By Laila Kearney NEW YORK, July 1 (Reuters) - Crude exports from the Louisiana Offshore Oil Port (LOOP) are hitting a record high even as U.S. crude exports have fallen as the coronavirus pandemic has chopped worldwide fuel demand. Oil majors Royal Dutch Shell Plc and BP Plc are the main winners from rising LOOP exports, because they pump most of the mid-sour crude exported … [Read more...]
Saudi Arabia Makes Good on OPEC+ Oil Cuts
(Bloomberg) -- Saudi Arabia seems to have made good on its promise to cut oil production by a record amount in June. Observed Saudi crude exports for this month fell to 5.7 million barrels a day through June 29, the lowest since Bloomberg began tracking the flows at the start of 2017. That compares with 6.2 million a day in May. It’s a reduction equivalent to more than seven … [Read more...]
Top Oil Pricing Agencies Launch New U.S. Crude Benchmarks
By Julia Payne and Devika Krishna Kumar LONDON/NEW YORK, June 25 (Reuters) - After U.S. crude futures took an historic plunge into negative territory in April, the two top oil price reporting agencies said on Thursday they will start new benchmarks reflecting the price of Gulf Coast-traded crude on tankers, a break from the old landlocked system. The two agencies are … [Read more...]
Oil Plummets With Economic Jitters Surging Through Markets
By Hailey Waller and Alex Longley (Bloomberg) --Crude futures plunged by the most since late April a day after the Federal Reserve provided a gloomy outlook for the U.S. economy. The slide threatens to spoil crude’s recovery from a historic drop below zero in April. Federal Reserve Chairman Jerome Powell said Wednesday that the coronavirus continues to pose considerable … [Read more...]
Oil Tankers Queuing Off Chinese Coast Evidence of Rapid Rebound
By Serene Cheong and Ann Koh (Bloomberg) -- Queues of tankers have formed off China’s busiest oil ports as the vessels wait to offload crude for refineries that are quickly ramping up production amid a rapid rebound in fuel demand. Two dozen or more crude-laden tankers are waiting to discharge at terminals on China’s east coast that supply state-owned and independent … [Read more...]