Oil Trading Giants Are Buying Big Oil's Refineries – OilPrice.com
The oil trading giant, which has amassed huge profits over the past two years, is rushing to buy refineries that are being sold by the largest international oil and gas producers as part of a strategic portfolio restructuring. “Traders see an opportunity to finally get a plant that can process a range of crudes,” said […]
Oil Jumps on Significant Crude Inventory Draw – OilPrice.com
U.S. crude oil inventories fell by 9.163 million barrels in the week to June 28, according to the American Petroleum Institute. Analysts had been expecting a fall of 150,000 barrels. API reported that crude oil inventories increased by 914,000 barrels last week. On Tuesday, the U.S. Department of Energy (DoE) announced that crude oil inventories […]
WTI Crude Soars to Highest Level Since April on Demand Optimism, Hurricane Beryl | OilPrice.com – OilPrice.com
Hurricane Beryl swirled in the Caribbean Sea and strengthened overnight into a powerful Category 5 storm, the earliest on record for the Atlantic hurricane season, raising concerns among energy traders about possible chaos along the Gulf Coast. Beryl made landfall on the Caribbean island of Carriacou, Grenada, on Monday morning with winds of about 150 […]
Trans Mountain Oil Pipeline Off to a Solid Start | OilPrice.com – OilPrice.com
The Trans Mountain Pipeline transported 20 tanker loads of crude oil from Canada’s Pacific coast during the expanded link’s first month of operation, slightly below the company’s expectations, Reuters reported. report The announcement was made on Monday, citing data from tanker tracking providers LSEG, Vortexa and Kpler. The Trans Mountain Pipeline expansion increased the capacity […]
Barclays: It's Unrealistic for Banks to Ditch Oil and Gas Clients | OilPrice.com – OilPrice.com
The chief executive of banking giant Barclays says it is unrealistic for activists and investors to call for banks to stop lending to the oil and gas industry. Barclays Chief Executive CS Venkatakrishnan said banks “cannot completely stop” lending to the oil and gas sector. Bloomberg At the Bloomberg Sustainable Finance Forum in London on […]
U.S. Steel Prices Pressured by Influx of Vietnamese Imports – OilPrice.com
via Metal Miner of Monthly Metals Index (MMI) From May to June, it remained stable with a small decrease of 1.33%. Overall, U.S. flat steel prices were weak, with declines accelerating throughout June. HRC prices fell about 9%, their biggest month-on-month decline since February. CRC and HDG prices each fell 6%, while flat steel prices […]
Oil Prices Start the Week With a Slight Gain but Uncertainty Remains – OilPrice.com
Crude oil prices started the week slightly higher on prospects of increased fuel demand during the summer driving season. The remainder of the session could still see volatility as strong U.S. employment data released last Friday is likely to have dented interest rate cut expectations and further improved demand. Bureau of Labor Statistics report Nonfarm […]
Oil Prices Set for Another Weekly Loss as Traders Focus on U.S. Interest Rates – OilPrice.com
Oil prices are on a downward trend again this week, with Brent crude expected to fall by around 3% over the weekend. Reutersand West Texas Intermediate are set to fall about 4% unless there is a last-minute reversal by the end of the day today. Crude oil prices are trading at their lowest levels in […]
Oil Falls on Small Crude Inventory Build – OilPrice.com
Oil prices fell today after the U.S. Energy Information Administration report Inventories are expected to rise by 1.8 million barrels in the week ending May 17. This compares with a decline of 2.5 million barrels the previous week, which boosted the benchmark after API estimates suggested a similar decline last week, the second straight week […]
What Could Derail The Copper Rally – OilPrice.com
via MetalMiner.com as a whole, Copper Monthly Metals Index (MMI) It increased by 17.36% from April to May. The upward trend in copper prices accelerated throughout April. The bullish momentum saw prices rise nearly 14% from the closing price at the end of March. By April 29, prices had surpassed $10,000 per ton. They continued […]