Wednesday, April 1, 2020

Reuters News

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…

COVID-19 Oil Demand Hit Renders OPEC+, Trump Actions Irrelevant

Imagine for a moment that the Organization of the Petroleum Exporting Countries (OPEC) and Russia had agreed at the start of this month to extend and deepen their crude oil output cuts.

Oil Rises from 18-Year Lows after U.S., Russia Agree to Talks

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Oil recovered ground on Tuesday after U.S. President Donald Trump and Russian President Vladimir Putin agreed to talks to stabilize energy markets, with benchmarks climbing off 18-year…

Nigeria Announces Offshore Oil Worker Restrictions to Battle Coronavirus

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Nigeria's petroleum regulator has ordered oil and gas companies to reduce their offshore workforce and move to 28-day staff rotations as part of measures to curb the spread of the coronavirus…

Empty Tankers Depart Venezuela; Sanctions Cancel Cargo

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Three large crude carriers (VLCCs) chartered by units of Russian oil major Rosneft to transport Venezuelan oil left Caribbean waters empty on Saturday after the cargoes were canceled due to sanctions…

Fully Laden LNG Tankers Sit Idle Off Indian Ports after Force Majeure

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At least five fully-laden liquefied natural gas (LNG) tankers are idling offshore India, as yet unable to discharge their cargoes, after importers there declared force majeure earlier this week…

Indian LNG Importers Issue Force Majeure Notices

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Indian liquefied natural gas (LNG) importers have started to issue force majeure notices as domestic gas demand slumps and as port operations in the country get hit by a lockdown to curb the spread of coronavirus…

Mozambique Army, Islamist Insurgents Battle Near Gas projects

Map of Total's LNG plant under construction and offshore gas fields - Credit: Total

Mozambican troops battled Islamist insurgents in a town in a northern town on Monday close to billion-dollar gas projects being developed by ExxonMobil and Total, police said.The General Commander of Mozambique's police…

Oil Up 5% as U.S. Fed steps in to Prop Economy

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Oil jumped 5% on Tuesday to above $28 a barrel, supported by steps by the U.S. Federal Reserve to bolster the economy and hopes the United States will soon reach a deal on a $2 trillion…

Work from Home: Energy Traders Swap Shouts for Babies, Barking Dogs

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SINGAPORE, March 24 -- From banks of screens and giant phones in the office, energy traders worldwide are adapting to a laptop in the bedroom -- and it's going surprisingly well.Working…

Coronavirus-related Inspections Delay Venezuelan Oil Exports

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At least two cargoes of Venezuelan crude have been delayed due to health inspections aboard tankers to prevent the spread of the coronavirus, according to an internal document from state…

Saudi Arabia's Tanker Power Play Could Backfire

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Top exporter Saudi Arabia has chartered an armada of ships to flood the market with additional oil, but in the process has driven freight costs so high refiners are reluctant to take the…

Oil, Fishing, Tourism: Alaska Economy Faces Triple Hit from Coronavirus

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The U.S. state of Alaska is so far distant from the worst medical ravages of the coronavirus pandemic, but its economy is in critical condition. Alaska is especially vulnerable because it depends on oil…

Saipem Inks Deal with Equinor on Floating Solar Farm Tech

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Italy's Saipem has reached an agreement with Norway's Equinor to develop technology to build floating solar power farms close to the coast, the energy contractor said.The agreement is between…

Oil Facing Prolonged Period of Demand Destruction

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Oil prices rose on Friday as the world's richest nations poured unprecedented aid into the global economy to stop a coronavirus-driven recession and U.S. President Donald Trump hinted he…

U.S. Clean Energy Sector Seeks Subsidies to Keep Projects Moving

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Wind and solar energy companies on Thursday called on Congress to pass tax incentives that would help the sector avoid project delays and keep financing flowing amid a pandemic that has…

Hennigan Tapped as New Marathon CEO

Michael Hennigan (Photo: Marathon Petroleum)

Marathon Petroleum Corp.named  Michael Hennigan, the head of its midstream business, as its new chief executive officer effective immediately.Hennigan replaces Gary Heminger, whose departure…

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…

Japan's Oil Refiners Keep Running Even as Coronavirus Curbs Fuel Sales

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Sales of petroleum products are slumping in Japan as the coronavirus outbreak worsens in the world's fourth-biggest importer of crude, but the country's biggest refiners say they are not…

Venezuelan Detains More than 30 PDVSA Workers

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At least 38 workers from Venezuela's state oil company Petroleos de Venezuela’s, including the president of maritime subsidiary PDV Marina, were detained on accusations of trafficking fuel…