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Oil Holds Gains As Large Gasoline Draw Offsets Crude Build

51 minutes 22 seconds ago
The American Petroleum Institute (API) reported on Tuesday a build in crude oil inventories of 691,000 barrels for the week ending September 18. Analysts had predicted an inventory draw of 2.256-million barrels. In the previous week, the API reported a significant draw in crude oil inventories of 9.517 million barrels, after analysts had predicted a smaller draw of 1.271 million barrels. Oil prices were trading up modestly on Tuesday afternoon before the API’s data release, despite the worsening demand sentiment in the market brought on by…
Julianne Geiger

Colombia’s Security Crisis Deals Another Blow To Its Oil Industry

1 hour 31 minutes ago
Violence has broken out yet again in strife-torn Colombia after a law student was killed by police in Bogota two weeks ago for allegedly breaching coronavirus social distancing restrictions. Those clashes led to at least 13 dead after days of protest and come on the back of last year’s anti-government protests. Labor unions are currently attempting to revive countrywide mass protests against President Ivan Duque. That recently led to the formation of a car caravan in Bogota, Colombia’s capital, to protest the government’s economic…
Matthew Smith

Why Russia Is Pushing Unneeded Nuclear Power Plants On Egypt

2 hours 31 minutes ago
In recent years, Russia and China have been facing off to spread their nuclear power dominion to a new, huge, and vastly untapped market: Africa. The two nuclear power giants have been in competition to corner the market, with Russia aiming to grow its position in a sector that China has historically dominated.  Earlier this summer, German media company DW News reported on a new Russian-funded and -controlled nuclear center being developed in Kigali: “The Center of Nuclear Science and Technologies, planned for completion by 2024, will…
Haley Zaremba

Chinese Oil Giant Could Buy Exxon's North Sea Assets

3 hours 1 minute ago
Sinopec and a private equity-backed company are among some half a dozen candidates to acquire Exxon’s North Sea assets that the supermajor put up for sale earlier this year. Kuwait Foreign Petroleum Exploration, Siccar Point, and Tailwind Energy—in partnership with Mercuria—are also among the bidders, Bloomberg reports, citing unnamed sources familiar with the matter. Reports of the planned sale emerged in June, but the first mention of Exxon’s plans to exit the legacy oil producing region surfaced in August 2019. In that,…
Irina Slav

Oil Still Stuck at $40

3 hours 31 minutes ago
The Ultimate Resource For InvestorsJoin the world's most comprehensive energy intelligence service today...Chart of the Week-    U.S. crude oil exports hit a record high in February 2020 at 3.7 mb/d, but declined after that as demand plummeted.-    U.S. oil exports averaged 3.2 mb/d for the first six months of the year. While down from the February peak, the number was up from 2.9 mb/d from the first half of 2019.-    After Canada, China was the second-largest buyer of U.S. crude, averaging 361,000 barrels…
Josh Owens

U.S. Oil Exports Continue To Decline

4 hours 31 minutes ago
Declining global oil and fuel demand in the pandemic pushed U.S. crude oil exports down from their record-high of 3.7 million barrels per day (bpd) in February in each month through June, the Energy Information Administration (EIA) said on Tuesday.   U.S. exports of crude oil fell from 3.708 million bpd in February to 2.753 million bpd in June, according to EIA data. Despite the export decline during the global lockdowns to curb the spread of the coronavirus, U.S. crude oil exports in the first half of 2020 were still higher than they were…
Tsvetana Paraskova

China’s Oil Buying Spree Is Coming To An End

5 hours 31 minutes ago
In a fresh sign that China is slowing down its crude oil buying spree, Beijing appears to have reduced stockpiling for a second consecutive month in August, suggesting that China's record-breaking oil imports and the support they gave to the fragile oil market may be over. According to estimates from Reuters columnist Clyde Russell, based on official data for oil imports plus domestic production, less refinery processing rates, China likely stashed 1.1 million barrels per day (bpd) of crude oil in its strategic petroleum reserve or commercial storage…
Tsvetana Paraskova

Libya’s Oil Production Set To Rise To 260,000 Bpd Next Week

6 hours 31 minutes ago
Libya’s National Oil Corporation (NOC) sees oil production rising to around 260,000 barrels per day (bpd) next week, up from some 100,000 bpd before the blockade of its oil ports and oilfields was lifted at the end of last week. According to an NOC post on Facebook, carried by The Libya Observer, NOC is also proceeding with arranging for oil tankers to start arriving from Wednesday to ship crude from oil ports that are safe and not occupied by armed groups.   Crude shipments will resume from the ports of Brega and Hariga at first and…
Tsvetana Paraskova