Friday, July 10, 2020

Aaron Sheldrick News

Brent Crude Rises to Above $42 a Barrel

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Oil rose to above $42 a barrel on Friday, adding to gains in the previous session, after OPEC producers and allies promised to meet supply cuts and signs of demand, hit by the coronavirus crisis, recovering.Iraq and Kazakhstan, during a meeting of an OPEC+ panel on Thursday, pledged to comply better with oil cuts, sources said.

Oil Extends Slump as Prospect of Second Viral Wave in U.S. Ends Rally

Oil prices fell on Friday, extending heavy overnight losses as a surge in U.S. coronavirus cases this week raised the prospect of a second wave of the COVID-19 outbreak hitting demand in the world's biggest consumer of crude and fuel.West Texas Intermediate was down 65 cents, or nearly 2%, at $35.69 a barrel by 0358 GMT, after slumping more than 8% on Thursday.

Oil Gains, with Brent above $40

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Oil rose on Wednesday, with Brent above $40 for the first time since March, as optimism mounted that major producers will extend output cuts and a recovery from the coronavirus pandemic will spur fuel demand.Brent crude futures for August were up 78 cents, or 2%, at $40.35 a barrel, by 0636 GMT. The contract climbed to as high as $40.53…

Japan's Refiners Facing Stagnant Market May Cut Capacity

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Japanese refineries may be forced to shut down capacity once again unless they see a strong recovery from the coronavirus pandemic. They've been hit by declining use for fuel at home, competition from newer refineries in China and South Korea dominating in other markets, as well. Idemitsu Kosan on Tuesday reported an annual loss…

Oil Steadies as Demand Uncertainty Tempers Supply Cuts

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Oil prices, which have been driven higher for the past four weeks, were steady on Monday, with holidays in Singapore, London and New York dampening trade, as rising concerns over demand recovery offset supply cuts.Brent had eased by 5 cents, or 0.14% to $35.08 a barrel by 1014 GMT, while U.S. oil gained 14 cents, or 0.42% to $33.39 a barrel.

Japan Spot LNG Import Prices Hit Record Low

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Prices for spot liquefied natural gas (LNG) cargoes imported into Japan, the world's biggest buyer of the fuel, fell in April to their lowest since the country's trade ministry started compiling data in 2014. The latest low for LNG cargoes into Japan - reflecting actual prices paid rather than those…

Oil rises 5% in second weekly gain on output cuts, demand hopes

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Oil prices settled 5% higher on Friday in their second consecutive week of gains as U.S. producers cut production with the number of drilling rigs falling to a record low, and as more states moved ahead with plans to relax lockdowns intended to halt the coronavirus pandemic.The number of operating oil…

Record Oil Output Cuts Fail to Make Waves in Coronavirus-hit Market

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The minimal impact on oil prices from a global deal for record output cuts showed that oil producers have a mountain to climb if they are to restore market balance as the coronavirus shreds demand and sends stockpiles soaring, industry watchers said.After several days of discussions, oil producing and…

Oil Prices Bounce, But Gains Only Temporary, Analysts Say

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Oil prices bounced nearly 7% on Thursday after a three-day selloff drove them to their lowest in almost two decades as demand plummeted due to the coronavirus and supplies surged in a fight for market share between Russia and Saudi Arabia.Benchmark Brent, which has lost half its value in less than two weeks…

U.S. Crude Hits 18-year Low as Lockdowns Spread

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Oil prices fell for a third session on Wednesday, with U.S. crude futures tumbling to an 18-year low and Brent hitting a more than 16-year low as travel and social lockdowns to counter the coronavirus raised prospect of the steepest ever annual fall in oil demand.U.S.

Japan: Ocean Release for Fukushima Water

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A panel of experts advising Japan's government on a disposal method for radioactive water from the destroyed Fukushima nuclear plant on Friday recommended releasing it into the ocean, a move likely to alarm neighboring countries.The panel under the industry ministry came to the conclusion after narrowing…

Oil Hits Highest Since September

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Oil rose towards $68 a barrel to its highest in over three months on Thursday, buoyed by a report showing lower U.S. crude inventories, hopes of an end to the China-U.S. trade dispute and OPEC-led efforts to constrain supply.The American Petroleum Institute, an oil industry group, said late on Tuesday that U.S.

Oil Jumps 4% on U.S. Stockpiles Drop

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Oil prices surged 4% on Wednesday on expectations that OPEC and allied producers would extend production curbs, and as U.S. government data showed a large drop in domestic crude stockpiles.Brent crude futures were up $2.44, or 4%, at $63.26 a barrel by 11:09 ET (1609 GMT). U.S. West Texas Intermediate (WTI) crude futures were up $2.38…

Oil Steadies After Brief Slide

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Oil steadied on Tuesday, as expections of output cuts from OPEC and allied producers brought prices back up after they slid briefly following comments from U.S. President Donald Trump that a trade deal with China may be delayed.Brent crude futures rose 5 cents to $60.97 a barrel by 11:18 a.m. EST (1618 GMT). U.S.

Asian Refiners Strive to Finish IMO Preparations

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At SK Energy's largest refinery in South Korea, engineers are rushing to complete a new processing unit ahead of schedule as the firm looks to boost sales of low-emission fuels before new marine fuel standards take effect in just one month.In Japan, the country's second-biggest refiner Idemitsu Kosan Co is taking a more cautious stance…

Mitsubishi Beats Shell to Buy Eneco

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A group led by Japan's Mitsubishi Corp will buy Eneco in a deal valuing the Dutch energy firm at 4.1 billion euros ($4.52 billion), Eneco said on Monday, beating off rival bids from Shell and private equity firm KKR.Eneco, a company owned by 44 Dutch municipalities and with a strong focus on renewable energy…

Oil Prices Gain 2%

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Oil futures gained nearly 2% on Friday as comments from a top U.S. official raised optimism for a U.S.-China trade deal, but worries about increasing crude supplies capped prices.Benchmark Brent crude gained $1.13, or 1.8%, to $63.41 a barrel, while West Texas Intermediate crude rose 93 cents, or 1.6%…

Oil Rises on U.S. Crude Stocks Fall

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Oil rose on Thursday after industry data showed a surprise drop in U.S. crude inventories, while comments from OPEC about lower-than-expected U.S. shale production in 2020 also provided some support.Prices were capped by mixed signs for oil demand in China, the world's biggest crude importer. Industrial output rose more slowly than expected in October…

Oil Steady as Russia Commits to Output Cuts

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Oil prices were steady on Monday, holding on to strong gains last week, after Russia affirmed its commitment to a deal with OPEC producers to keep production in check and support prices.Brent crude was down 1 cent at $62.01 a barrel by 0055 GMT, having logged a weekly gain of more than 4% last week, its best weekly gain since Sept.

Saudi Minister Commits to Output Cuts

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Oil prices rose more than 2% on Monday after the new Saudi energy minister, Prince Abdulaziz bin Salman, confirmed expectations that he would stick with his country's policy of limiting crude output to support prices.Prince Abdulaziz, son of Saudi King Salman and a long-time member of the Saudi delegation to the Organization of the Petroleum Exporting Countries (OPEC)…