Tuesday, July 16, 2019

Genscape News

Fire burns out of control at Philadelphia refinery

A fire was burning out of control at an oil refinery in Pennsylvania on Friday morning, a Philadelphia fire department official said, as local media reported a series of explosions on site.NBC Philadelphia said the "massive" blaze at the 335,000 barrels per day Philadelphia Energy Solutions refinery was visib

Strikes Impact Shell's Pernis Oil Refinery

Striking workers at Royal Dutch Shell's Pernis plant in the Netherlands have taken offline a thermal gasoil installation, a Dutch union said on Monday, in the first sign of any impact from industrial action on Europe's largest oil refinery.Shell said earlier in the day that the unit had been shut.

Oil Hits Five-month High

© Ek / Adobe Stock

Oil prices rose to a five-month high on Monday, driven by expectations that global supplies would tighten due to fighting in Libya, OPEC-led cuts and U.S. sanctions against Iran and Venezuela.International benchmark Brent futures rose 74 cents, or 1.1 percent, to $71.08 a barrel by 12:56 p.m. EDT (1656 GMT).

US Buyers Turn to Offshore Crude

Thunder Horse (Photo: BP)

U.S. sanctions on Venezuela's oil industry have made winners out of Royal Dutch Shell Plc and BP Plc, Gulf of Mexico offshore heavyweights, as refiners in need of substitutes are scooping up oil produced in the region.Those two companies produce notable…

Oil Rises 3 percent; Lifted by OPEC Cuts

© diter / Adobe Stock

Oil prices climbed about 3 percent on Monday, rebounding further from 1-1/2-year lows reached in December on support from OPEC production cuts and steadying equities markets.Brent crude futures rose $1.47 to $58.53 a barrel, a 2.6 percent gain, as of 11:12 a.m. EST (1612 GMT). U.S.

Oil Prices Sink to Lowest in a Year as Stock Markets Fall

© Elnur / Adobe Stock

Oil prices fell about 3 percent on Thursday, hitting their lowest in more than a year on worries about oversupply and the outlook for energy demand as a U.S. interest rate rise knocked stock markets.Brent crude futures fell $1.53 to $55.71 a barrel, a 2.7 percent loss, by 10:55 a.m. EST (1555 GMT). U.S.

Oil Dives on Fears of Glut, Global Economic Slowdown

© thepoo / Adobe Stock

Oil prices tumbled on Tuesday after reports of swelling inventories and forecasts that record U.S. and Russian output will hit a market that may see weaker demand if global growth deteriorates as many expect.U.S. crude oil fell $2.78, or 5.5 percent to trade at $47.10 a barrel by 11:44 a.m. EST (1644 GMT).

Oil Rises After Russia Leans Towards Output Cut

© vadim_orlov / Adobe Stock

Oil reversed course and rose as much as 3 percent on Thursday, after industry sources said Russia had accepted the need to cut production, together with OPEC ahead of its meeting next week.Prices, however, were still set for its biggest one-month fall…

Next-wave LNG Race Hits Hurdles in US-China Trade War

© Dmitry Rukhlenko / Adobe Stock

The delay of a U.S. Gulf Coast liquefied natural gas (LNG) export project has crystallized fears that the U.S. trade battle with China is hampering efforts to line up buyers needed to move ahead with multi-billion-dollar builds.The United States is…

Venezuela, Mexico Divert Crude to U.S. as Canadian Barrels Get Stuck

© Gerard Koudenburg/ Photo: Adobe Stock

Cash-strapped state-run oil companies in Mexico and Venezuela have begun diverting crude historically processed for domestic use and sending it to U.S. refiners now facing transportation constraints to secure similar grades from Canada, data shows.The situation reflects an unusual set of events…

Oil Higher as Stocks Rebound, Saudi Signals Intervention

File Image / Adobestock / © Kasto

Crude stockpiles rising at U.S. futures delivery point; Saudi Arabia says oil market could shift to oversupply in Q4.Oil prices rose 1 percent on Thursday, following the U.S. stock market higher a day after Wall Street's biggest drop since 2011 and…

U.S. Imports of Nigerian Crude Fall to 3-year Low

© keller / Adobe Stock

U.S. crude oil imports from Nigeria in July plunged to the lowest level in three years and are continuing to slip as Asian and European buyers increase purchases, trade flow data from Thomson Reuters and market intelligence firms Genscape and Kpler…

Oil Up; Traders Cite Crude Build at Cushing

File Image: CREDIT Adobestock / © Hansenn

Traders say Genscape reports crude draw at Cushing; prices rally on hopes latest weekly draw was an anomaly.Oil prices strengthened Thursday, turning higher after traders saw an industry report suggesting U.S. crude stockpiles would soon begin to decline…

Oil Steady as U.S.-Iran Row Balances Trade Worries

© Andrey Burmakin / Adobe Stock

Oil prices steadied on Tuesday as tension between the United States and Iran highlighted risks to supply and trade disputes raised the prospect of slower economic growth and weaker energy demand.Brent crude oil was down 10 cents at $72.96 a barrel by 1328 GMT. U.S.

Oil Falls as OPEC Output Rises

File Image (CREDIT: AdobeStock / © scanrail)

Brent crude fell Monday as supplies from Saudi Arabia and Russia rose while economic growth stumbled in Asia amid escalating trade disputes with the United States. At the same time, U.S. crude strengthened mid-session, buoyed by concerns about supply levels at the Cushing, Oklahoma delivery hub.

Oil Rises on U.S.-Iran Tension

© Ian Holland / Adobe Stock

Oil prices rose on Monday on worries over supply after tensions worsened between Iran and the United States, while some offshore workers began a 24-hour strike on three oil and gas platforms in the British North Sea.Iranian Supreme Leader Ayatollah…

US LNG Projects Buoyed by China Import Talks

© Igor Groshev / Adobe Stock

China's interest in reducing its trade surplus with United States through increased energy imports could advance plans for U.S. liquefied natural gas (LNG) plants, said energy executives involved in developing new facilities.The White House and China on Saturday said a U.S.

US Oil Pipeline Companies, Producers Seek Relief from Steel Tariffs

© Christopher Boswell / Adobe Stock

Major U.S. energy companies including Plains All American Pipeline, Hess Corp and Kinder Morgan Inc are among many seeking exemptions from steel-import tariffs as the United States ratchets up trade tensions with exporters including China, Canada and Mexico.There have been nearly 21…

Phillips 66 Says Alliance, Louisiana, Refinery Shuts After Incident

Phillips 66 on Friday said it began an unscheduled shutdown of its 249,700-barrel-per-day (bpd) Alliance, Louisiana refinery on Thursday as part an on-site emergency response involving a plant worker.* "Phillips 66 continues to work with local emergency responders…

Cushing's Market Clout Wanes Amid U.S. Crude Export Boom

File Image (CREDIT: AdobeStock / © mikesjc)

The volume of oil sitting in 300 steel tanks in a nine-square-mile radius in Cushing, Oklahoma has long been a key barometer for the health of U.S. crude supply and the nation's benchmark for daily trading of billions of dollars in the commodity. But…