|Day's Range||57.01 - 58.48|
Analyzing Marathon Petroleum's Integrated Value Chain(Continued from Prior Part)Analysts’ recommendationsMarathon Petroleum (MPC) is covered by 18 analysts. All of the analysts recommended a “buy” or “strong buy.” Marathon Petroleum is the
Oil futures rallied Wednesday to settle at a four-month high after U.S. government data revealed a surprise weekly decline of 3.9 million barrels in U.S. crude stockpiles and a fall of 100,000 barrels in domestic production. April West Texas Intermediate oil rose $1.39, or 2.4%, to settle at $58.26 a barrel on the New York Mercantile Exchange, near the session's high of $58.38. The settlement was the highest for a front-month contract since Nov. 12, according to FactSet data.
Iran has lost $10 billion in revenue since U.S. sanctions in November have removed about 1.5 million barrels per day (bpd) of Iranian crude from global markets, a U.S. State Department official said on Wednesday. Brian Hook, the State Department's special representative on Iran, said in remarks at the CERAWeek energy conference that due to a global oil surplus - in part due to record U.S. production - the United States is accelerating its plan of bringing Iranian crude exports to zero.
The European Commission on Wednesday restricted the types of biofuels from palm oil that may be counted toward the EU’s renewable-energy goals and introduced a certification system. Palm oil prices have dropped 15 percent since the start of 2018 partly because of a campaign by environmental groups to reduce use of the crop in fuels that was endorsed by the European Parliament. “The exemptions to smallholders do not solve the discrimination exercised against palm oil,” said Mahendra Siregar, executive director of the Council of Palm Oil Producing Countries.
Citgo chairwoman Luisa Palacios is looking to reassure the energy industry that the oil major is able to continue operations despite Venezuelan ties
U.S. crude oil stockpiles declined unexpectedly last week as output slipped from record highs and refining rates edged up, while gasoline stocks decreased and distillate inventories rose, the Energy Information Administration said on Wednesday. Crude inventories fell by 3.9 million barrels in the last week, compared with analysts' expectations for an increase of 2.7 million barrels. Net U.S. crude imports were steady, just edging 2,000 barrels per day higher, while domestic crude production slipped 100,000 bpd from its record high to 12 million bpd.
Oil Is near the Biggest Move in 2019 amid Rising RisksUS crude oilAt 9:36 AM EST on March 13, US crude oil prices are at $57.71 per barrel—17 cents below the highest level for US crude oil active futures since November 16. The EIA’s (U.S. Energy
The Organization of the Petroleum Exporting Countries (traditional OPEC as we know it) and other producers such as Russia (OPEC+ in slang) agreed last December to reduce supply by 1.2 million barrels per day starting Jan. 1 for six months. Just a few days ago, it announced its intention to cut its crude exports to below 7 million barrels per day, keeping its output well below the 10 million barrels per day it had promised to do. Saudi Aramco's oil allocations for April are 635,000 barrel per day below customers' requests.
Italian company Eni said on Wednesday it had made a major oil discovery in Angola that would boost its credentials as one of the most successful foreign oil producers in Africa in recent years. The find is Angola's largest offshore discovery in years and may help Africa's second-biggest crude producer avoid a steep decline in output due to the ageing of its other fields. Oil accounts for 95 percent of exports and around 70 percent of revenues, and the government has recently offered better fiscal terms and more collaboration to international energy firms in an effort to help its mostly impoverished population.
The benchmark third-month palm oil contract on the Bursa Malaysia Derivatives Exchange finished down 1.3 percent at 2,089 ringgit a tonne. World palm oil demand may suffer its first contraction in two decades during the 2019/20 crop year due to rising domestic oilseed supplies in India and slowing demand in Europe and China, industry participants told Reuters. "There is talk among traders that palm oil is being sold in India at below the market price from old stocks," a Kuala Lumpur-based trader said.
The 76-year-old former military ruler will have to score a breakthrough that’s eluded previous governments in an area where armed groups and thieves pose a constant threat to the flow of crude. To carry out his plans to develop a backbone of stable power, roads and rail lines for agricultural expansion and industrialization in Africa’s most-populous nation, Buhari needs all the money he can get from oil, the source of two-thirds of government revenue. “Oil revenue is still what dictates government spending and they will need to keep production going,” said Jubril Kareem, a Lagos-based analyst at Ecobank Energy Research.
March 13 (Reuters) - Hilong Holding Ltd: * ANNOUNCES SIGNING OF A PIPELINE ANTI-CORROSION AND WEIGHTED COATING COMMISSIONED PROCESSING CONTRACT * TOTAL CONSIDERATION UNDER CONTRACT IS NO LESS THAN RMB67.6 ...
March 13 (Reuters) - China Coal Energy Co Ltd : * SAYS FEB COMMERCIAL COAL SALES UP 7.2 PERCENT Y/Y AT 13.8 MILLION TONNES Source text in Chinese: https://bit.ly/2NZQuM2 Further company coverage: (Reporting ...
Asian refining margins for jet fuel dropped for a second straight session on Wednesday to their lowest levels in more than eight months, as crude prices firmed and demand for the distillate fuel remained weak. Refining margins for jet fuel, which also determine the profitability of closely-related heating kerosene, plunged to $13.19 a barrel over Dubai crude during Asian trading hours, their lowest since June last year. Jet fuel cracks have shed about 9 percent in the last one week, and are currently about 7 percent weaker than this time last year, Refinitiv Eikon data showed.
Trading on Monday was dominated by $60 puts -- which give the owner the right to sell oil contracts for the rest of 2019, with a total of 16 million barrels changing hands in June, August and September, ICE Futures Europe exchange data show. Volume of puts was the highest since November, exchange data show. On Sunday, Petrobras CEO Roberto Castello Branco said the company’s best protection against periods of low prices in the international market are low production costs.
KUALA LUMPUR, March 13 (Reuters) - Malaysia kept its export duty on crude palm oil for April at zero percent, according to a circular on the Malaysian Palm Oil Board's website on Wednesday that cited the ...
Based on Tuesday’s price action, the direction of the March E-mini NASDAQ-100 Index on Wednesday is likely to be determined by trader reaction to the former main top at 7211.50.
The delay of the Line 3 pipeline in Alberta may well spell disaster for the Canadian oil industry, with government-instituted cuts now likely to be extended
BP CEO Bob Dudley said anti-OPEC (NOPEC) legislation under discussion in the House that would make it illegal under US law for foreign nations to work together to limit fossil fuel supplies and set prices, would have serious and unpredictable consequences for the world oil market.
A combination of Venezuela’s 5-day blackout and a pledge by Saudi Arabia to keep oil production below 10 mb/d sent oil prices higher on Tuesday
The U.S.-China trade impasse will have to end for U.S. crude exporters to find enough buyers to absorb dramatic annual growth of 1 million barrels per day in U.S. exports over the next few years, a top oil trading executive at commodities trader Trafigura AG said at an energy conference on Tuesday. As markets adjusted to the U.S.-China trade war and U.S. crude shipments to China plunged in recent months, U.S. exports to Europe and India have surged.