Sunday, February 5, 2023
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA
Oil Market News Today
Advertisement
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
Oil Market News Today
No Result
View All Result
Home Diesel

Oil Climbs After Libya Shuts Key Field, Demand Perks Up

June 10, 2020
in Diesel
Oil Climbs After Libya Shuts Key Field, Demand Perks Up
Share on FacebookShare on Twitter


(Bloomberg) — Oil rose in a late rally ahead of inventory data due later Tuesday and after Libya once again closed its top oil field shortly after reopening.

Latest Oil MArket NewsPosts

Oil Holds Steady as Virus Concerns Weigh on Demand Hopes

Indian oil refiners cut runs as fuel demand dips, margins fade – ET Auto

Diesel Engine Oil Market Segmentation, Analysis by Recent Trends,

Crude traded for a loss for most of the session as the market grapples with a surplus of fuels, most notably diesel. But demand optimism got a boost when New Jersey lifted its stay-at-home order and increased gathering limits. New York’s Westchester and Rockland counties entered the second phase of reopening Tuesday, while Long Island is set to do so on Wednesday, and New York City reached a milestone on testing.

In the latest set of preliminary data on implied demand from the Energy Information Administration, gasoline consumption in the U.S. advanced for a second week, while distillates, including diesel, took a step backward. Usage of those fuels is about 20% below year-ago levels while jet fuel consumption is down much more, almost 80%.

“API and EIA anticipation were the drivers” of the rally, said Tom Finlon of Houston,-based GF International, referring to oil’s rally late in the session to close near $39 a barrel.

Refineries — particularly in Europe and the U.S. — are trying to make as little jet fuel as possible because demand from the aviation industry still remains far below where it was before the pandemic struck. And that means producing more diesel. Similarly, refineries cannot meet a recovery in gasoline consumption without boosting their overall processing rates — and that too brings more diesel.

Crude has rebounded since dropping below zero in April as output cuts by the OPEC+ producer alliance reduced a global glut and demand picked up following the easing of lockdown restrictions in some countries. However, with a surplus of fuels — most notably diesel — swamping the market, Goldman Sachs Group Inc. has turned bearish on oil in the short term due to poor returns from refining.

“The weight of the relative value of distillate is slowing a price advance,” said Finlon.

U.S. crude inventories are forecast to decline for a second week, ahead of industry figures due to be released later Tuesday.

Prices:

  • West Texas Intermediate for July delivery rose 75 cents to settle at $38.94 a barrel.
  • Brent for August settlement gained 38 cents to close at $41.18.

Earlier, Saudi Arabia decided to end additional supply curbs this month, and that means the cartel’s total supply reduction this month of almost 11 million barrels a day will taper gradually in the coming months.

Iraq has asked some Asian refiners to consider forgoing prompt shipments of its Basrah crude, raising speculation that OPEC’s second-biggest producer is trying to comply with pledged output cuts. The country and some others were recently pulled up by Saudi Arabia and Russia for pumping above their quotas.

Other oil-market news:

  • Chesapeake Energy Corp. is preparing a potential bankruptcy filing that could hand control of one of the leading lights of the U.S. shale revolution to senior lenders, according to people with knowledge of the matter.
  • In…



Read More: Oil Climbs After Libya Shuts Key Field, Demand Perks Up

Tags: ClimbsDEMANDFieldkeyLibyaoiloil and gas petroleum news events stories articles analysis commentary headlines stocks finance commodities maps picturesPerksShuts

Related Posts

Oil Search Slashes a Third of Jobs, Pledges More Senior Roles for PNG
Diesel

Oil Holds Steady as Virus Concerns Weigh on Demand Hopes

by Oil Market
July 30, 2020
0

MELBOURNE/SINGAPORE — Oil prices were little changed on Thursday, restrained by concerns that surging coronavirus infections could jeopardize a...

Read more
Indian oil refiners cut runs as fuel demand dips, margins fade – ET Auto
Diesel

Indian oil refiners cut runs as fuel demand dips, margins fade – ET Auto

by Oil Market
July 29, 2020
0

Fuel demand in Asia's third largest economy had been rising since May from historic lows in April, when a...

Read more
Diesel Engine Oil Market Segmentation, Analysis by Recent Trends,
Diesel

Diesel Engine Oil Market Segmentation, Analysis by Recent Trends,

by Oil Market
July 29, 2020
0

New Jersey, United States,- The research report on Heavy Duty Diesel Engine Oils market comprises of insights in terms...

Read more
Jet Fuel Crisis Will Hurt Oil Demand For Years To Come | OilPrice.com
Diesel

Jet Fuel Crisis Will Hurt Oil Demand For Years To Come | OilPrice.com

by Oil Market
July 28, 2020
0

A very slow recovery in jet fuel demand will drag on global oil demand for at least another two...

Read more
CNG outlets to reopen today as govt arranges fuel oil for power utility
Diesel

Pakistan’s oil demand set to bounce back after COVID pain

by Oil Market
July 28, 2020
0

Pakistan’s oil demand set to bounce back after COVID painKARACHI: Oil consumption in Pakistan is expected to rise after...

Read more
Reshaping Megatrends InVehicle Lubricating Oil Market With COVID-19
Diesel

Reshaping Megatrends InVehicle Lubricating Oil Market With COVID-19

by Oil Market
July 27, 2020
0

Latest Industry insights on “Present Vehicle Lubricating Oil Market Situations 2020 & Forecast 2021-2027” is depicted in this report....

Read more
Next Post
Railroad Diesel Engine Oil Market Size, Top Vendors, Industry Research and

Railroad Diesel Engine Oil Market Size, Top Vendors, Industry Research and

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Today Oil Markets

MCT Oil Market Analysis Highlights the Impact of COVID-19 2020-2024| Demand

MCT Oil Market Analysis Highlights the Impact of COVID-19 2020-2024| Demand

3 years ago
US offshore wind power spending has oil in its sights

US offshore wind power spending has oil in its sights

3 years ago
Crude oil price wavers as second wave fears outweigh falling rig count

Crude oil price wavers as second wave fears outweigh falling rig count

3 years ago
Global Body Oil Market 2020 to 2024 Playing Dynamic Role in Regions like

Global Oil Absorbers Market Size And Share 2020: With Top Manufacturers,

3 years ago
The oil price in rand is exploding

The oil price in rand is exploding

3 years ago
Chevron CEO Sees Continued ‘Choppy Economic and Price Activity’

Chevron CEO Sees Continued ‘Choppy Economic and Price Activity’

3 years ago

Oil Market

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Construction of Dangote oil refinery Africa’s largest nears completion

Construction of Dangote oil refinery Africa’s largest nears completion

July 31, 2020

Russia Oil Market

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

July 29, 2020
Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

July 28, 2020

Europe Oil Market

Oil rises further from 3-week lows, but headwinds loom amid pandemic

Oil rises further from 3-week lows, but headwinds loom amid pandemic

July 31, 2020
Shell posts $18billion loss in second quarter – News for the Oil and Gas

Shell posts $18billion loss in second quarter – News for the Oil and Gas

July 30, 2020
Path to net zero: European oil majors outpace US companies on climate goals

Path to net zero: European oil majors outpace US companies on climate goals

July 29, 2020
Oil price holds near four-month high amid bearish signals – News for the

Oil price holds near four-month high amid bearish signals – News for the

July 28, 2020
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA

© 2020 MarketFor Oil.com

No Result
View All Result
  • Home
  • Market
    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas

© 2020 MarketFor Oil.com