Marathon Oil Posts Smaller-than-Feared Loss on Cost Cuts
It also cut its full-year capital expenditure to $1.2 billion from $1.3 billion.
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Colombia’s Ecopetrol Narrowly Avoids Second-Quarter Loss
Production in the first half of 2020 was 706,000 boepd, within Ecopetrol’s guidance range.
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Oil Prices Toppled From Rising Streak as Jump in Covid-19 Cases Stokes Fuel Demand Fears
In the near term, though, traders shrugged off data showing a big fall in crude oil inventories in the U.S., normally enough to spur a rally in prices.
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Venezuela’s Oil Exports Stagnant in July at Below 400,000 bpd
Venezuela also exported 88,065 bpd to Europe and a 85,260 bpd to Cuba, the data showed.
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Oil Prices Drop on Fuel Demand Worries as Coronavirus Flares Up
Five analysts estimated, on average, that U.S. inventories of gasoline rose by 600,000 barrels.
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Oil Edges Lower on Oversupply Concerns as OPEC+ Set to Raise Output
OPEC+ is set to step up output in August, adding about 1.5 million bpd to global supply.
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Headache for OPEC as Oil Market Structure Signals Return of Glut
The surplus market structure, when prompt prices are weaker than future prices, is also a boon for traders, as they can store crude in the hope to resell it later at a profit.
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Saudi Arabia May Cut Sept Crude Oil Prices to Asia
Prompt Dubai has flipped from backwardation into contango in late July.
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Hess Posted Smaller-Than-Expected Loss on Higher Output, Lower Costs
The outlook raise is not a surprise given the delay in maintenance, but will likely be an outlier in the current environment, Credit Suisse analysts said.
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South Korean Refiners Post Record H1 Losses on Plunge in Oil Price, Demand
The lower run rates in the second quarter came as SK Energy shut down its 260,000 bpd No.5 CDU at Ulsan for scheduled maintenance in May and June.
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U.N. Still Waiting For Houthi Approval to Visit Decaying Oil Tanker off Yemen
The United Nations has warned that the Safer could spill four times as much oil as the 1989 Exxon Valdez disaster off Alaska.
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Indian Refiners Cut Runs as Fuel Demand Dips, Margins Fade
Indian refineries’ crude throughput fell by an annual 13.6% in June compared with a 29% decline in April.
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Oil Prices Rise on U.S. Stimulus Hopes, Weaker U.S. Dollar
Traders will be watching out for U.S. inventory data due from the American Petroleum Institute industry group later on Tuesday and the government on Wednesday.
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Daily news on crude oil and natural gas markets: prices and benchmarks, OPEC+ policy, inventories and strategic reserves, shipping and the Strait of Hormuz, LNG projects, refining and corporate deals.
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New stories are added every business day, usually several times a day. The latest story on this page was published on 6 Aug 2020 02:30.
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Benchmark prices for WTI, Brent, Dubai, Murban and the OPEC Basket are in the sidebar, and daily prices for all 281 tracked crude grades are on the Crude Oil Prices page. Subscribers get full price history and Excel downloads.