US Oil Demand Soars, Tanks Are Emptying in Oklahoma

Crude oil storage tanks can be seen in an aerial view at the Cushing Oil Hub in Cushing, Oklahoma, US Apr. 21, 2020. REUTERS/Drone Base NEW YORK, Oct. 27 (Reuters) – Crude oil tanks in the Cushing, Oklahoma storage and delivery hub for US crude futures are more depleted than in the past three years, … Read more

RPT EXCLUSIVE US Slows Oil & Gas Fusion Resources

NEW YORK/WASHINGTON, Oct. 21 (Reuters) – US antitrust regulators have extended the approval process for at least five oil and gas mergers and acquisitions in the past three months as President Joe Biden’s administration scrutinizes deals to stem soaring energy prices , according to regulatory filings and corporate lawyers. The slowdown comes amid mounting pressure … Read more

Global oil refineries ramp up production as margins recover to pre-COVID levels

Petrol and diesel margins are recovering globally as COVID-19 eases Global inventories of oil products fall to lowest level since 2014 – FGE Maintenance, high natural gas prices to limit supply in the fourth quarter Asian crude rises to 29.5m bpd in Q4, up 1.4% yoy – FGE Formosa processes 400,000 bpd in November, 5-8% … Read more

Oil prices reverse previous losses on energy demand concerns in China

Crude oil storage tanks can be seen in an aerial view at the Cushing Oil Hub in Cushing, Oklahoma, US Apr. 21, 2020. REUTERS/Drone Base TOKYO, Oct. 19 (Reuters) – Oil prices rose Tuesday, making up for earlier losses as falling temperatures in China, the world’s largest energy consumer, revived concerns about its ability to … Read more

Tight labor market in the US leads to strikes for more wages

Oct. 18 (Reuters) – Thousands of workers remain on strike in the United States, demanding higher wages and better conditions, despite Hollywood makeup artists and camera operators making a deal this weekend to avoid a strike, and the tight job market has only encouraged them. Kevin Bradshaw is an employee at Kellogg Co’s (KN) grain … Read more

Taiwan’s Foxconn shows off three electric vehicle prototypes

TAIPEI, Oct. 18 (Reuters) – Taiwanese tech giant Foxconn (2317.TW) on Monday unveiled its first three electric vehicle prototypes, underscoring ambitious plans to diversify from its role of building consumer electronics for Apple Inc. (AAPL. O) and other engineering companies. The vehicles – an SUV, a sedan and a bus – are made by Foxtron, … Read more

Oil prices rise to year-long high as COVID recovery, power generators boost demand

General view of Saudi Aramco’s Ras Tanura oil refinery and oil terminal in Saudi Arabia, May 21, 2018. REUTERS/Ahmed Jadallah Brent hits most since October 2018, WTI highest since October 2014 US drillers add oil and gas rigs for sixth straight week China cuts import quotas for independent oil refineries SINGAPORE, Oct. 18 (Reuters) – … Read more

EXCLUSIVE China appears to retain LNG in US as energy crisis raises concerns

SINGAPORE/NEW YORK, Oct. 15 (Reuters) – Major Chinese energy companies are in advanced talks with US exporters to secure long-term supplies of liquefied natural gas (LNG) as rising gas prices and domestic power shortages raise concerns about fuel security of expanding the country, several sources said. At least five Chinese companies, including major state Sinopec … Read more

Price squeeze: world economy caught in perfect storm

British chicken king says 20 years of cheap food is over IEA says energy crisis could threaten economic recovery Cold keeps coal prices high in China, power outage continues Biden targets bottlenecks threatening vacation sales LONDON/TOKYO, Oct. 14 (Reuters) – From beef bowls in Tokyo to chicken breast rolls in London, consumers are beginning to … Read more

OPEC+ sticks to plan for gradual increase in oil production, price roars higher

A 3D printed oil pump jack can be seen in front of a displayed OPEC logo in this illustration photo, April 14, 2020. REUTERS/Dado Ruvic The oil price will have risen by more than 50% in 2021 Demand has bounced back, supply struggled to keep up US official calls oil market ‘worrying’ OPEC+ wary of … Read more