Tuesday, April 7, 2020

Florence Tan News

Oil Drops after Saudi Arabia, Russia Delay Meeting on Output Cuts

Oil prices slipped on Monday, after Saudi Arabia and Russia delayed a meeting to discuss output cuts that could partly alleviate oversupply in global markets as the coronavirus pandemic pummels demand.Brent crude…

Chinese Buyers Snap Up U.S. Oil Purchases at Widest Discounts Ever

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China has increased U.S. crude purchases with some buyers snapping up cargoes at the widest discounts ever as sellers seek to offload excess supplies in Asia, six trade sources said on Wednesday.China started…

Oil Economics: Freight Rate Surge Cuts into Trader's Profits

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A jump in freight rates has shaved profits for oil traders seeking to store crude for sale towards the end of the year, even as the contango in the first six months for Brent futures stretched to its widest ever…

Oil Prices Fall as Demand Woes Eclipse U.S. Stimulus

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Oil prices slipped into negative territory on Wednesday as faltering fuel demand from the spread of the coronavirus outweighed a massive pending U.S. economic stimulus package.Brent crude was down 45 cents, or 1.66%…

Brent, WTI Fall as Coronavirus Spreads

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Brent fell by 10% on Monday, and U.S. crude to below $30, as emergency rate cuts by the U.S. Federal Reserve and its global counterparts failed to tame markets and China's factory output plunged at the sharpest…

Oil up 3% on Hopes of OPEC Cut

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Oil prices jumped more than 3% on Monday, reversing an earlier fall to multi-year lows as hopes of a deeper cut in output by OPEC and stimulus from central banks countered worries about damage to demand from the…

Coronavirus Leaves China-bound Tankers Stranded

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The coronavirus's effect on energy markets is worsening, as the sharp fall in demand in China, the world's largest importer of crude, is stranding oil cargoes off the country's coast and prompting shippers to seek out other Asian destinations.More than 1…

Coronavirus Paralyzes Oil, Gas Sales into China

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Short-term sales of crude oil and liquefied natural gas into China almost ground to a halt this week as the coronavirus slows economic activity and cuts demand and buyers ponder legal action to avoid having to honor purchase agreements…

Oil Falls as Coronavirus Hits Demand

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Oil prices fell on Monday, dragged down by concern over demand in China after the coronavirus breakout, though the possibility of deeper crude output cuts by OPEC and its allies offered some price support.Brent crude was down $1 at $55.62 a barrel by 1434 GMT…

Oil Hits $70 a Barrel

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Oil prices rose a further 2% on Monday, pushing Brent above $70 a barrel, as rhetoric from the United States, Iran and Iraq fanned tensions in the Middle East after a U.S. air strike which killed a top Iranian…

Oil Jumps After US Kills Iran's Soleimani

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Oil prices jumped more than $3 on Friday after a U.S. air strike in Baghdad ordered by President Donald Trump killed the head of Iran's elite Quds Force, sparking concerns for an escalation of regional tensions…

Malaysia Spot Crude Premiums Hit Multi-year High

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Asia-Pacific refineries are forking out multi-year high premiums for sweet crude produced in the region as alternative supplies from the West have become more expensive with the rise in shipping costs, several…

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…

Oil Prices Creep Higher on U.S.-China Hopes and OPEC Talks

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Oil prices crept upwards on Monday, with Brent reaching its highest in more than a month after the previous day's boost from growing expectations of a U.S.-China trade deal and Iran flagging OPEC discussions over…

Singapore Sticking with Natural Gas

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Natural gas will continue to play a dominant role in generating electricity in Singapore while the state plans to accelerate the use of renewable energy, primarily solar power, in the next decade to battle climate change…

China Issues More Crude Oil Import Quotas

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China has lifted its crude oil import quotas to allow mostly private refiners to bring in a further 12.9 million tonnes this year, a document seen by Reuters showed on Tuesday, feeding a new generation of huge…

Oil Falls 1% on Surprise U.S. Crude Build, Saudi Crude Output

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Oil shed more than 1% on Wednesday, logging a second straight day of losses after U.S. crude stockpiles unexpectedly rose and as Saudi Arabia maintained a faster-than-expected recovery of its oil production.A rally in the dollar index…

Woodside Plans Maintenance at Karratha Gas Plant

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Australia's Woodside Petroleum has planned maintenance at its Karratha gas plant, part of the North West Shelf liquefied natural gas (LNG) export project, in the third quarter of the year, according to a notice…

Vitol Builds Refinery for New Ship's Fuel

Vitol, the world's largest independent oil trader, has started building a small oil refinery at its storage terminal in Malaysia that will provide low-sulfur fuel for ships, a senior company official said on Monday.The…

US Oil Sees Growing Reach

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Two cargoes of U.S. crude oil have been booked to sail to Australia, trade sources and data companies said, highlighting the increasing global reach of exports from the United States.Aframax tanker Esther Spirit loaded U.S.