before next March, against the backdrop of strict sanctions on its crude exports from the US, the National Iranian Oil Refining and Distribution Company said Monday. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now “We Read More

Oil prices remain ‘very fragile’ amid supply and demand concerns: Vitol

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Crude oil prices remain fragile because they are caught between supply and demand uncertainties arising from the political climate in the Middle East and the US-China trade dispute, Vitol Group CEO Russell Hardy said at the Asia Oil & Gas Conference on Monday. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Read More

ExxonMobil puts Norwegian business up for sale

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London — ExxonMobil is looking at a possible sale of its remaining Norwegian upstream business, comprising minority stakes in 20 producing fields plus numerous license areas, it said Monday. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now A sale would shake out a sizable share of Norwegian production even Read More

Still too early to take position on OPEC+ crude deal for H2: Russia’s Novak

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London — Russian energy minister Alexander Novak said Monday it was still too early to talk about what form an OPEC+ deal on crude output should take in the second half of the year due to ongoing uncertainty in the market. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now Read More

HSBC sees oil markets tightening in H2 despite recent weakness

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London — Global oil markets will likely tighten during the second half of the year, supporting prices, driven by the expected extension of OPEC output cuts, a pickup in demand and rising geopolitical risks, HSBC said Monday. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now Trimming its 2019 Brent Read More

Analysis: Southeast Asia contributing heavily to ample US-Asia crude flows in 2019

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Singapore — Southeast Asia will likely continue to play a pivotal role in support of ample US-Asia crude oil trades in the second half of 2019 despite China’s faltering appetite for US energy products, with Vietnam aiming to procure two more WTI crude cargoes over the coming quarters. Not registered? Receive daily email alerts, subscriber Read More