Friday, October 30, 2020

Florence Tan News

S.Korean Refiners Post Record H1 Losses

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Two refiners in South Korea, the world's fifth largest crude oil importer, posted their biggest losses ever in the first half when oil prices slumped as the COVID-19 pandemic ravaged fuel demand.SK Innovation Co Ltd…

PipeChina to Buy $56B Worth of Pipelines

Illustration - hanmaomin

China took a major step in the reform of its national oil and gas pipeline network, with newly formed PipeChina agreeing to buy pipelines and storage facilities valued at 391.4 billion yuan ($55.9 billion).Under the deal…

Taiwan: Fire Hits Formosa's Mailiao Refinery

Mailiao refinery / Credit;Planet Labs/Wikimedia - CC BY-SA 4.0

Taiwan's Formosa Petrochemical Corp has shut a residue desulfurizer (RDS) unit at its 540,000 barrels-per-day (bpd) Mailiao refinery after it was hit by a fire early on Wednesday, three sources close to the matter…

KPMG Flags Oil Trader ZenRock's Questionable Deals

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ZenRock Commodities Trading Pte Ltd is unlikely to continue its core oil trading businesses in the long term, its court-appointed supervisor KPMG Services said in a report that also raised concerns over transactions…

Refineries around Asia Join Chinese Peers in Increasing Production

Refinery - Image by TTstudio/AdobeStock

Refineries from India to South Korea are expected to increase output from June, joining their Chinese counterparts as the easing of lockdown measures boosts demand for oil products, industry executives said.The…

Oil Drops but Still Set for Biggest Monthly Gain in Years

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Oil prices were dragged sharply lower on Friday by weak U.S. fuel demand, fears of a second wave of coronavirus cases in South Korea, and a worsening in U.S.- China relations, but were still on track for a hefty monthly gain.July Brent crude fell 72 cents…

China, India Soak Up Oil from Floating Storage as Demand Picks Up

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The volume of crude stored on ships in Asia has come off the peaks seen earlier this month on a recovery in demand in China and India, trade sources and analysts said. A total of 3.4 million tonnes (24.8 million…

Brent Hits One-month High, U.S. Oil Tops $32 as Lockdowns Ease

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Oil prices jumped on Monday, with benchmark Brent hitting a one-month high and U.S. crude topping $30, supported by optimism about the reopening of economies and output cuts by major producers. Brent crude was up $2.32…

Sembcorp Begins Proceedings Against Hin Leong Affiliate

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Sembcorp Industries on Monday said its Sembcorp Cogen unit had begun legal proceedings to assert ownership over some gasoil reserves stored in tanks at Singapore's Universal Terminal, partly owned by oil trader Hin Leong Trading Pte Ltd.Just last week…

US Crude Futures Plunge to Lowest on Record

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U.S. crude oil futures collapsed below $0 on Monday for the first time in history, amid a coronavirus-induced supply glut, ending the day at a stunning minus $37.63 a barrel as desperate traders paid to get rid of oil.Brent crude…

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…

Oil Rises After OPEC+ Agrees Record Output Cut

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Oil prices rose on Monday after major producers finally agreed their biggest-ever output cut, but gains were capped amid concern that it won't be enough to head off oversupply with the coronavirus pandemic hammering demand.After four days of wrangling…

OPEC, Russia Approve Biggest-Ever Oil Cut to Support Prices

OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%.

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…

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…

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…