Refined Products

The U.S. on Friday extended a license permitting certain transactions with Venezuelan state oil business PDVSA so American energy service business can preserve assets after Washington last month reimposed broad sanctions on the OPEC member. The business, nevertheless, stay prohibited from drilling, lifting, processing, acquiring, transporting or shipping any Venezuela-origin oil The license is being extended through Nov. 15 and covers oil. services Halliburton, Schlumberger, Baker Hughes , and Weatherford International PLC, a notice on the U.S. Treasury Department's site showed. The Biden administration last month re-imposed sanctions on Venezuela's oil sector in response to President Nicolas Maduro's. failure to...

Oil futures ended largely the same on Monday as a ceasefire agreement in between Hamas and Israel continued to elude arbitrators. Both petroleum criteria settled 37 cents, or 0.5%, higher with Brent crude futures at $83.33 a barrel and U.S. West Texas Intermediate crude futures (WTI) at $78.48 a. barrel. Last week, both agreements posted their steepest weekly loss. in three months, with Brent falling more than 7% and WTI down. 6.8%, as financiers weighed weak U.S. jobs information and the possible. timing of a Federal Reserve rates of interest cut. Throughout trading on Monday, global benchmark Brent climbed. and...

Indian oil refiner Dependence Industries has actually resubmitted a request to the U.S. for an authorization to import crude oil from approved Venezuela, three individuals near to the matter said, and resume oil trade in between the OPEC producer and the as soon as secondlargest destination for its oil. French oil manufacturer Maurel & & Senior prom separately on Monday stated the U.S. on Friday approved it a license to conduct oil and gas operations in Venezuela for the next two years. The U.S. in April did not restore a general license for Venezuela to export oil and fuel to...

U.S. energy companies this week cut the number of oil and gas rigs operating for a second week in a row, to the lowest because January 2022, energy services firm Baker Hughes stated in its closely followed report on Friday. The oil and gas rig count, an early sign of future output, fell by eight to 605 in the week to May 3, in the biggest weekly decline considering that September 2023. . the overall rig count down 143, or. 19% below this time in 2015. Baker Hughes said oil well fell 7 to 499 today, in. the greatest weekly...

EOG Resources beat firstquarter profit estimates on Thursday as the oil and gas company took advantage of higher oil production and costs. Crude oil costs in the quarter mirrored prices from the previous year as production cuts by OPEC+ nations balance out lower need, assisting oil producers such as EOG Resources. Quarterly petroleum and condensate production was up 6.5% at 487,400 barrels of oil each day (bopd) from the previous year, above its midpoint guidance. Production surpassed targets and total per-unit money running costs were lower than prepared, stated CEO Ezra Yacob. Quarterly average crude oil and condensate costs for...

Pipeline operator Targa Resources beat Wall Street estimates for firstquarter core revenue, benefitting from higher volumes of natural gas liquids ( NGL) transferred through its system, sending its shares up about 1% in the afternoon trade. NGL pipeline transport volumes were up nearly 34% in the January-March quarter compared to in 2015, while NGL sales rose about 22% to 1.23 million bbl/d in the quarter from a year previously. Unrefined rates gained in the January-March quarter, as production curtailments from OPEC+, Russian refinery interruptions and the Middle East dispute raised concerns over materials, helping oil and gas transportation companies like...

Mexico's state oil business Pemex exported about 20,000 barrels each day (bpd) of crude and improved items to Cuba in the second half of 2023 through a company it owns, according to a filing this week in the U.S. Securities and Exchange Commission. Mexican President Andres Manuel Lopez Obrador has stated that his federal government would support Cuba nevertheless it can, and that the Communist-run island struggles with an inhumane and unjust blockade. Considering that July 2023, Gasolinas Bienestar ... our wholly-owned subsidiary, gets crude oil and petroleum items from certain of our affiliates for export to the Republic of...

Intercontinental Exchange reported firstquarter earnings somewhat below price quotes on Thursday as an irregular healing in U.S. initial public offerings cut into the upswing from record trading activity. Earnings from IPOs fell 4% to $122 million in the first quarter. Analysts usually had actually expected a smaller sized decrease of about 2.33% according to LSEG data. Overall profits of $2.29 billion came in a touch listed below Wall Street expectations of $2.31 billion, while changed incomes per share of $1.48 were in-line with price quotes. ICE's share were down 2% to $126.07 in early morning trading, driven by concern about...

Top U.S. oil and gas manufacturer Exxon Mobil has won the approval of the Federal Trade Commission ( FTC) to close its deal for Pioneer Natural Resources on the condition that former Leader CEO Scott Sheffield is kept off its board. The U.S. oil and gas industry went on a $250 billion buying spree in 2023 and the debt consolidation wave has actually continued into 2024. The mergers and acquisitions have drawn increased antitrust analysis, with the FTC examining multi-billion dollar offers, consisting of those involving Chevron, Diamondback Energy, Occidental Petroleum and Chesapeake Energy. Here are the significant handle the...

Oil and gas company Marathon Oil directly beat firstquarter earnings price quotes on Wednesday, assisted by higher oil and liquefied gas (LNG) pricing. Petroleum costs in the quarter mirrored rates from the previous year as production cuts by OPEC+ countries offset lower need, helping oil producers such as Marathon Oil. The Houston-based company stated typical cost for crude oil and condensate in the United States was up about 1% at $75.39. per barrel (bbl) and international rate was up 5.6% to $61.86. per bbl. We remain completely on track to provide a 2024 program that. provides a sector-leading mix of...

U.S. shale manufacturer Devon Energy beat firstquarter revenue estimates on Wednesday as higher production from Delaware basin assisted it offset a decline in gas costs. The Oklahoma City-based business likewise raised its full-year 2024 production outlook by 2% to a series of 655,000 to 675,000 barrels of oil comparable daily (boepd). U.S. unrefined costs were mainly variety bound in the very first three months of 2024 in spite of rising geopolitical tensions, as non-OPEC members kept up materials, while a milder winter and oversupply pushed gas prices to a 3-1/2- year low in the quarter. Its total production stood at...

Canadian oil and gas company Cenovus Energy beat firstquarter earnings quotes on Wednesday due to higher production and refinery throughput, and executives stated the startup of the Trans Mountain pipeline expansion (TMX). would open up new markets. TMX will nearly triple the flow of oil to Canada's west. coast to 890,000 barrels each day, which is expected to transform. access to global markets for the nation's producers. Wednesday. marked the business start of operations after the task. gotten final regulatory approvals on Tuesday. Our groups have actually been working with buyers, there's a. pretty huge market out there, which is...

The Baltic Exchange's dry bulk sea freight index extended its rally on Tuesday to strike its greatest in more than 6 weeks, supported by a dive in the big vessel segment. * The general index, which consider rates for capesize, panamax and supramax shipping vessels, added 207 points, or 11.03%, to 2,083, touching its greatest level given that March 25. * The dry bulk market has actually continued to outperform expectations ... Spot Cape activity stays elevated in the secret packing areas of Australia (iron ore), Brazil (iron ore) and West Africa (bauxite), Jefferies experts composed in a note. *...

Oil futures edged up on Monday after Saudi Arabia hiked June crude rates for many regions and as the prospect of a Gaza ceasefire deal appeared slim, renewing worries the IsraelHamas dispute might still expand in the crucial oil producing region. Brent unrefined futures climbed up 28 cents, or 0.3%, to $ 83.24 a barrel at 0119 GMT, while U.S. West Texas Intermediate unrefined futures were at $78.40 a barrel, up 29 cents, or 0.4%. Saudi Arabia raised the official selling prices (OSPs) for its unrefined offered to Asia, Northwest Europe and the Mediterranean in June, signalling expectations of strong...

OPEC+ members Iraq and Kazakhstan have accepted compensate for pumping over their oil output quotas by making additional cuts to their production over the rest of this year, OPEC+ stated in a declaration on Friday. Iraq and Kazakhstan have been laggards in executing vowed output cuts made with other members of the Company of the Petroleum Exporting Countries and allies consisting of Russia. Both countries concurred in April to submit intend on how they will accomplish full compliance. In the first 3 months of 2024, Iraq and Kazakhstan overproduced by a cumulative 602,000 barrels daily and 389,000 bpd respectively, OPEC+...

The Baltic Exchange's dry bulk sea freight index rose to more than a week high up on Thursday, supported by gains in the larger vessel sector. * The general index, which consider rates for capesize, panamax and supramax shipping vessels, added 86 points or 5.1% to 1,774, hitting its highest level since April 23. * The capesize index acquired 256 points, or 12.1% to 2,372. * Typical daily earnings for capesize vessels, which normally transports 150,000-ton freights of iron ore and coal, among others, increased $2,117 to $19,670. * Iron ore and steel futures fell in the middle of risk-off...

Oil prices fell about 3% to a sevenweek short on Wednesday on a surprise build in U.S. crude stocks, the prospect of a Middle East ceasefire contract and as hopes faded for nearterm U.S. rate of interest cuts that might boost oil need. Brent futures for July shipment fell $2.89, or 3.4%,. from where the July contract closed on Tuesday to settle at. $ 83.44 a barrel on Wednesday. That was down about 5.0% from where the Brent June. agreement closed on Tuesday when it was still the front-month,. which would be the front-month's greatest everyday percentage. decrease since October...

OPEC oil output has fallen in April, a study discovered on Tuesday, showing lower exports from Iran, Iraq and Nigeria versus a backdrop of continuous voluntary supply cuts by some members agreed with the larger OPEC+ alliance. The Company of the Petroleum Exporting Countries pumped 26.49 million barrels daily (bpd) this month, down 100,000 bpd from March's modified overall, the study, based upon shipping information and information from industry sources, discovered. A number of members of OPEC+, that includes OPEC, Russia and other allies, made new cuts in January to counter economic weakness and increased supply outside the group. Manufacturers...

Financiers sold oil at the fastest rate for more than six months in the middle of indications that Israel and Iran have actually selected not to intensify their dispute, ensuring the rally in crude prices stalled well before reaching $100 per barrel. Hedge funds and other money supervisors sold the equivalent of 95 million barrels in the six most important petroleum futures and options agreements over the 7 days ending on April 23. Sales were the fastest given that October 2023 and take the two-week overall to 119 million barrels, according to reports submitted with ICE Futures Europe and the...

Egypt has actually dedicated to addressing its recourse to central bank overdraft facilities and offbudget public sector activity, practices that have added to pressure on the currency and the currency exchange rate, the IMF stated in a personnel report released on Friday. The report, launched 4 weeks after the International Monetary Fund's board authorized an $8 billion financial support program, said Egypt had likewise dedicated to dealing with vulnerabilities such as reserve bank lending to public agencies. Egypt had actually currently taken actions to tighten up financial policy, to shift to a flexible currency exchange rate program and a liberalised...

C hinese state energy huge Sinopec is pushing for greater access to Sri Lanka's market, where rival India is likewise seeking to expand its existence, as it aims to construct its very first fullycontrolled abroad refinery, reflecting a modification in the firm's international method to make up for slowing need growth in the house. Sinopec, the world's biggest oil refiner, is anticipated to finish a feasibility study by June for a plant at the Chinese-run Hambantota port, after winning Colombo's approval last November, 2 senior market sources with direct knowledge of the matter told . While the China-based sources say...

Oil costs relieved in early trade on Thursday as issues about a prospective slowdown in the U.S. economy amid prospects for postponed rate of interest cuts exceeded concerns over the danger of expanding conflict in the Middle East. Brent unrefined futures dipped 9 cents, or 0.1%, to $ 86.95 a barrel at 0024 GMT, and U.S. West Texas Intermediate unrefined futures slipped 7 cents, or 0.1%, to $82.74 a. barrel. Both benchmarks lost less than 1% on Wednesday. Tensions in between Iran and Israel have actually eased, however Israeli. attacks on Gaza are expected to get worse, and the danger...

Saudi oil giant Aramco said on Monday it remains in speak to get a 10% stake in China's Hengli Petrochemical, a deal which would further boost Aramco's growing downstream presence in China. Aramco is in talks with moms and dad Hengli Group Co and signed a memorandum of understanding over the proposed deal, which goes through due diligence and regulatory approvals, Aramco stated in a declaration. The possible offer lines up with Aramco's method to expand its downstream presence in key high-value markets, advance its liquids-to-chemicals program, and protected long-term petroleum supply agreements, it said. An agreement would be the...

Hong Kongbased shipping business Wah Kwong is finalising an offer later this month to double the number of liquefied natural gas (LNG) providers that it has actually bought to four, as it eyes growing global trade in the superchilled fuel, its chairman stated. The ships would be provided from 2027 onwards, Wah Kwong's. Executive Chairman Hing Chao told on the sidelines of. the Singapore Maritime Week ShipZERO28 event late recently. We have constantly been extremely optimistic about the outlook of. LNG as a worldwide energy, said Chao, including that a great deal of supply. will have to originate from the...