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PES up against the clock to sell Philadelphia refinery in cash crunch

2 days ago DieselGasoil Comments Off on PES up against the clock to sell Philadelphia refinery in cash crunch
NEW YORK (Reuters) – Finding a buyer for Philadelphia Energy Solutions’ oil refinery has grown urgent as the bankrupt company’s funds dwindle and no signs emerge that it is winning a fight for insurance payouts after a June blaze at the plant, according to court documents and bankruptcy experts. FILE PHOTO: The Philadelphia Energy Solutions Read More

China’s biggest energy company shuns Venezuela oil on tighter U.S. sanctions

3 days ago DieselGasoil Comments Off on China’s biggest energy company shuns Venezuela oil on tighter U.S. sanctions
By Lucia Kassai on 8/16/2019 HOUSTON (Bloomberg) – China’s biggest energy company is backing away from direct purchases of Venezuelan crude as the Trump administration tightens sanctions against the South American nation. China National Petroleum Corp. has canceled plans to load about 5 MMbbl of Venezuelan oil onto ships this month in the aftermath of Read More

Exclusive: Buyout firms KKR, Blackstone among bidders for Philippine hospitals group – sources

3 days ago DieselGasoil Comments Off on Exclusive: Buyout firms KKR, Blackstone among bidders for Philippine hospitals group – sources
SINGAPORE (Reuters) – Buyout firms KKR (KKR.N), Blackstone (BX.N) and CVC are among bidders competing for a stake in the hospital unit of Philippines’ Metro Pacific Investments Corp (MPI.PS), people with knowledge of the matter told Reuters. FILE PHOTO – Trading information for KKR & Co is displayed on a screen on the floor of Read More

Analysis: Oct light sour crude sees upside potential on firm Asian demand

3 days ago DieselGasoil Comments Off on Analysis: Oct light sour crude sees upside potential on firm Asian demand
Light, high sulfur crude grades loading from the Persian Gulf in October and flowing into Asia have the potential to trade at higher premiums than previously expected due to firm product margins and robust demand from North Asian refiners, traders told S&P Global Platts this week. Not registered? Receive daily email alerts, subscriber notes & Read More

As Barneys struggles, fashion vendors try on alternative channels

6 days ago DieselGasoil Comments Off on As Barneys struggles, fashion vendors try on alternative channels
PARIS/NEW YORK (Reuters) – When fashion label Prada (1913.HK) started demanding greater control over shop floor arrangements in U.S. department stores, Barneys New York, now mired in bankruptcy proceedings, was one of the few with enough swagger to resist. FILE PHOTO: The Barneys New York sign is seen in a display window outside the luxury Read More

Gold in, dollar out: Russia set to become world’s 4th biggest reserve holder

6 days ago DieselGasoil Comments Off on Gold in, dollar out: Russia set to become world’s 4th biggest reserve holder
Russia is set to replace Saudi Arabia as the fourth biggest holder of foreign currency reserves, precious metals, and other securities, under the policy of ridding its economy of dollar-denominated assets due to US sanctions. The nation’s international reserves amounted to around $518 billion as of August 1, according to data by the Central Bank Read More

Middle East crude futures spreads steady ahead of Oct trading

6 days ago DieselGasoil Comments Off on Middle East crude futures spreads steady ahead of Oct trading
Benchmark Dubai crude futures spreads were steady in mid-morning trade on Tuesday when markets opened after a long weekend in Singapore, as traders wait for cues for October-loading barrels of Middle East sour crude. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now The October Brent/Dubai Exchange Futures for Swaps Read More

Feature: US seen losing market in Mexico amid Asian gasoline glut

1 week ago DieselGasoil Comments Off on Feature: US seen losing market in Mexico amid Asian gasoline glut
Mexico’s June gasoline imports from the US likely dropped year on year, while the country’s imports from Asian countries reached new highs, according to preliminary data from Mexico’s Energy Secretariat, a trend supported by a glut of gasoline across the Pacific in Asia. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Read More

Exclusive: PSA, Dongfeng to drop two China auto plants, halve workforce – document

1 week ago DieselGasoil Comments Off on Exclusive: PSA, Dongfeng to drop two China auto plants, halve workforce – document
BEIJING/PARIS (Reuters) – Peugeot maker PSA Group (PEUP.PA) and partner Dongfeng Group (0489.HK) have agreed to cut thousands of jobs in China and drop two of their four shared assembly plants, according to a document seen by Reuters, in a last-ditch bid to curb mounting losses as the world’s largest auto market loses steam. FILE Read More

Oil rises as investors weigh Saudi action against demand concern

1 week ago DieselGasoil Comments Off on Oil rises as investors weigh Saudi action against demand concern
By Kiran Dhillon on 8/9/2019 HOUSTON (Bloomberg) – Oil surged to start the U.S. session as investors weighed the latest steps from Saudi Arabia following a selloff earlier in the week. WTI rose as much as 4.1% in New York, but is still on track to lose about 2% this week. The deepening spat between Read More