Energy News

Aug 14 - IEA lowers 2020 oil demand forecast citing dismal aviation sector 
The International Energy Agency (IEA) cut its 2020 oil demand forecast on Thursday, warning that reduced air travel due to the coronavirus pandemic would lower global oil demand this year by 8.1 million barrels per day (bpd). The Paris-based IEA slashed its 2020 outlook by 140,000 bpd to 91.9 million bpd, its first downgrade in several months.

Aug 14 - China's July refinery output hits new monthly peak as top plants return from overhauls 
China's refinery output jumped 12% in July from the same month a year earlier, hitting the highest on record for any single month, as several major state plants resumed operations after maintenance overhauls. China processed 59.56 million tonnes of crude oil last month, according to data released by the National Bureau of Statistics (NBS) on Friday, equivalent to about 14.03 million barrels per day (bpd).

Aug 14 - Trucks, excavators to help push China's diesel demand to record 
China's diesel demand is likely to hit a record this year powered by trucking activity, as Beijing's aggressive stimulus fuels a construction and delivery boom and a speedy recovery in heavy machinery sales, analysts say. The stimulus measures have helped to reverse the damage from the coronavirus crisis and a revival in diesel consumption is a signal that China's economic recovery is gaining traction.

Aug 14 - Tankers ship Iranian fuel cargoes to U.S. for seizure - sources 
Tankers carrying Iranian fuel cargoes covered by a U.S. warrant for seizure are sailing to the United States after talks between U.S. authorities and ship owners, a U.S. government source and a shipping source said on Thursday. Iran had planned to transport the gasoline to Venezuela, a supply line that both Tehran and Caracas have flaunted in defiance of U.S. sanctions. Washington has imposed sanctions on both countries to choke oil exports and deprive their governments of their main source of revenue.

Aug 14 - How a Texas shale supplier's founders made fortunes as the firm failed 
On July 7, the board of directors at Texas fracking sand supplier Hi-Crush granted nearly $3 million in bonuses to four top executives, including $1.35 million for CEO and founder Robert Rasmus. Five days later, the company declared bankruptcy. The payout marked the latest in a series of board decisions that allowed the oilfield supplier's top executives and founders to rake in tens of millions of dollars as shareholders saw the stock price plummet to pennies.

Aug 14 - Quality issues add delays to Venezuela's crude exports -documents 
Crude exports from Venezuela are facing growing delays due to excess water and other impurities in cargoes loaded at state-run PDVSA's main terminal, according to internal company documents seen by Reuters, as U.S. sanctions worsen disruptions to the oil industry. In recent years, PDVSA has been forced to give price discounts to customers due to high levels of water and metals in its oil shipments as a dire recession, mismanagement and U.S. sanctions imposed since 2019 contributed to lack of chemicals and maintenance for storage tanks and pipelines, executives and inspectors have told Reuters.

Aug 14 - Trump administration rolls back curbs on oil industry methane emissions  
The Trump administration on Thursday rolled back regulations aimed at reducing emissions of the potent greenhouse gas methane from oil and gas operations, its latest move to unwind environmental rules ahead of November's presidential election. During a visit to election swing state Pennsylvania, U.S. Environmental Protection Agency Administrator Andrew Wheeler formally rescinded 2016 Obama administration limits on oil and gas industry emissions of methane, a move criticized by environmentalists when initially proposed last August.

Aug 14 - U.S. petroleum inventories show gradual rebalancing: Kemp 
U.S. petroleum inventories show clear signs of trending lower as consumption slowly recovers from the epidemic and lockdowns, while Saudi Arabia restricts production and directs volumes away from North America. Total petroleum inventories fell last week for the fourth time in five weeks, and are now down more than 17 million barrels since early July, according to data from the U.S Energy Information Administration.

Aug 13 - OPEC trims 2020 oil demand, sees doubts about 2021 on virus fallout 
World oil demand will fall more steeply in 2020 than previously forecast due to the coronavirus and there are doubts about next year's recovery, OPEC forecast on Wednesday, potentially making it harder for the group and its allies to support the market. World oil demand will tumble by 9.06 million barrels per day (bpd) this year, the Organization of the Petroleum Exporting Countries said in a monthly report, more than the 8.95 million bpd decline expected a month ago. 

Aug 13 - U.S. fuel inventories fall as demand rebounds - EIA 
U.S. crude oil, gasoline and distillate inventories fell last week as refiners ramped up production and demand improved, a government report showed on Wednesday. Refinery utilization rose 1.4 percentage points to 81% of total capacity nationally in the week to Aug. 7, the Energy Information Administration said in a weekly report. On the East Coast, refinery utilization rates climbed to 71.8% of total capacity, the highest since August 2019, according to the data.

Aug 13 - Venezuela wins grace period on China oil-for-loan deals, sources say 
Venezuela's government has negotiated an agreement with Chinese banks for a grace period until the end of the year on some $19 billion in loans that are paid off with oil shipments, according to three sources in Caracas with knowledge of the situation. The government of late socialist leader Hugo Chavez borrowed more than $50 billion from China through the oil-for-loan arrangements, which were mainly underwritten by the state-owned China Development Bank. Chavez's successor, President Nicolas Maduro, stopped making the associated payments as the South American OPEC nation's economy unraveled.

Aug 13 - Shell eyes stake in Nayara's $9 bln Indian petchem project - source 
Oil major Royal Dutch Shell plans to buy a 50% stake in Indian-based Nayara Energy's up to $9 billion planned petrochemical project, a source familiar with the matter said. Global oil majors are looking at expanding foothold in the vast Indian market, where local refiners are investing billions of dollars to boost their petrochemical capacities.

Aug 13 - Australia bucks the global trend, goes with natural gas over renewables: Russell 
Australia's conservative government appears to be pivoting away from backing coal for future energy needs, but hasn't quite made it all the way to renewables, instead waylaying into natural gas. An advisory board set up by Prime Minister Scott Morrison to map out strategies for economic recovery from the novel coronavirus pandemic has confirmed it supports various subsidies to boost the natural gas sector.

Aug 13 - Iran plans to boost state coffers by selling oil securities to Iranians 
Iran plans to start offering oil-backed securities to its citizens, President Hassan Rouhani said on Wednesday, as part of the government's efforts to boost state coffers hit by U.S. sanctions and the coronavirus crisis. Iran's economy, further strained by low oil prices, has been suffering since 2018 when the United States exited Tehran's nuclear deal with six world powers and reimposed sanctions, strangling Iran's oil trade.

Aug 12 - How Venezuela lost three oil supertankers to its Chinese partner 
A shipping joint venture between Venezuela and China has fallen apart in the wake of U.S. sanctions, resulting in the South American nation losing three supertankers at a time when foreign shippers are reluctant to carry its oil, court documents show. PetroChina Co Ltd, which had been state-run Petroleos de Venezuela's partner in the Singapore-based joint venture CV Shipping Pte Ltd, took control of the three tankers between January and February, according the documents from a Singapore court reviewed by Reuters. 

Aug 12 - European banks face indigenous calls to end Amazon oil trade 
European banks committed to backing action on climate change face allegations of double standards from indigenous groups in Ecuador after a report named them as major players in the trade in oil from the Amazon rainforest. Stand.earth and Amazon Watch said ING, Credit Suisse, Natixis, BNP Paribas, UBS and Rabobank were the largest backers in the shipment of about $10 billion of dollars of Ecuadorian crude to U.S. refineries over the last decade.

Aug 12 - U.S. crude output drop in 2020 to be steeper than last forecast - EIA 
U.S. crude oil production is expected to fall by 990,000 barrels per day (bpd) this year to 11.26 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, a steeper decline than its forecast last month for a decline of 600,000 bpd. The agency also expects U.S. petroleum and other liquid fuel consumption to drop 2 million bpd to 18.46 million bpd in 2020, a slightly smaller decline than its previous forecast for a drop of 2.12 million bpd.

Aug 12 - U.S. refiners' biofuel bills soar in oil market slump 
U.S. oil refiners this quarter are expected to spend the most since at least 2018 to meet U.S. biofuels requirements, further pressuring margins hit by the collapse since March in global prices and demand. Under renewable fuel legislation originally aimed to support corn farmers, refiners have to blend biofuels like ethanol or diesel made from animal fats or vegetable oils, into gasoline and diesel, or buy credits, known as Renewable Identification Numbers (RINs), from those who blend more than they are required to.

Aug 12 - India's weak fuel demand drags on as virus crisis worsens 
India's fuel demand dragged lower in July, posting its fifth consecutive year-on-year decline, government data showed on Tuesday as a spike in coronavirus cases and floods in many parts of the country restricted economic activity. Consumption of refined fuels, a proxy for oil demand, fell to 15.68 million tonnes in July, 11.7% lower compared with a year earlier and 3.5% below the prior month, data from the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Petroleum & Natural Gas showed.

Aug 11 - Saudi Aramco to press ahead with plan to boost output capacity, CEO says 
Saudi Aramco is moving ahead with plans to boost crude output capacity by 1 million barrels per day (bpd) to 13 million bpd despite cuts in capital expenditure this year and next year, the state oil group's CEO said on Monday. Aramco's capital spending plan for 2021 will be "significantly lower than previous guidance," CEO Amin Nasser also said on a call with analysts and investors after the company's second quarter results, which were published on Sunday.

Aug 11 - Oil companies start to take back crude from U.S. emergency reserve 
Energy companies have begun taking back millions of barrels of oil from the U.S. government's emergency stockpile after renting storage in the facility to help manage a glut of crude this spring after energy demand collapsed during COVID-19 lockdowns, a Department of Energy website showed on Monday. Since Aug. 1, the companies have taken back 2.2 million barrels of oil of the 23 million barrels they agreed to store in the Strategic Petroleum Reserve, or SPR, from April through June. The companies have until March 31, 2021 to take back the oil after renting the space for a small fee. 

Aug 11 - Saudi Aramco sees Asian crude oil demand recovering. But is it?: Russell 
Saudi Aramco sees a recovery in global oil demand, a view that would justify the paltry reduction in the price the world's biggest crude exporter will charge refiners in Asia for cargoes loading in September. Customers probably have a different view.

Aug 11 - Lebanon’s power struggle – why a failing state can’t get the lights on 
For years Lebanon has been blighted by power cuts. For many Lebanese, the state's inability to deliver reliable electricity has become a metaphor for their country's wider failings. The words, "The electricity went," are among the first spoken by children here. Every day, lights, fridges and washing machines go off for hours when the supply from the state owned Electricite du Liban (EdL) stops. All the while, EdL is wracking up annual losses of up to $2 billion — around one third of Lebanon's budget deficit.

Aug 11 - Oil market stalls as absence of signals compounds summer slowdown: Kemp 
Hedge funds' oil trading largely dried up last week as the normal summer holiday slowdown was compounded by an absence of price or fundamental signals about the future direction of the market. Hedge funds and other money managers purchased the equivalent of 13 million barrels in the six major petroleum futures and options contracts in the week to Aug. 4, after selling 40 million the week before.

Aug 11 - Canadian sweet crude differentials over heavy grades recover as driving increases

Aug 11 - ICE LSGO futures net speculative length reaches fresh 6-month high

Aug 10 - ARA fuel oil stocks up 8% on week to 1.356 mil mt - Insights Global
Stocks of fuel oil in the Amsterdam-Rotterdam-Antwerp hub rose 8% to 1.356 million mt in the week to Aug. 6, according to data from Insights Global, as the market grappled with weak demand amid the summer lull.

Aug 10 - Saudi Aramco's profit plunges, sees signs of oil market recovery 
State oil giant Saudi Aramco's profit plunged 73% in the second quarter of the year, as a slump in energy demand and prices due to the coronavirus crisis hit sales at the world's biggest oil exporter. But the company stuck with plans to pay $75 billion in dividends this year and CEO Amin Nasser said global oil demand was recovering. 

Aug 10 - BP's green energy targets will be tough to meet 
BP will need to invest tens of billions of dollars over the next decade and may have to accept lower returns than it can get from oil if it is to meet its target of becoming one of the world's largest renewable power generators. The British oil and gas company wants 50 gigawatts (GW) of renewables such as wind, solar and hydropower in its portfolio by 2030, up from just 2.5 GW now and more than the total renewable capacity in the United Kingdom at the moment.

Aug 10 - Oil giants' production cuts come to 1 mln bpd as they post massive writedowns 
The world's five largest oil companies collectively cut the value of their assets by nearly $50 billion in the second quarter, and slashed production rates as the coronavirus pandemic caused a drastic fall in fuel prices and demand. The dramatic reductions in asset valuations and decline in output show the depth of the pain in the second quarter. Fuel demand at one point was down by more than 30% worldwide, and still remains below pre-pandemic levels. 

Aug 10 - PDVSA changes oil deals to include shipping as sanctions bite -documents 
Venezuelan state-run oil firm PDVSA has begun offering to ship its own oil, figuring in the costs in crude supply deals to help customers who have struggled to hire vessels to carry the country's oil due to U.S. sanctions, according to company documents seen by Reuters. The United States has blacklisted vessel owners, shipping operators and threatened to sanction any tanker facilitating the country's oil exports as it tightens restrictions on trade with the South American country.

Aug 10 - Speculators raise U.S. crude oil net longs - CFTC 
Money managers raised their net long U.S. crude futures and options positions in the week to August 4, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group raise its combined futures and options position in New York and London by 8,096 contracts to 368,643 during the period. The data exclude trader positions in the NYMEX financial crude oil futures contract, which is normally included in our aggregate calculations. The data were not provided by the CFTC.

Aug 10 - Refining margins mired between OPEC+ and recession: Kemp 
Global crude exporters and refiners are locked in a stand-off, as OPEC+ tries to drain excess crude stocks and lift prices and refiners face falling fuel consumption and shrinking margins. These drops are most evident in the market for middle distillates (gasoil, diesel and jet fuel) which have been hit hard by the twin impact of lockdowns and economic recession.

Aug 10 - U.S. oil & gas rig count falls to record low for 14th week -Baker Hughes 
U.S. energy firms cut the number of oil and natural gas rigs to a record low for a 14th week even as higher oil prices prompt some producers to start drilling again. The U.S. rig count, an early indicator of future output, fell by four to an all-time low of 247 in the week to Aug. 7, according to data on Friday from energy services firm Baker Hughes Co going back to 1940.

Aug 08 - Med/NWE diesel cargo premium narrows as Med tightness eases
The Mediterranean-Northwest Europe ultra low sulfur diesel cargo spread has weakened amid slightly stronger resupply levels into Europe, despite firm demand in the east Mediterranean.

Aug 08 - Prompt diesel paper structure weakens as demand plateaus, arrivals set to increase
Structure across the diesel paper markets weakened on Aug. 6, with the contango in both swaps and futures widening as traders saw demand growth slowing and arrivals increasing.

Aug 08 - Crude edges lower as US stimulus talks stall
Oil futures finished a mostly range bound session lower Aug. 6, as lack of progress on US stimulus talks capped optimism fueled by falling Iraq crude production and a better-than-expected US jobs report.

Aug 08 - Oil slides on US-China tensions, stalling US economic recovery
Oil prices moved lower in US morning trading Aug. 7 amid dimming economic outlooks and rising US-China tensions.

Aug 08 - World's first hydrogen train refueling station to be built in Germany
Construction has begun of the world's first hydrogen refueling station for passenger trains at Bremervoerde, northwest Germany, engineering firm Linde said July 28.

Aug 08 - ARA fuel oil stocks up 8% on week to 1.356 mil mt
- Insights Global
Stocks of fuel oil in the Amsterdam-Rotterdam-Antwerp hub rose 8% to 1.356 million mt in the week to Aug. 6, according to data from Insights Global, as the market grappled with weak demand amid the summer lull.

Aug 08 - Energy markets feel brunt of pandemic on global commodities
The COVID-19 pandemic has wreaked chaos across global commodity markets, disrupting trade and supply and demand dynamics and creating major uncertainty over the pace of recovery.

Aug 07 - China oil imports surge 25% in July from a year ago on buying binge
China's crude imports surged 25% in July from a year earlier, as massive purchases made while prices collapsed in April arrived and as some shipments delayed at ports in June finally cleared customs. China, the world's top crude oil importer, brought in 51.29 million tonnes of oil last month, equal to 12.08 million barrels per day (bpd), data from the General Administration of Customs showed on Friday.

Aug 07 - BP poised to sell 'stranded assets' even if oil prices rally
BP is preparing to sell a large chunk of its oil and gas assets even if crude prices bounce back from the COVID-19 crash because it wants to invest more in renewable energy, three sources familiar with BP's thinking said. The strategy was discussed at a BP executives meeting in July, the sources said, soon after the oil major lowered its long-term oil price forecast to $55 a barrel, meaning that $17.5 billion worth of its assets are no longer economically viable. 

Aug 07 - Saudi Arabia, Iraq stress full commitment to OPEC+ deal
Saudi Arabia's energy minister and Iraqi counterpart stressed, in a phone call, their countries' full commitment to an OPEC+ deal curbing oil production, Iraqi state news agency said on Friday citing a joint statement from both ministries. The two ministers discussed the latest developments in oil markets, continued recovery in global demand and progress made towards implementing the OPEC+ agreement.

Aug 07 - Saudi Arabia cuts Sept crude prices to Asia - document
Saudi Arabia's state oil producer Aramco has cut the official selling prices (OSPs) for its crude to Asia and Europe, while leaving them unchanged for the United States. Aramco set the official selling price for its Arab light crude to Asia at plus $0.90 a barrel versus Oman/Dubai average, down $0.30 from August, a document obtained by Reuters showed. 

Aug 07 - Pandemic to cut global gas and LNG demand by about 4% in 2020 - industry group
The coronavirus pandemic will cut global natural gas and liquefied natural gas (LNG) demand by about 4% in 2020 from record highs in 2019, according to a study by the International Gas Union, an industry lobby group, and others. Still, demand can recover to pre-Covid-19 levels in the next two years as the world economy regains momentum, the study said, citing abundant supply and continued low prices.

Aug 06 - Oil climbs as stimulus bill progress, strong US factory data support demand outlooks
Crude oil prices settled higher Aug. 4 following more bullish US economic data and expectations of a large drawdown in US crude inventories.

Aug 06 - USGC middle distillates flows to Europe in Aug already 660,000 mt - cFlow
US Gulf Coast middle distillate shipments due to arrive into Europe in August are scheduled to amount to at least 660,000 mt, of which around 440,000 mt is heading for Northwest Europe and 220,000 mt to the Mediterranean, data from S&P Global Platts trade flow software cFlow showed August 5.

Aug 06 - US weekly imports of Canadian crude surge to pre-pandemic levels - EIA
US weekly imports of Canadian crude surged 496,000 b/d in the week that ended July 31 to levels seen in January and February before refinery demand plunged as a result of the coronavirus pandemic.

Aug 05 - U.S. Energy Dept recommends granting partial retroactive waivers to refiners -sources
The U.S. Department of Energy has recommended that some of the oil refiners that applied for retroactive exemptions from the nation's biofuel blending law be granted partial relief, two sources familiar with the matter said on Tuesday. The move could help bring those refining companies into compliance with a court ruling earlier this year that requires waivers granted since 2010 to take the form of an extension - the latest twist in a long-running battle between the refining and biofuel industries over the program.

Aug 05 - Exxon to suspend company match to employee retirement plans in Oct
Exxon Mobil Corp told employees it would begin suspending the employer match to retirement savings plans beginning in early October, said sources who received a message from the company on Tuesday. "Given the current business environment, the corporation is taking steps to reduce costs," according to a copy of the message seen by Reuters. 

Aug 05 - BP halves dividend after record loss, speeds up reinvention
BP cut its dividend for the first time in a decade after a record $6.7 billion second-quarter loss, when the coronavirus crisis hammered fuel demand, and it sought to win over investors by speeding up its reinvention as a lower carbon company. Its shares closed 6.5% higher on Tuesday after BP unveiled earlier than expected a plan to reduce its oil and gas output by 40% and boost investments in renewable energy, such as wind and solar, over the next decade.

Aug 05 - U.S. refining capacity poised for first big drop in nearly a decade
U.S. oil refining capacity this year could decline by the largest amount in nearly a decade as pandemic-related travel curbs and a fire shut several plants, reversing years of small gains. Refiners globally have been idling plants as the COVID-19 pandemic slashed fuel demand as much as 30%. In the United States, Marathon Petroleum Corp will close California and New Mexico plants in response to the demand slump.

Aug 05 - US crude draws likely extend as exports, refinery utilization edge higher
US crude inventory draws likely extended during the week ended July 31 amid steady exports and an expected uptick in refinery demand, an S&P Global Platts analysis showed August 3.

Aug 05 - India's June gasoline exports drop 11% as refiners divert barrels to domestic market
India's gasoline exports in June slid 11.11% from May to a two-month low of 985,000 mt as refiners channeled cargoes to the domestic market to meet a rise in demand, amid a backdrop of a heavily supplied Asian market.

Aug 05 - USGC regular-premium finished gasoline spread narrows to tightest level in nearly six years
Premium grades of gasoline and the blendstocks needed to make them dropped to their lowest levels compared with regular gasoline in multiple years on the US Gulf Coast July 31, as the typical end-of-summer lull piles on to the demand destruction caused by the coronavirus pandemic.

Aug 05 - Russia's Tuapse August VGO loadings down 25% on month to 90,000 mt
Vacuum gasoil exports from the Russian Black Sea port of Tuapse will consist of three cargoes of 30,000 mt each in August, down from 120,000 mt in July, according to a copy of the program seen by S&P Global Platts.

Aug 05 - German 2020 primary energy demand seen 7%-12% lower, emissions 10%-17% lower
Germany's primary energy consumption could fall 7% to 12% this year after a 8.8% drop in the first half of the year, research group AG Energiebilanzen (AGEB) said Aug. 4.

Aug 05 - India's June gasoil output rises 8.5% on month on domestic demand recovery

India's gasoil production climbed for the second straight month in June as local refiners hiked run rates in line with emerging domestic demand as the country gradually eases coronavirus-induced restrictions.

Aug 04 - BP cuts dividend after record loss in Q2
BP cut its dividend on Tuesday for the first time in a decade after reporting a record $6.7 billion loss in the second quarter as the coronavirus crisis hammered energy demand. The net loss, which was in line with analysts' expectations, was largely a result of BP's decision to wipe $6.5 billion off the value of oil and gas exploration assets after it revised sharply lower its oil and gas price forecasts. 

Aug 04 - Russia is raising oil output as OPEC+ cuts ease -source
Russian oil and gas condensate output increased to 9.8 million barrels per day (bpd) on Aug. 1-2 from 9.37 million bpd in July as the country eases production curbs under an OPEC+ deal, a source familiar with data said on Monday. The Energy Ministry declined to comment on the data.

Aug 04 - China only fulfils 5% of Sino-U.S. energy trade deal in first half of 2020
China bought only 5% of the targeted $25.3 billion in energy products from the United States in the first half of 2020, falling well short of its trade deal commitments at a time when relations between the two top economies are already sour. China's imports of crude oil, liquefied natural gas (LNG), metallurgical coal and other energy products totalled around $1.29 billion this year through June, according to Reuters calculations based on China customs data. 

Aug 04 - Lobbying for Russian pipeline spikes in Washington
As U.S. lawmakers plot to stop one of Moscow's most important projects in Europe, the Nord Stream 2 pipeline, lobbyists supporting it are busier than ever but disclosing few details of their work, according to government filings and current and former U.S. officials. The pipeline linking Russian gas fields to Western Europe has become a lightning rod of contention in U.S.-Russia relations, with the Trump administration concerned it would dangerously expand the region’s energy dependence on Moscow but backers, including in Europe, saying the gas is needed.

Aug 04 - Asia gasoline profits burn away to nothing as pandemic rages
Asia's gasoline refining margins nearly burned up in July, dropping to just above zero in the worst profit performance for refined fuels over the month as a new wave of coronavirus infections walloped demand recovery and swelled supplies. The situation turned even more dire on Monday when the fuel's margin sank into the red for the first time since June 2. 

Aug 04 - India's fuel demand loses steam, slips in July M/M after 2 months of gains – data
India's refined fuel consumption in July slipped from June, according to preliminary industry data, indicating slower industrial activity as high retail prices, floods and renewed coronavirus lockdowns in parts of the country dented demand. Local fuel sales - a proxy for oil demand - plunged to historic lows in April when India imposed a country-wide lockdown. 

Aug 04 - Mixed imports data at top two buyers leaves coal prices poised: Russell
It appears to be a case of one step forward, one step back for Asia's seaborne coal exporters in July, with signs of a tentative recovery in Indian imports, but a drop in those by China. The bulk of the weakness so far this year in Asia's seaborne markets for both thermal and coking coal has been in India, the world's second-biggest importer, where demand has been hit by the economic lockdowns enforced in efforts to combat the spread of the novel coronavirus.

Aug 04 - Venezuela's oil exports stagnant in July at below 400,000 bpd - data
Venezuela exported about 388,100 barrels per day of crude and fuel in July, almost unchanged versus the previous month, as U.S. sanctions on PDVSA continued limiting sales, according to Refinitiv Eikon and internal data from the state-run company. Washington has ramped up pressure this year on PDVSA's customers, trade partners and shippers aiming to stop the re-sale of Venezuelan oil and block efforts to hide or change its country of origin. 

Aug 04 - Hedge funds pull bullish bets on petroleum: Kemp
Hedge funds turned less bullish on petroleum at the end of July amid anticipated rises in OPEC+ production and growing concerns about the impact of resurgent coronavirus infections on the global economic outlook. Money managers sold the equivalent of 40 million barrels in the six most important petroleum futures and options contracts in the week ending July 28.

Aug 04 - U.S. LNG exports set to rise for the first time in six months; prices jump
U.S. liquefied natural gas exports are on track to rise in August for the first month in six, helping to boost U.S. gas prices by over 17% on Monday, analysts said. So far this year, LNG buyers around the world have canceled more than 100 U.S. cargoes as prices for the fuel collapsed to record lows in Europe and Asia after demand fell due to the coronavirus.

Aug 03 - Japan's Seven & i to buy Marathon Petroleum's Speedway gas stations for $21 bln
The Japanese owner of 7-Eleven convenience stores has agreed to buy Marathon Petroleum Corp's Speedway gas stations for $21 billion to expand in the U.S. market, five months after walking away from talks amid the coronavirus outbreak. The deal will help Seven & I Holdings Co Ltd shift its focus beyond Japan, where its convenience stores and Ito-Yokado supermarkets face a shrinking population, slow economic growth and tough price competition.

Aug 03 - Chilean regulators scrap lithium miner SQM's environmental plan
Chilean regulators have rejected lithium producer SQM's $25 million environmental compliance plan for the Atacama salt flat, requesting the miner to start again from scratch, a filing showed. Chile's Environmental Superintendent (SMA) approved SQM's compliance plan early in 2019 after a multi-year investigation found the miner had overdrawn lithium-rich brine from the salt flat.

Aug 03 - Russia says July oil output in line with OPEC+ deal
Russia's Energy Ministry said on Sunday that the country's oil output in July was unchanged from levels seen in June, in line with an OPEC+ agreement. The ministry added that its level of compliance with the deal in July was close that recorded in June, when it stood at 99%.

Aug 03 - Jet fuel demand outlook sours after fleeting market optimism
For a faint moment, energy traders had an inkling that demand for jet fuel, the worst-hit product in fuel markets due to the coronavirus pandemic, might stage a bit of a rebound. The number of flights increased in the United States in early July, making some traders optimistic. That spurred a bevy of shipments of jet fuel to the U.S. West Coast from locales in Asia.

Aug 03 - Exxon posts second straight quarterly loss on demand, price plunge
Exxon Mobil Corp on Friday reported a $1.1 billion second-quarter loss on sharply lower energy demand and prices from the COVID-19 pandemic, and confirmed plans to make deeper spending cuts. It was Exxon's first back-to-back quarterly loss in at least 36 years, but was small in comparison to rivals who took giant charges last quarter.

Aug 03 - Chevron posts $8.3 bln loss on writedowns, job cuts Chevron Corp on Friday reported an $8.3 billion quarterly loss, its largest in at least three decades, and joined rival oil producers in writing down billions of dollars in assets due to plunging demand for fuel. Chevron's oil and gas production writedowns totaled $5.6 billion, mirroring those in recent days at Total, Royal Dutch Shell, and Eni, and an anticipated asset writedown of up to $17.5 billion from BP.

Aug 03 - U.S. shale supply chain will emerge smaller from price war, pandemic: Kemp
Slumping oil and gas prices as a result of the pandemic and the volume war earlier in the year between Saudi Arabia and Russia have slashed employment in the U.S. oil and gas fields at some of the fastest rates on record. Oil and gas-related employment is split across several different categories in the federal government’s statistical system, making it hard to track changes in total oilfield and gasfield employment.

Aug 03 - India steps on gas as coal use for power generation slows
Indian power plants used the most gas in at least 3-1/2 years in the June quarter, as operators along the west coast snapped up cheap liquefied natural gas (LNG) imports that have become competitive against coal, government data showed. Power producers say the trend is likely to continue until at least September, and perhaps beyond, providing a bright spot for LNG sellers as demand elsewhere falls due to a global economic slowdown sparked by the coronavirus pandemic.

Aug 03 - U.S. crude output in May plummets by a record 2 mln bpd
U.S. crude oil production plummeted in May, falling a record 2 million barrels per day to 10 million bpd, the U.S. Energy Information Administration said in a monthly report on Friday. The drop, the sharpest monthly decline on record according to data going back to 2005, came after a price crash this spring due to oversupply and reduced demand owing to the novel coronavirus. 

Aug 03 - U.S. oil & gas rig count holds steady at record low - Baker Hughes
U.S. energy firms kept the number of oil and natural gas rigs unchanged at a record low as the rig count fell for a fifth straight month, although July marked the smallest monthly decline due to a recovery in prices. The rig count, an early indicator of future output, steadied at the all-time low of 251 in the week to July 31, according to data on Friday from energy services firm Baker Hughes Co going back to 1940. 

Aug 03 - Speculators cut U.S. crude oil net longs - CFTC
Money managers cut their net long U.S. crude futures and options positions in the week to July 28, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group cut its combined futures and options position in New York and London by 14,644 contracts to 360,547 during the period.

Jul 31 - Exxon prepares spending, job cuts in last ditch move to save dividend
Exxon Mobil Corp is preparing deep spending and job cuts, according to people familiar with the matter, as it fights to preserve a 8% shareholder dividend with a multi-billion-dollar quarterly loss looming. It was unclear how extensive the cuts will be. The largest U.S. oil company slashed this year's budget by 30% in April, but Chief Executive Darren Woods's turnaround through rebounding demand and increased asset sales have not panned out and losses are climbing. 

Jul 31 - Headache for OPEC as oil market structure signals return of glut
Rising OPEC and U.S. oil supply, coupled with stalled economic and crude demand recovery, have pushed the futures market structure back to indicating a surplus, last observed during oil's collapse in April and May amid the coronavirus pandemic. The development is a headache for OPEC, which had been hoping demand would recover quicker after a round of record global output cuts. 

Jul 31 - Saudi Arabia may cut Sept crude oil prices to Asia – survey
Top oil exporter Saudi Arabia may cut its September official selling price (OSP) for crude sold in Asia, tracking falling Middle East benchmarks and weak refining margins, according to industry sources. Five sources from Asian refineries on average expect the September OSP for flagship Arab Light crude to fall by 61 cents a barrel, though forecasts range from a cut of $1 to 20-30 cents, a Reuters survey showed.

Jul 31 - European oil major trading units provide buffer in rough second quarter
The trading units of European oil and gas majors have shielded their second-quarter results from the full force of the corona-induced collapse in demand for fuel, but big writedowns showed the scale of the challenge ahead, results showed on Thursday. France's Total and Anglo-Dutch Royal Dutch Shell scraped out small profits against expectations of losses with the help of the trading units which can exploit market gyrations even when prices fall. 

Jul 31 - U.S. crude stocks stabilise as Saudi export surge ends: Kemp
Bloated U.S. crude inventories are finally on a diet, after the surge of imports from Saudi Arabia, loaded at the height of the volume war with Russia in March and April, finished discharging in the middle of July. Total crude stocks fell almost 11 million barrels last week, the largest one-week decline since 2019, the latest data from the U.S. Energy Information Administration (EIA) shows.

Jul 31 - ConocoPhillips to reverse most output cuts by end of third quarter
ConocoPhillips said on Thursday it expects production curtailments in the current quarter to be roughly half as much as last quarter and will restore most of its output by the end of September, after the oil and gas producer slashed about a third of its output in April as oil prices plunged 41%. The company restored part of its curtailed volumes earlier in June, as crude prices recovered some of the historic losses they took when lockdowns imposed to curb the spread of the coronavirus sapped fuel demand.

Jul 31 - Temasek's $3 bln bid for Keppel at risk as conglomerate reports big loss
Singaporean conglomerate Keppel Corp swung to a big second-quarter loss on Thursday that breaches a threshold in state investor Temasek Holdings' $3 billion conditional offer to buy control of the company. Last October, Temasek offered to increase its one-fifth stake in Keppel to 51%, raising expectations of consolidation in the domestic rig building sector. 

Jul 31 - Iraq increases oil exports in July, pumps above OPEC+ target
Iraq's crude oil exports have increased so far in July, shipping data showed and industry sources said, suggesting OPEC's second-largest producer is still undershooting its production cut target under an OPEC-led deal. Exports from Basra and other southern Iraq terminals to July 29 averaged 2.75 million bpd, based on figures from Refinitiv Eikon and an industry source. That is up 50,000 bpd from June's official figure for southern Iraq exports.

Jul 31 - Mexico switches up fuel import contracts as it clamps down on costs
Pemex's trading arm is overhauling its fuel importing practices, five sources close to the matter said, which includes shifting to swapping crude oil with major partners in exchange for gasoline and other fuels to save cash. The changes are the latest by President Andres Manuel Lopez Obrador's administration to protect the state oil company's finances and preserve its available credit after it lost $26.4 billion in the first half of the year.

Jul 30 - Shell avoids first loss helped by strong oil trading
Royal Dutch Shell avoided its first quarterly loss in recent history after bumper earnings in its trading business offset a collapse in revenue from its main oil and gas operations due to the COVID-19 epidemic. Adjusted earnings fell to $600 million from $3.5 billion a year ago, beating analysts forecasts of a $674 million loss.


Jul 30 - Pipeline doubts put Bakken shale reboot on hold
North Dakota oil producers face new pressures to delay bringing back more of their recently curbed output after a U.S. court ruling this month put in jeopardy the pipeline that transports most of the region's oil, executives and analysts said. Oil producers in the Bakken, the second largest U.S. shale field, cut May output by about 500,000 barrels per day (bpd) after U.S. prices tumbled in March on the heels of global coronavirus shutdowns.

Jul 30 - France's Total writes down $8 bln on weaker oil, gas outlook
France's Total said on Wednesday it will take an $8 billon impairment on the value of its assets, mainly in energy-intensive Canadian oil sands projects after the energy group slashed its oil and gas price outlook. The write down follows similar steps by many major oil and gas companies including Royal Dutch Shell and BP in recent weeks in the wake of the collapse in fuel consumption due to the coronavirus epidemic. 

Jul 30 - U.S. crude stocks post steepest weekly draw this year as imports slide -EIA
U.S. crude oil stockpiles fell by nearly 11 million barrels last week as imports dropped, while refined product inventories rose, the Energy Information Administration said on Wednesday. Crude inventories fell by 10.6 million barrels in the week to July 24 to 526 million barrels, compared with analysts' expectations in a Reuters poll for a 357,000-barrel rise. It was the largest one-week fall in crude stocks since December.

Jul 30 - S.Korean refiners post record H1 losses on plunge in oil price, demand
Two refiners in South Korea, the world's fifth largest crude oil importer, posted their biggest losses ever in the first half when oil prices slumped as the COVID-19 pandemic ravaged fuel demand. SK Innovation Co Ltd, owner of South Korea's top refiner SK Energy, reported on Wednesday a second-quarter operating loss of 440 billion won ($367 million), taking its first-half losses to 2.2 trillion won. A year earlier, it posted an operating profit of 494 billion won in the second quarter.

Jul 30 - Record U.S. LNG output jump lifts exports in weak market
A sharp increase in U.S. liquefied natural gas (LNG) output in the past year has protected the country's status as the world's third largest exporter of the chilled fuel, despite multiple cargo cancellations this summer. Over 21 million tonnes per year of U.S. LNG capacity was added in 2019 and more than 16 million tonnes in 2020, contributing heavily to a global gas glut.

Jul 29 - U.S. refiners to post worst second-quarter results in a decade
U.S. oil refiners in coming days are expected to report the worst second-quarter results in a decade, with production outrunning demand while pandemic-related closings have sapped summer travel. Fuel consumption has tumbled, with latest U.S. data showing a 25% drop on auto travel from a year earlier and a 75% decline in passengers at airports. Refiners get the bulk of their profits from domestic fuel sales, with the June quarter among the biggest for travel.

Jul 29 - U.S. shale producers, slammed by oil price crash, seen posting worst quarter since 2016
U.S. shale oil producers, whose weak returns in recent years had them out of favor with investors even before the coronavirus pandemic crushed oil prices and decimated production, are expected to post their worst second-quarter results since 2016. Oil is down about 35% since January as fuel demand tumbled during economic lockdowns. Results include a modern nadir for crude with U.S. prices averaging less than $17 per barrel in April. 

Jul 29 - China's fuel exports poised for a strong rebound this month and next - sources
China's gasoline and gasoil exports are set for a strong rebound in July and August, industry sources said, as companies make the most of rising global fuel demand and higher prices to pare back growing fuel inventories. Fuel exports from Asia's top gasoline and third-biggest gasoil exporter fell 50% in May and stayed weak in June. But now that an easing of coronavirus lockdown restrictions is boosting economic activity, fuel demand and prices, exports are poised to rise rapidly. 

Jul 29 - Indian refiners cut runs as fuel demand dips, margins fade
Indian refiners are cutting crude processing and shutting units for maintenance as local fuel demand falls and global refining margins are weak, officials at the companies said. Fuel demand in Asia's third largest economy had been rising since May from historic lows in April, when a nation-wide lockdown to stem the spread of the novel coronavirus was enforced.

Jul 29 - Once Canada's oil relief valve, rail shipping grinds to near halt
After moving record-large Canadian oil volumes by rail just five months ago, shippers have hit the brakes, idling thousands of cars and tens of millions of dollars' worth of infrastructure. Rail was Canada's oil lifeline in recent years when cheaper pipelines ran full and crude had no other exit from landlocked Alberta. But oil production cuts this year opened pipeline space and eliminated demand for trains, leaving producers like Cenovus Energy Inc with high fixed expenses and monthly payments still owing to railways.

Jul 29 - Nigeria in $1.5 bln oil prepay deal with traders Vitol, Matrix
Nigeria's state oil firm NNPC has signed a $1.5 billion prepayment deal led by Standard Chartered and backed by oil traders Vitol Group and Matrix Energy, two sources close to the matter said, the first such agreement since the coronavirus pandemic. The deal provides OPEC-member Nigeria with much-needed cash after its finances were hit by the oil price crash in April as COVID-19 lockdowns erased nearly one third of global oil demand.

Jul 29 - U.S.-China cold war would redirect energy flows: Kemp
Worsening diplomatic relations between the United States and China are putting a spotlight on their economic inter-dependency in the context of global supply chains for both technology and energy. Top policymakers in the United States and some of its closest allies, including Australia and Britain, have recently hardened the language in which they describe relations with China.

Jul 29 - China's Hengli makes bold $20 bln bet to spin coal into fabric
What to do with China's abundant stock of coal? Chemical giant Hengli plans to make clothes out of it. It may sound like something from ancient alchemy, but the privately-owned Chinese company surprised industry watchers in June when it said it was getting into mining with a $20 billion project to convert coal into polyester yarn, used in clothes, packaging and plastic bottles.

Jul 28 - Big Oil braces for Q2 losses after virus whips up perfect storm
Top U.S. and European oil and gas companies are forecast to swing into a second quarter loss after coronavirus lockdowns destroyed fuel demand, hit prices and squeezed margins, analysts said and Refinitiv Eikon data showed. The expected rare losses for BP, Chevron, Eni, Exxon Mobil, Royal Dutch Shell and Total follow a collapse in oil and gas prices and demand to levels not seen in decades, creating a perfect storm for the energy companies that produce, refine, trade and sell fuel.

Jul 28 - End game for oil? OPEC prepares for an age of dwindling demand
The coronavirus crisis may have triggered the long-anticipated tipping point in oil demand and it is focusing minds in OPEC. The pandemic drove down daily crude consumption by as much as a third earlier this year, at a time when the rise of electric vehicles and a shift to renewable energy sources were already prompting downward revisions in forecasts for long-term oil demand.

Jul 28 - Hedge fund buying switches from crude to fuels: Kemp
Hedge funds continued buying oil last week, but the focus switched from crude to previously-neglected refined products, where cautious positioning and very low refinery margins may offer more upside potential. Hedge funds and other money managers purchased 28 million barrels in the six most important petroleum futures and options contracts in the week to July 21, adding to 24 million barrels of buying the week before.

Jul 28 - Deutsche Bank tightens fossil fuel lending policies
Deutsche Bank, said on Monday it would end business worldwide with the companies most exposed to coal mining by 2025 at the latest, as part of a revamp of its policies on financing the fossil fuel industry. The German lender's policy will cover companies making more than half their revenues from coal mining or, where that data is not available, those that have more than half of their reserves in coal. Effective immediately, Deutsche Bank said it would also cease financing new projects in the Arctic or oil sand projects. 

Jul 28 - U.S. crude floods into Asia, but it's a once-off phenomenon: Russell
Asia will import record volumes of U.S. crude oil this month, with China leading the way, but the surge is more likely a short-term blip rather than a sustained trend. A total of 57.7 million barrels of U.S. crude is expected to land in Asia in July, equivalent to about 1.86 million barrels per day (bpd), according to vessel-tracking and port data compiled by Refinitiv.

Jul 28 - Woodside weighs blocking Russia's Lukoil from joining Senegal oil project
Australia's Woodside Petroleum said on Tuesday it is considering blocking Russia's Lukoil from becoming a partner in the $4.2 billion Sangomar oil project, which it could do by increasing its stake in Senegal's first oil development. Woodside, 35% owner and operator of the Sangomar project, has a right to match Lukoil's $400 million offer to buy Cairn Energy's 40% stake in the Rufisque, Sangomar and Sangomar Deep (RSSD) contract area off Senegal. Lukoil's offer was announced on Monday.

Jul 27 - India June oil imports lowest in nearly 9 yrs; none from Venezuela
India's oil imports fell in June, hitting their lowest since October 2011, as refiners curbed purchases due to maintenance turnarounds and weaker fuel demand, data from industry sources showed. India, the world's third biggest oil consumer and importer, received 3.2 million barrels per day (bpd) oil in June, a decline of 0.4% from May and about 28.5% from a year ago, the data showed. 

Jul 27 - Mexico moves to launch world's largest oil hedge - sources
Mexico has asked top Wall Street banks to submit quotes for its giant oil hedging program, sources familiar with the matter said on Friday, while trading in crude oil options has increased this week ahead of the megadeal. The finance ministry has asked banks for price quotes, one source with direct knowledge of the matter said, signaling the beginning of the process to execute the hedge. The ministry was not immediately available for comment.

Jul 27 - China imports more oil from Saudi than any other country in June
China's crude oil imports from Saudi Arabia rose 15% in June from a year ago, as refiners ordered record volumes of the fuel in March and April when oil prices tumbled, cementing the kingdom's position as the top oil supplier to China. Imports from Saudi Arabia rose to 8.88 million tonnes in June, or 2.16 million bpd, in June, according to data from the General Administration of Customs on Sunday.

Jul 27 - Schlumberger eyes deeper cost cuts as oil rout triggers $3.7 bln charge
Oilfield services giant Schlumberger NV on Friday outlined plans for deeper spending cuts after recording a $3.7 billion charge and a second straight quarterly loss on thousands of job cuts and a pipeline outage in Ecuador. The large loss capped second-quarter reports from U.S. oilfield services providers that laid bare the damage wreaked by the coronavirus crisis. Producers cut spending about 40% this year as energy prices and demand sank on pandemic-related shutdowns. 

Jul 27 - U.S. oil rig count rises for first week since March - Baker Hughes
U.S. energy firms cut the number of oil and natural gas rigs to a record low for a 12th straight week, although they added an oil rig for the first time since March as a recovery in crude prices tempt some producers back to the well pad. The U.S. oil and gas rig count, an early indicator of future output, fell by two to an all-time low of 251 in the week to July 24, according to data on Friday from energy services firm Baker Hughes Co going back to 1940. 

Jul 27 - China's surging crude imports mask weakness in the rest of Asia: Russell
The ongoing flood of crude oil into China is obscuring the fact that demand in the rest of Asia remains weak, and that countries in the world's top-consuming region didn't join China is stocking up when prices slumped. China's crude imports set consecutive records in May and June, and will remain at high levels in July and likely August too, as the massive volumes of oil bought during a brief price war in April enter the country.

Jul 24 - China's oil port congestion to stretch on as record imports strain facilities
Congestion at China's east coast oil ports that is adding to costs for shippers and importers is likely to run well into August, with crude shipments set to hit another record high this month, according to analysts and Refinitiv data. The massive inflows are straining offloading facilities, while refiners and port operators in Shandong province -- home to a quarter of China's refining capacity -- are rushing to build new storage tanks.

Jul 24 - PipeChina to take on $56 bln of pipelines to boost network access
China took a major step in the reform of its national oil and gas pipeline network, with newly formed PipeChina agreeing to buy pipelines and storage facilities valued at 391.4 billion yuan ($55.9 billion). Under the deal, PipeChina, known formally as China Oil and Gas Pipeline Network, will take over oil and gas pipelines and storage facilities from state-owned energy giants PetroChina and Sinopec, in return for cash and equity in the pipeline company.

Jul 24 - China's Sinopec seeks long-term LNG as prices remain low
China's Sinopec is seeking liquefied natural gas (LNG) for delivery over a 10-year period to take advantage of the current low prices as gas demand has fallen because of the coronavirus pandemic. Sinopec, officially named China Petroleum & Chemical Corp, is seeking 1 million tonnes of LNG a year for delivery over 10 years starting from 2023, said six industry sources.

Jul 24 - Repsol's long-term oil price outlook aligns with rivals
Spanish energy major Repsol lowered its oil price assumptions on Thursday, bringing its long-term outlook in line with most European rivals which have booked writedowns and leaving Equinor as a bullish outlier in the sector. Repsol took a writedown of $1.5 billion in second-quarter results, after it had already booked 5.7 billion euros ($6.61 billion) in upstream asset impairments last year.

Jul 24 - U.S. refiners trim crude processing as recovery falters: Kemp 
U.S. refiners dialled back crude processing for a second week running, responding to lower consumption of all three major fuels. Refineries processed an average of 14.20 million barrels per day (bpd) last week, down from 14.34 million bpd two weeks ago, U.S. Energy Information Administration data shows.

Jul 24 - Thermal coal to rebound, more gains pegged on tighter supply 
Thermal coal prices are expected to start recovering from lows seen this spring as demand for power grows in tandem with countries loosening Covid-19 restrictions and as more lenders tighten financing for new capacity. European benchmark coal futures for 2021 have gained almost 20% at around $60.00 a tonne since May.

Jul 23 - Bounceback in U.S. shale oil output is unlikely to last the summer
A reopening of some major economies locked down due to the coronavirus has lifted global oil prices and encouraged U.S. shale producers to return at least a third of the 2 million barrels per day (bpd) curtailed since April. But that bump in output is unlikely to be sustained as shale wells lose up to half their initial output after the first year, and require constant drilling to maintain and increase production.

Jul 23 - U.S. crude, distillate stockpiles rise unexpectedly - EIA
U.S. crude oil and distillate inventories rose unexpectedly and fuel demand slipped last week, the Energy Information Administration said on Wednesday, as a sharp outbreak in coronavirus cases hit U.S. consumption. U.S. crude production ticked higher and refined products supplied, a proxy for fuel demand, declined. The market has recovered from the doldrums of April, when U.S. prices briefly dropped to more than negative-$40 a barrel, as producers trimmed supply due to a slump in demand amid lockdowns to control the pandemic.

Jul 23 - Baker Hughes posts second quarterly loss as oil slump slams demand
Baker Hughes Co posted its second consecutive quarterly loss on Wednesday and said it would continue reining in costs to prepare for a longer period of oil price volatility. Oil producers stopped drilling new wells and drastically cut their budgets following a collapse in crude oil prices this year that clipped demand for services offered by Baker Hughes and rivals Schlumberger and Halliburton.

Jul 23 - LNG producers get glimmer of hope amid wreckage of oversupply, coronavirus - Russell
There are some tentative signs that demand and spot prices for liquefied natural gas (LNG) are starting to recover in the top-consuming Asian region, but the vagaries of the way the market for the super-chilled fuel works means producers may not see much immediate benefit. The spot price for cargoes for delivery to northeast Asia climbed to $2.40 per million British thermal units (mmBtu) in the week to July 17, putting it 30% above the record low of $1.85 in the week to May 29.

Jul 23 - Indonesia to test palm oil in 'green' jet fuel by year-end
Indonesian state oil company PT Pertamina is set to test the production of jet fuel made up of 3% palm oil by the end of the year, Chief Executive Nicke Widyawati said on Thursday. The comments come a week after the company announced its first batch of biodiesel using feedstock of 100% palm (D100) in its Dumai refinery, saying it would produce 1,000 barrels per day (bpd).

Jul 23 - U.S. ethanol records second 'normal' demand week in virus era - Braun
July is usually a busy time for ethanol consumption in the United States as travelers hit the road for their summer vacations, and although activity has been curtailed this year by the coronavirus pandemic, last week’s ethanol demand echoed typical levels for the second time this season. However, the running weekly averages for both ethanol and gasoline consumption remain below normal, and the recovery path for the ethanol industry may continue to be non-linear, especially as some areas of the country pull back on some of the reopening efforts.

Jul 23 - Green energy ratchets up power during coronavirus pandemic
Renewable power has taken up a record share of global electricity production since the onset of the coronavirus pandemic, according to a Reuters review of data, suggesting a transition away from polluting fossil fuels could be accelerated in the coming years. Advocates of traditional energy have long argued that clean energy sources, like solar and wind farms, which depend on fickle weather, cannot be trusted to provide steady supplies of electricity into national grids that were designed to operate in tandem with reliable coal and gas generators.

Jul 22 - Chevron's $5 bln deal for Noble ends deal drought, sets price benchmark
Chevron Corp's surprise $5 billion all-stock deal for oil producer Noble Energy should spell the end of this year's deal drought, setting a price benchmark that will trigger more buys, according to mergers and acquisition bankers, lawyers and analysts. The COVID-19 pandemic destroyed fuel demand and left dozens of energy companies without the prospect of drilling their way out of debt. They may now be more willing to entertain deals with the Chevron offer as a standard.

Jul 22 - Shipping's switch to cleaner fuel smooth sailing so far - ING Bank
Seven months after the United Nations' shipping agency brought in hotly anticipated new rules to curb emissions, the raft of technical issues and leap in fuel prices that were expected to result have failed to materialise, ING Bank said on Tuesday. Global shipping and oil firms had flagged major concerns over potential disruptions from International Maritime Organization (IMO) rules implemented at the start of 2020, which capped marine fuels' sulphur content at 0.5% against 3.5% previously.
 
Jul 22 - Iraq increases oil exports in July, still pumps above OPEC+ target
Iraq's crude oil exports have increased so far in July, according to shipping data and industry sources, suggesting OPEC's second-largest producer is still undershooting its pledge in an OPEC-led supply cut deal. Southern Iraqi exports in the first 20 days of July averaged 2.70 million bpd, according to the average of figures from Refinitiv Eikon and two industry sources. That is unchanged from June's official figures for exports from southern Iraq.

Jul 22 - U.S. crude, refined products inventories seen down last week - poll
U.S. crude oil stockpiles likely declined last week, while inventories of refined products were also seen falling, an extended Reuters poll showed on Tuesday. Ten analysts polled by Reuters estimated, on average, that crude stocks decreased by 2.1 million barrels in the week to July 17.

Jul 22 - Europe steams towards coal exit - research
Europe's long goodbye to coal is speeding up, in a transition smoothed by the rise of wind and solar power and energy policy that has priced the fossil fuel out of many markets, according to data released on Wednesday. Centuries after powering Europe's industrial revolution, coal cannot compete with less polluting fuels to generate electricity, prompting governments and companies to close mines and plants.

Jul 21 - Chevron to buy Noble for $5 bln in stock, biggest oil deal since price crash
Chevron Corp said on Monday it would buy oil and gas producer Noble Energy Inc for about $5 billion in stock, the first big energy deal since the coronavirus crisis crushed global fuel demand and sent crude prices to historic lows. The oil price crash has decimated shares of many energy companies, making them attractive targets for those that have weathered the downturn and have the resources to buy. Chevron ended the first quarter with a cash pile of $8.5 billion after withdrawing a $33 billion bid for Anadarko last year and then being among the first big oil companies to slash spending during the downturn.

Jul 21 - Trial of ex-Pemex boss threatens to lift lid on Mexico's 'cash box' 
The trial of a former boss of Petroleos Mexicanos threatens to expose years of alleged malpractice at the state oil company and provide a canvass for Mexico's leftist president to depict rot at the heart of government that he has vowed to clean up. Once a symbol of Mexican self-reliance and ingenuity, the firm known as Pemex became increasingly beset by graft accusations and financial problems, crushed under a mountain of debt and taxes.

Jul 21 - Energy trader Vitol enters U.S. oil and gas upstream 
Global energy trader Vitol Group has set up a new U.S. venture to produce oil and gas called Vencer Energy, the company said on Monday, its first foray into the upstream business in the United States. Vencer, led by industry veteran Don Dotson, will seek to buy mature, producing oil and gas assets, in key U.S. basins. The announcement comes at a pivotal moment as the oil price crash and global economic slowdown due to the novel coronavirus laid bare the heavily indebted U.S. shale industry.

Jul 21 - Hedge funds stick to the sidelines on oil: John Kemp 
Hedge fund position-taking in crude and products remains desultory as uncertainty about the future direction of prices and the course of the coronavirus pandemic compounds the normal summer-time trading slowdown. Hedge funds and other money managers purchased the equivalent of 24 million barrels of futures and options in the six most important oil futures and options contracts in the week ending on July 14.

Jul 21 - Halliburton posts third-straight quarterly loss on shale slump
Oilfield services giant Halliburton Co posted its third straight quarterly loss on Monday as it took a $2.1 billion impairment charge amid a slump in oil prices and collapse in drilling by North American customers. Demand for drilling services offered by Halliburton and rivals like Schlumberger and Baker Hughes sank after oil prices collapsed in March. U.S. crude futures were trading around $40 per barrel on Monday, at the bottom end of what most producers need to be profitable.

Jul 20 - Coronavirus surge, renewed lockdowns fan fresh worries about global fuel demand
Surges in coronavirus infections are slowing a recovery in fuel use from the doldrums of lockdowns in the United States and other countries, raising concern it could be years before consumption rebounds from the impact of the pandemic. Global fuel demand fell by around a quarter at the peak of the lockdowns, when over 4 billion people worldwide were asked to stay at home. The unprecedented decline in demand forced producers to make record output cuts and pump hundreds of millions of barrels of oil into storage.

Jul 20 - Brazil boosts oil exports to Asia as global rivals make record cuts
Brazil increased crude exports to Asia in the first half of the year, stealing a slice of a coveted developing market from global rivals who made record cuts to shipments to match the unprecedented fall in demand caused by the coronavirus pandemic. The rise reflects Brazil's growing clout among global oil producers as its massive offshore projects come online. Brazil is expected to deliver one of the biggest increases to global supply in the next five years from nations outside of the Organization of the Petroleum Exporting Countries, according to the International Energy Agency.

Jul 20 - EU's greenhouse gas strategy fails to plug methane hole
The European Union does not plan to crack down on planet-warming methane emissions from gas imports despite pressure from oil companies, activists and academics, according to its draft strategy and sources familiar with the matter. While the EU plans to impose carbon dioxide (CO2) taxes on imports of energy intensive goods, critics say the world's biggest gas importer is not targeting suppliers of the fuel hard enough in its methane strategy due to be unveiled this year.

Jul 20 - Speculators raise U.S. crude oil net longs - CFTC
Money managers raised their net long U.S. crude futures and options positions in the week to July 14, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group raise its combined futures and options position in New York and London by 614 contracts to 369,762 during the period.

Jul 20 - U.S. oil & gas rig count falls to record low for 11th week - Baker Hughes
U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for an 11th week in a row though they have slowed the reductions as some consider returning to the well pad with crude prices up from historic lows. The U.S. oil and gas rig count, an early indicator of future output, fell by five to an all-time low of 253 in the week to July 17, according to data on Friday from energy services firm Baker Hughes Co going back to 1940.

Jul 20 - U.S. refineries see fewer breakdowns in pandemic-cut production - data
U.S. refineries have sustained fewer mechanical outages as production has fallen because of the coronavirus pandemic in 2020, according to data from energy intelligence service Industrial Info Resources. Average unplanned mechanical maintenance for crude units resulted in 95,000 barrels of capacity offline in April, May and June, compared with 254,000 barrels offline on average in the prior-year period.

Jul 20 - China's record crude oil storage flies under the radar: Russell
China's refineries imported and processed record amounts of crude oil in June, and while these are undoubtedly bullish economic signals, it's worth noting that flows into storage tanks were also likely at an all-time high.  The massive amount of crude being stored in China may end up weighing on oil imports from August onwards, even with the nation's recovery in domestic consumption.

Jul 20 - Analysts raise short-term EU carbon price forecasts - survey
Analysts have increased their European carbon market short-term price forecasts on expectations that financial speculators will continue to buy permits and companies that need them for compliance will hang on to them, rather than cash in on prices that hit 14-year highs this month. EU Allowances (EUAs) are expected to average 24.70 euros a tonne in the third quarter of 2020 and 23.66 euros over the year, according to a Reuters survey of eight analysts. That is up 19.9% and 7.9% respectively from forecasts in April.

Jul 20 - OPEC+ hits the refinery wall: John Kemp
Fuel traders and refiners are becoming more pessimistic about the outlook for the global economy and transportation for the rest of this year, even as the crude producers in OPEC+ try to push oil prices higher. OPEC+ is anxious to see higher crude prices as soon as possible but its ambition is likely to be thwarted in the short term by the renewed softness in fuel consumption.

Jul 17 - Coronavirus surge, renewed lockdowns fan fresh worries about global fuel demand 
Surges in coronavirus infections are slowing a recovery in fuel use from the doldrums of lockdowns in the United States and other countries, raising concern it could be years before consumption rebounds from the impact of the pandemic. Global fuel demand fell by around a quarter at the peak of the lockdowns, when over 4 billion people worldwide were asked to stay at home. The unprecedented decline in demand forced producers to make record output cuts and pump hundreds of millions of barrels of oil into storage.

Jul 17 - EU's greenhouse gas strategy fails to plug methane hole 
The European Union does not plan to crack down on planet-warming methane emissions from gas imports despite pressure from oil companies, activists and academics, according to its draft strategy and sources familiar with the matter. While the EU plans to impose carbon dioxide (CO2) taxes on imports of energy intensive goods, critics say the world's biggest gas importer is not targeting suppliers of the fuel hard enough in its methane strategy due to be unveiled this year.

Jul 17 - OPEC fears second virus wave to prolong oil inventory overhang 
OPEC fears its record oil cuts will fail to rebalance the market and solve the worst glut in history if a second wave of the COVID-19 pandemic undermines an economic recovery later this year, according to internal OPEC research seen by Reuters. OPEC, Russia and their allies, a group known as OPEC+, said they would ease record oil curbs from Aug. 1 citing a gradual recovery in demand as global lockdowns loosen up. 

Jul 17 - China's oil product demand picks up in Q2, still well below year-ago level - energy bureau 
China's refined oil product consumption picked up in the second quarter as industry and transport demand improved after the peak of the coronavirus epidemic, according to the national energy bureau, but was still well below year-earlier levels.  After falling about 19% in the first quarter compared with January-March 2019, the National Energy Administration (NEA) said on Friday, "In the second quarter, the contraction narrowed by 6 percentage points." 

Jul 17 - Saudi May crude exports plunge to lowest in nearly a decade 
Saudi Arabia's crude exports fell to 6.02 million barrels per day (bpd) in May, the lowest level since October 2010, official data showed on Thursday. Crude exports from the world's largest oil exporter, dropped 41.2% from 10.237 million bpd in April, according to data from the Joint Organizations Data Initiative (JODI).

Jul 17 - Reliance's stake sale talks with Aramco stall over price, sources say 
Talks over the sale of a 20% stake in Reliance Industries Ltd's oil-to-chemical business to Saudi Aramco have stalled over price, four sources familiar with the matter said. With the energy market hit by falling demand for crude due to COVID-19, Aramco wants the Indian conglomerate to review the $15 billion it agreed to sell the stake for last year, the sources told Reuters.

Jul 17 - Natixis plans shake-up to focus on greener lending 
French bank Natixis will merge its commodities and infrastructure operations to focus on clean energy in a restructuring sources said was accelerated by a series of loss-making loans to oil traders. The move by one of the most active banks in commodities lending highlights the struggles of businesses connected to a sector grappling with an oil price collapse, rising bankruptcies and growing pressure to switch attention to greener fuels.

Jul 16 - Oil giants including Exxon set first joint carbon target 
A group of the world's top oil companies including Saudi Aramco, China's CNPC and Exxon Mobil have for the first time set targets to cut their combined greenhouse gas emissions as a proportion of production, as pressure on the sector's climate stance grows.  However, the target set by the 12 members of the Oil and Gas Climate Initiative (OGCI) is eclipsed by more ambitious plans set individually by the consortium's European members, including Royal Dutch Shell, BP and Total. 

Jul 16 - OPEC+ eases record oil cuts as economy recovers from pandemic 
OPEC and allies such as Russia agreed on Wednesday to ease record oil supply curbs from August as the global economy slowly recovers from the coronavirus pandemic but said a second wave of the virus could complicate rebalancing in the market. The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, have been cutting output since May by 9.7 million barrels per day, or 10% of global supply, after the virus destroyed a third of global demand.

Jul 16 - China refinery output hits record in June on strong margins, demand recovery 
China's daily crude oil throughput in June climbed 9% from the same month a year earlier, hitting the highest level on record, as refiners ramped up processing on healthy margins amid a recovery in demand for gasoline and diesel. China processed 57.87 million tonnes of crude oil last month, according to data released by the National Bureau of Statistics (NBS) on Thursday, equivalent to about 14.08 million barrels per day (bpd). That was up from 13.63 million bpd in May, beating the previous record set in December last year. 

Jul 16 - Reliance's $15 bln stake sale deal with Aramco delayed 
Reliance Industries' plans to sell 20% stake in its oil-to-chemical business to Saudi Aramco is delayed, chairman of the Indian conglomerate said on Wednesday. Reliance, operator of the world's biggest refining complex, last year announced a $15 billion deal with the world's top oil exporter Aramco as part of the Indian company's efforts to cut its debts. 

Jul 16 - California Resources seeks bankruptcy protection over oil slump 
California Resources Corp filed for Chapter 11 on Wednesday after defaulting on interest payments, becoming the latest U.S. energy company to seek bankruptcy protection in recent months following the slump in oil prices.  The oil and gas producer reached an agreement for $1.1 billion debtor-in-possession financing package, which also refinances the company's current revolving loan facility. 

Jul 16 - Trump revamps key environmental law in bid to fast track pipelines, roads 
President Donald Trump on Wednesday announced final plans to expedite permitting for infrastructure like oil pipelines and road expansions, a move that critics say will sidestep the need for public input, especially from low-income and minority communities. The proposal to change how the 50-year-old bedrock National Environmental Policy Act (NEPA) is implemented is part of Trump’s broader campaign to curtail environmental regulations to boost industry and fast-track projects that can take years to complete. 

Jul 16 - U.S. crude, refined products stocks drop sharply-EIA 
U.S. crude oil and refined product inventories fell sharply in last week due in part to a notable drop in crude imports, the Energy Information Administration said on Wednesday. Crude inventories fell 7.5 million barrels in the week to July 10 to 531.7 million barrels, compared with analysts' expectations in a Reuters poll for a 2.1 million-barrel drop. The decline was driven by a steep drop in imports, which fell by a net 2 million barrels per day (bpd), the EIA said.

Jul 15 - OPEC sees oil demand soaring in 2021 but still below 2019 
Global oil demand will soar by a record 7 million barrels per day (bpd) in 2021 as the global economy recovers from the coronavirus crisis but will remain below 2019 levels, OPEC said in its monthly report. It was the first report in which OPEC assessed oil markets next year. It said the forecast assumed no further downside risks materialised in 2021 such as U.S.-China trade tensions, high debt levels or a second wave of coronavirus infections.

Jul 15 - BP, Mercuria first global firms delivering oil into Shanghai contract - sources 
BP delivered 3 million barrels of Iraqi oil to the Shanghai International Energy Exchange (INE) this month, becoming the first major global trader to make a physical delivery since China launched the futures market in 2018, industry sources said on Tuesday.  There have been a flurry of deliveries since May as strong buying by Chinese financial investors drove INE futures to a premium over Brent futures, making it profitable for traders to deliver into the contract. 

Jul 15 - Court-appointed supervisor of Singapore's oil trader ZenRock flags questionable deals 
ZenRock Commodities Trading Pte Ltd is unlikely to continue its core oil trading businesses in the long term, its court-appointed supervisor KPMG Services said in a report that also raised concerns over transactions by the Singapore-based trader. ZenRock was placed under interim judicial management in May after one of its creditors HSBC Holdings PLC alleged that it engaged in a series of "highly dishonest transactions".

Jul 15 - Venezuela crude output falls in June to lowest since Feb 1943, OPEC data show 
Venezuela's crude output fell in June to the lowest level in nearly eight decades, data the country provided to OPEC showed on Tuesday, as U.S. sanctions on state oil company Petroleos de Venezuela choke off exports.  Venezuela's production was 393,000 barrels per day (bpd) in June, down from 573,000 bpd in May and down 52% from an average of 821,000 bpd in the first quarter of the year. That was the lowest monthly total since February 1943, when Venezuela's nascent oil industry produced 353,000 bpd. 

Jul 15 - Laden LNG tankers idle at sea as traders bet on winter demand 
Nearly 30 tankers laden with liquefied natural gas (LNG) are idling in mostly Asian and European waters, as traders take advantage of cheap prompt prices and freight rates in a bet that high winter demand will eventually boost the market. Storing crude oil in tankers is relatively common when land storage is full and the market is in contango, meaning it is cheaper to buy fuel now than for future delivery.

Jul 15 - U.S. crude stockpiles drop sharply in latest week - API 
U.S. crude oil and gasoline stockpiles fell sharply last week while distillate inventories rose, data from industry group the American Petroleum Institute showed on Tuesday. Crude inventories fell by 8.3 million barrels in the week to July 10 to 531 million barrels, compared with analysts' expectations for a draw of 2.1 million barrels.

Jul 15 - Oil diplomacy and the U.S. presidential election: Kemp 
Slower growth in petroleum consumption has intensified competition among the major oil producers and contributed to periodic volume wars and price slumps as they have fought for market share. For now, the big three producers, Russia, the United States and Saudi Arabia, have reached a truce to stabilise prices during the COVID-19 pandemic and the deepest slump in oil consumption in the industry's history.

Jul 14 - China's June crude oil imports rise to 2nd straight monthly record on bargain purchases 
China's June crude oil imports jumped by a third from the same period a year earlier, setting a second straight monthly record, as cheap cargoes bought during April's oil price crash arrived at Chinese ports.  China, the world's top crude oil importer, took in 53.18 million tonnes of oil, according to data from the General Administration of Customs on Tuesday, equivalent to 12.9 million barrels per day (bpd). 

Jul 14 - OPEC chief sees oil market moving closer to balance before key meeting 
The oil market is getting closer to balance as demand gradually rises, OPEC's secretary general said on Monday, two days before the group and ally Russia meet to decide whether to ease output curbs from August. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, have been cutting output since May by 9.7 million barrels per day after the coronavirus crisis destroyed a third of global demand and caused a price collapse.

Jul 14 - China's record crude oil, copper imports are more history lesson than predictor: Russell 
China's imports of crude oil and copper surged to records in June, while iron ore hit the highest in 33 months, but the factors that drove the surge are already fading into history.  There is little doubt the June trade data released on Tuesday was robust and will serve to confirm the prevailing market view that China is in the midst of a V-shaped economic recovery from the novel coronavirus pandemic. 

Jul 14 - U.S. shale oil output to drop to 2-year low of 7.5 mln bpd in Aug - EIA 
U.S. crude oil output from seven major shale formations is expected to decline by about 56,000 barrels per day (bpd) in August to about 7.49 million bpd, the lowest in the two years, the U.S. Energy Information Administration said in a monthly productivity forecast on Monday. The EIA projected the biggest decline would be in the Eagle Ford in Texas where output will slide about 23,000 bpd to 1.1 million bpd, the lowest since August 2017.

Jul 14 - Brazil's offshore oil workers chilled by coronavirus outbreaks 
On Friday, May 1, two workers on the PXA-1 offshore platform owned by Brazil's state-run oil company Petrobras checked into the facility's infirmary complaining of headaches and fever-like symptoms. Another Petrobras employee fell visibly ill the following day, three workers from the platform told Reuters.

Jul 14 - Yemeni Houthis say they hit Saudi oil facility in drone, missile attack 
Yemeni Houthi forces hit a large oil facility in the southern Saudi Arabian city of Jizan in drone and missile attacks overnight, a Houthi military spokesman said on Monday.  The Saudi-led coalition fighting the Houthis said earlier it had intercepted and destroyed four missiles and six explosive drones fired by the Houthis over the border towards Saudi Arabia. But there was no Saudi confirmation of where they were intercepted or whether anything was hit. 

Jul 14 - Hedge funds pause oil buying as rally stalls: Kemp 
Hedge funds have stopped buying oil in recent weeks as the rally that carried prices higher during May and June has run out of momentum, amid concerns about the faltering economic recovery. Hedge funds and other money managers sold the equivalent of 21 million barrels in the six most important petroleum futures and options contracts in the week ending July 7.

Jul 14 - Russia keeps U.S. fuel oil exports high as Washington seeks to replace Venezuelan barrels 
Russia kept fuel oil exports to the United States close to its record-highs in the first six months of this year, as Washington looks to replace the heavy Venezuelan barrels it stopped buying a year ago, traders said and data showed.  The U.S. imposed sanctions on Venezuelan oil last year in an effort to squeeze out President Nicolas Maduro. While facing a drastic fall in revenues, Caracas re-directed some flows and Maduro kept his position.

Jul 13 - U.S. turns screws on maritime industry to cut off Venezuela's oil 
Several companies that certify vessels are seaworthy and ship insurers have withdrawn services to tankers involved in the Venezuelan oil trade as the United States targets the maritime industry to tighten sanctions on the Latin American country. U.S. sanctions have driven Venezuela's oil exports to their lowest levels in nearly 80 years, starving President Nicolas Maduro's socialist government of its main source of revenue and leaving authorities short of cash for essential imports such as food and medicine. 

Jul 13 - Libya's NOC accuses UAE of being behind oil blockade 
Libya's National Oil Corp (NOC) on Sunday accused the United Arab Emirates of instructing eastern forces in Libya's civil war to reimpose a blockade of oil exports after the departure of a first tanker in six months.  The UAE, along with Russia and Egypt, supports the eastern-based Libyan National Army (LNA) of Khalifa Haftar, which on Saturday said the blockade would continue despite it having let a tanker load with oil from storage. 

Jul 13 - Adani claims Carmichael coal win, but it's a pyrrhic victory built on subsidies: Russell 
Lucas Dow, the outgoing chief executive of Adani Enterprises' Australian operations, signed off with a vigorous defence of the company's controversial Carmichael coal mine, and a spray at the venture's numerous opponents. Perhaps Dow is justified in having a go at his detractors, and it is no small feat for the Indian company to actually be constructing the Carmichael mine, in the frontier Galilee basin in Queensland state.

Jul 13 - Iran will develop oil industry despite U.S. sanctions - Zanganeh says 
Iran is determined to develop its oil industry in spite of U.S. sanctions imposed on the country, Iranian Oil Minister Bijan Zanganeh said in a televised speech on Saturday. "We will not surrender under any circumstances ... We have to increase our capacity so that when necessary with full strength we can enter the market and revive our market share," said Zanganeh. 

Jul 13 - IEA raises 2020 oil demand forecast but warns COVID-19 clouds outlook 
The International Energy Agency (IEA) bumped up its 2020 oil demand forecast on Friday but warned that the spread of COVID-19 posed a risk to the outlook. The Paris-based IEA raised its forecast to 92.1 million barrels per day (bpd), up 400,000 bpd from its outlook last month, citing a smaller-than-expected second-quarter decline.

Jul 13 - Saudi Aramco cuts August heavy crude supply for some Asian refiners, say sources 
The world's largest oil exporter Saudi Aramco has reduced the volume of August-loading crude that it will supply to at least four buyers in Asia, four sources told Reuters on Monday. The cuts were mainly for Arab Heavy crude, the sources said. Reuters could not immediately reach Aramco for comment.

Jul 10 - India's Reliance to load Venezuelan oil cargo under fuel swap deal - sources
India's Reliance will load its first cargo of Venezuelan crude in three months this week in exchange for diesel under a swap deal the parties say is permitted under the U.S. sanctions regime on the Latin American country, according to a Reliance source and a shipping document from state oil firm PDVSA. Washington has exempted some Venezuelan oil trade from sanctions, when transactions are in exchange for fuel and food or to repay debts rather than for cash. But that trade slowed as the U.S. tightened restrictions and refiners, shippers and insurers have been steering clear of Venezuela to avoid any risk they may fall foul of sanctions.

Jul 10 - Ocean Tankers' supervisor to start restructuring talks with owners - report
EY, the court-appointed supervisor for Ocean Tankers Pte Ltd (OTPL), has proposed two restructuring options to the shipping company's owners and could meet with them as early as next week to discuss the plans, according to an EY report seen by Reuters. The discussions are to ascertain whether the owners - Lim Oon Kuin, his son Evan Lim Chee Meng and daughter Lim Huey Ching, or the Lim family - are "willing to support any future restructuring of OTPL", the report said.

Jul 10 - Mubadala set for exclusive talks with Petrobras to buy Bahia refinery
Abu Dhabi's investment fund Mubadala Investment Co will enter into exclusive talks with Petrobras to purchase Brazil's second-largest refinery, the Brazilian state-owned oil company said in a securities filing on Thursday. Reuters was the first to report earlier on Thursday that Mubadala was on an inside track to acquire the refinery, known as Rlam, after beating back competition from India's Essar Group, according to three people close to the negotiations.

Jul 10 - U.S. refiners struggle to control distillate stocks: Kemp
U.S. refiners are ramping up their crude processing gradually – relying on recovering consumption to erode excess fuel inventories accumulated during the most intense period of lockdown. The strategy is broadly working for gasoline but persistent weakness in distillate fuel oil consumption has sent stocks to their highest level since 1982, which threatens to weaken crude demand over the next couple of months.

Jul 10 - Wave of N. American oil and gas bankruptcies to continue at $40/bbl crude - report
A wave of oil and gas bankruptcies in North America is likely to continue this year as oil prices remain depressed and a new surge of COVID-19 cases threaten to stall any recovery in fuel demand, law firm Haynes and Boone said in a report released this week. Bankruptcies surged in the second quarter, including from major shale independents Chesapeake Energy and Whiting Petroleum, as oil prices collapsed due to the pandemic and a brief, unexpected price war between Saudi Arabia and Russia.

Jul 10 - U.S. judge rejects latest Dakota Access effort to avoid pipeline shutdown
A U.S. federal judge on Thursday rejected the latest effort by Dakota Access, LLC, to avoid a court-ordered shutdown of its 570,000-barrel-per-day oil pipeline, paving the way for the company to file an appeal with a higher court. The decision marks the latest legal twist since the U.S. District Court for the District of Columbia this week ordered the largest oil pipeline out of North Dakota to shut and empty within 30 days because of a faulty environmental permit.

Jul 09 - End of an era? Series of U.S. setbacks bodes ill for big oil, gas pipeline projects
A rapid-fire succession of setbacks for big energy pipelines in the United States this week has revealed an uncomfortable truth for the oil and gas industry: environmental activists and landowners opposed to projects have become good at blocking them in court. The latest setbacks have increased the difficulty for developers of billions of dollars worth of pipeline projects in getting needed permits and community support.
 
Jul 09 - China grants more crude oil import quotas to private refiners - sources
China has issued more non-state crude oil import quotas to refiners, for a total of 26.84 million tonnes (195.93 million barrels) in its third batch for 2020, three sources familiar with the matter told Reuters on Thursday. A total of 17 companies are receiving the quotas, they said.

Jul 09 - Rooftop revolution: Coronavirus chill upends solar power industry
The booming rooftop solar panel industry nosedived overnight when the coronavirus forced homeowners to rein in spending and keep their distance from would-be installers. Now, in their struggle to survive, companies on both sides of the Atlantic are turning to online marketing rather than knocking on doors, using drones to inspect roofs, arranging digital permits and coming up with attractive new financing plans, according to interviews with 12 executives.

Jul 09 - Libya lifts Es Sider force majeure, oil exports yet to resume
Libya's National Oil Corporation (NOC) on Wednesday lifted force majeure at the Es Sider oil terminal, but said guards had blocked a tanker from loading, preventing a resumption of exports. "We have recently received a formal security assessment concerning Es Sider Terminal, which confirms that [the] vessel on standby can load upon arrival," a document circulated to oil traders and seen by Reuters said.

Jul 09 - U.S. crude stocks build on higher imports, distillates inventories hit 37-yr high - EIA
U.S. crude oil stockpiles grew last week and inventories on the Gulf Coast hit a record high as imports from Mexico rose to an eight-year high, the Energy Information Administration said on Wednesday. Distillate stockpiles, which includes jet fuel and heating oil, rose 3.1 million barrels to about 177.3 million barrels, their highest level since 1983, the data showed.

Jul 09 - Coronavirus 'collateral damage' hits U.S. rural power providers
When the coronavirus pandemic left Ron Mueller without a market for the 3,200 piglets his hog breeding operation cranks out weekly and facing huge bills, his local electricity provider offered to cut the Illinois farmer some slack. Eastern Illini Electric Cooperative (EIEC), which powers Mueller's farm and serves farmers, small businesses and residents across 10 rural counties, was willing to delay his bills as he scrambled to make ends meet.
 
Jul 09 - Japan to tighten state lending for overseas coal power stations - Nikkei
Japan will cut state-backed financing and other support for overseas coal-fired power plants by tightening the lending criteria for projects after facing criticism over its policy on the dirtiest fossil fuel, the Nikkei reported on Thursday. The move, to be announced later in the day, implies that Japan's strong official backing for coal is starting to shift, although some non-governmental organizations are sceptical whether the announcement will amount to a significant change at all.

Jul 09 - U.S. refiners ramp up crude imports from Mexico to 8-year high
U.S. crude oil imports from Mexico surged to the highest level in more than eight years last week as swelling inventories and a fire at the Latin American country's largest refinery in late June led it to offload more barrels. U.S. buyers boosted their purchases by 834,000 barrels per day (bpd) to about 1.3 million bpd in the week to July 3, the highest since February 2012, according to the Energy Information Administration. The surge helped send U.S. net imports last week to the highest since August 2019.

Jul 08 - Coronavirus pain drives Big Oil's dash for record debt
The world's top oil and gas companies locked in cheap borrowing rates to raise a record amount of debt in the second quarter of 2020 and boost cash reserves as a buffer against a collapse in revenues because of COVID-19. The dash for debt piles pressure on company balance sheets and the issue is particularly acute for BP and Royal Dutch Shell. Already burdened by high levels of borrowing, they also face the disruption of a major shift towards renewables and low-carbon.

Jul 08 - U.S. judge denies Dakota Access motion to reconsider pipeline shutdown order
A federal judge denied an emergency request by owners of the Dakota Access oil pipeline (DAPL) for the court to reconsider its order to shut and drain the 570,000 barrel-a-day line within a month, court records showed on Tuesday. The pipeline, operated by Energy Transfer, is the largest out of the Bakken shale region in North Dakota, one of the biggest oil producing patches in the United States. Without the pipeline, the region's production capacity will be constrained.

Jul 08 - UAE's ADNOC to boost August oil exports as OPEC+ cuts set to ease - sources
Abu Dhabi National Oil Company (ADNOC) plans to boost its oil exports in August, the first signal that OPEC and its allies are preparing to ease record oil output cuts next month, three sources familiar with the development told Reuters. The Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, have been cutting oil output since May by a record 9.7 million barrels per day after the coronavirus crisis destroyed a third of global demand.

Jul 08 - U.S. crude output to decline less than previously forecast in 2020 - EIA
U.S. crude oil production is expected to fall by 600,000 barrels per day (bpd) in 2020 to 11.63 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, a smaller decline than the 670,000 bpd it forecast previously. The agency now expects U.S. petroleum and other liquid fuel consumption to drop 2.1 million bpd to 18.34 million bpd in 2020, a smaller decline than its previous forecast for a drop of 2.4 million bpd.

Jul 08 - Global recession will hasten refinery rationalisation: Kemp
Coronavirus and the cyclical slump in petroleum consumption are accelerating a long-term rationalisation of the global refining industry and a shift eastwards in its centre of gravity to Asia. Refinery margins for making middle distillates such as gasoil and jet fuel have plunged to their lowest since 2009 as lockdowns and recession have cut fuel consumption by millions of barrels per day.

Jul 08 - Overheated Mediterranean oil market cools as refiners seek other grades
Premiums for Mediterranean oil grades over dated Brent have eased in the past few days as European refiners turn to cheaper alternatives to Russian Urals and other crudes, traders said. The price differential for Russia's Urals oil surged well above $2 per barrel a week ago after the loading plan for July showed a 45% fall in exports from Baltic ports from June, but has pulled back significantly since then.

Jul 08 - Iran's oil storage almost full as sanctions and pandemic weigh
Iran has slashed crude oil production to its lowest level in four decades as storage tanks and vessels are almost completely full due to a fall in exports and refinery run cuts caused by the coronavirus pandemic, industry data showed. Total onshore crude stocks surged to 54 million barrels in April from 15 million barrels in January, and swelled further to 63 million barrels in June, according to FGE Energy.

Jul 08 - Russia's Rosneft to buy a drilling business from IDS - letter
Rosneft is set to buy a drilling business from IDS Group, a letter to IDS staff seen by Reuters showed, as the Russian oil giant continues its push into oilfield services to help reduce costs. The letter said Rosneft, using its Intellektualnye Sistemy affiliate, would take over or merge with telemetry specialist IDS Navigator, which helps operators guide drilling as a well progresses based on measurements communicated from below.

Jul 07 - Court orders Dakota pipeline shut in latest blow to U.S. fossil fuel projects
A U.S. court ordered the shutdown of the Dakota Access oil pipeline on Monday over concerns about its potential environmental impact, a big win for the Native American tribes and green groups who fought the major pipeline's route across a crucial water supply for years. The decision by U.S. District Court for the District of Columbia followed the cancellation of another high-profile U.S. pipeline project on Sunday and came as a blow to the Trump administration's efforts to lift the domestic fossil fuels industry by rolling back environmental red tape.

Jul 07 - Saudi Arabia ups August crude prices to Asia
Saudi Arabia's state oil producer Aramco has hiked official selling prices (OSPs) for its crude to Asia by $1 a barrel in August, and raised the OSPs for almost all grades to Europe and the United States. Saudi Arabia has set the August price to Asia at plus $1.20 a barrel versus the Oman/Dubai average, Aramco said in a statement on Monday.

Jul 07 - Oil producers will fight for market share as consumption growth slows: Kemp
Petroleum consumption growth has been slowing for decades and the industry shows increasing signs of maturity, which will have profound implications for the business strategies of oil-producing companies and countries. Slower growth will intensify intra-company and intra-company competition for market share putting downward pressure on prices, revenues, investment and employment over the next two decades.

Jul 07 - Hedge funds increase bullish U.S. crude bets
Hedge funds and other money managers raised their net long U.S. crude futures and options positions in the latest week, the U.S. Commodity Futures Trading Commission (CFTC) said on Monday. The speculator group raise its combined futures and options position in New York and London by 251 contracts to 378,951 during the week ended June 30. The data was delayed from Friday due to the Independence Day holiday in the U.S.
 
Jul 07 - Global LNG projects jeopardized by climate concerns, pandemic delays - report
Prospects for nearly half of the world's projects to build infrastructure for exporting liquefied natural gas have faltered in recent months, amid rising concerns about climate change, public protests and delays due to the coronavirus pandemic, according to a report published Tuesday. Out of 45 major LNG export projects in pre-construction development globally, at least 20 – representing a capital outlay of some $292 billion – are now facing delays to their financing, researchers at Global Energy Monitor found.

Jul 06 - CIMB alleges "suspicious" Hontop Energy oil deals with BP-affidavit
Singapore's High Court has appointed an independent supervisor to oversee the restructuring of trader Hontop Energy. The move came after Malaysian lender CIMB, its biggest creditor, raised concerns about what it described as 'suspicious' deals involving oil major BP, according to an affidavit filed with the court this week and reviewed by Reuters.

Jul 06 - Buffett's Berkshire to buy Dominion Energy gas assets for $4 bln
Berkshire Hathaway Inc said its energy unit will buy Dominion Energy Inc's natural gas transmission and storage network for $4 billion, helping billionaire Chairman Warren Buffett reduce his conglomerate's cash pile while letting Dominion focus on utilities operations. The transaction announced on Sunday includes more than 7,700 miles (12,390 km) of natural gas transmission lines and 900 billion cubic feet of gas storage.

Jul 06 - Record debts come due for Canadian oil patch after five years of crisis
Six years ago, Canadian oilfield services firm Calfrac Well Services commanded a C$2.1 billion ($1.55 billion)market value and was poised for U.S. expansion. But by last month, Calfrac's market value had collapsed to just C$23 million and it deferred an interest payment on debt that does not mature for six years. The Texas billionaire Wilks brothers, already its top shareholder, scooped up more of the company's debts in June, a regulatory filing showed, preparing to salvage what they can from restructuring.

Jul 06 - Shell CEO does not rule out moving headquarters to Britain
Royal Dutch Shell is not ruling out moving its headquarters from the Netherlands to Britain, the oil company's chief executive Ben van Beurden said in a Dutch newspaper interview published on Saturday. Anglo-Dutch consumer products giant Unilever said last month it plans to ditch its dual Anglo-Dutch legal structure and create a single entity in Britain.

Jul 06 - Marine fuel market facing tougher Q3 as supply rises
Global supply of fuel oil, used by ships and power plants, is expected to grow in the third quarter, depressing the marine fuel market as shipping demand remains weak, analysts and trade sources said. Third-quarter supply is estimated to rise by 620,000 barrels per day (bpd) from the second quarter as China and Brazil increase production, according to consultancy Energy Aspects.

Jul 03 - U.S. seeks to seize gasoline in 4 Iran tankers bound for Venezuela 
U.S. prosecutors filed a lawsuit to seize the gasoline aboard four tankers that Iran is trying to ship to Venezuela, the latest attempt by the Trump administration to increase economic pressure on the two U.S. foes. The government of Venezuela's socialist President Nicolas Maduro has flaunted the fuel supply to show it remains unbowed by U.S. pressure. Washington has been pressing for Maduro's ouster with diplomatic and punitive measures, including sanctions on state oil company PDVSA.

Jul 03 - Wall Street sees Exxon paring asset values on weakening demand 
Exxon Mobil Corp assets are likely overvalued in light of weak oil-demand outlook, according to Wall Street analysts, and face write-downs as soon as this month. A roughly 30% drop in global fuel demand from the COVID-19 pandemic has fed an energy glut expected to last well into 2021, hurting the values of assets. Oil producers BP Plc, Occidental Petroleum , and Royal Dutch Shell have cut billions of dollars off their assets in recent weeks. 

Jul 03 - Spring oil flood causes summer queues in Chinese ports 
Chinese ports are struggling to unload record volumes of crude with storage tanks full after the country rushed to buy extra barrels during April's oil price crash, according to traders and shipping data seen by Reuters. More than 80 million barrels of crude oil are currently waiting to be discharged from tankers in Chinese ports, Refinitiv Eikon data showed.

Jul 03 - Angola resists OPEC pressure to comply fully with oil cuts - sources - 
Angola is resisting pressure by OPEC's de-facto leader Saudi Arabia for a steeper oil output cut to comply fully with record supply curbs, OPEC and industry sources said. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, have been cutting oil output since May by a record 9.7 million barrels per day after the coronavirus crisis destroyed a third of global demand. 

Jul 03 - U.S. oil & gas rig count hits record low for 9th week - Baker Hughes 
U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a ninth week in a row although the reductions have slowed as higher oil prices prompt some producers to start drilling again. The U.S. oil and gas rig count, an early indicator of future output, fell by two to an all-time low of 263 in the week to July 2, according to data on Thursday from energy services firm Baker Hughes Co going back to 1940. 

Jul 03 - Eyes in the sky: Investors reach for new tools to gauge climate change risk 
In the twilight years of past civilisations, astrologers would scour the heavens for signs of impending calamity. In an era where climate change is eroding age-old certainties, a new cast of characters is searching for answers in the sky.  A small but growing network of asset managers, academics, start-up entrepreneurs and campaigners are working to harness an armada of recently deployed satellites to better predict the economic impact of global warming. 

Jul 03 - U.S. refiners slashed gasoline output in response to lockdown: Kemp 
Faced with an unprecedented collapse in gasoline consumption during the most intense period of lockdown, U.S. refiners responded by slashing crude intake and curbing conversion processes used to boost gasoline yields. But the extraordinary operating changes introduced during the emergency left refiners with a legacy of too much diesel, which is still weighing down diesel prices worldwide, and will have to be eliminated over the next few months.

Jul 02 - Traders thought Apple had 'the holy grail' of oil data, but the quest continues 
Every day, energy merchants collect and scrutinize whatever information they can find on fuel demand to get a trading edge: from satellite data tracking oil tankers worldwide to thermal images from cameras on pipelines and storage tanks. Real-time data on fuel demand would be the ultimate prize. On-the-spot gasoline consumption figures would change the way oil markets trade, because it is "the holy grail of metrics," said Patrick DeHaan, head of petroleum analysis at GasBuddy. 

Jul 02 - Goldman Sachs sees oil demand returning to pre-coronavirus levels by 2022 
Goldman Sachs said on Thursday a pick-up in commuting, a shift to private transportation and government efforts to improve economies with higher infrastructure spending should help global oil demand return to pre-coronavirus levels by 2022. Demand is expected to fall by 8% this year, before rebounding 6% in 2021 and fully recovering to pre-pandemic levels by 2022, the U.S. bank said in a note.

Jul 02 - Sweeter, lighter, cheaper: refiners seek oil to meet rising gasoline demand 
With more cars taking to the roads as coronavirus lockdowns ease, demand for lighter, sweeter oil more suitable for refining into gasoline is ticking up.  European refiners especially are moving away from sour varieties like Russian Urals, which have risen in price since a supply cut pact by producer countries made the grades scarcer, towards althernatives like U.S. West Texas Intermediate (WTI), West African grades, CPC Blend and Azeri oil.

Jul 02 - Oil barrels come off the water as storage boom at sea fades
Tens of millions of barrels of crude and oil products stored on tankers at sea due to the coronavirus crisis are being sold, in a sign fuel demand is recovering as lockdowns ease, shipping sources say. Fuel demand tumbled as much 30% from March to May, with some surplus stored at sea as land storage filled up. 

Jul 02 - Huge acceleration of clean energy innovation needed to meet net zero target - IEA 
A global goal to achieve net zero carbon emissions by 2050 will not be met without a huge acceleration in clean energy innovation, the International Energy Agency (IEA) said on Thursday. The 2015 Paris Agreement set a target to curb global warming and reach net zero emissions in the second half of the century.

Jul 02 - Banks in Singapore in talks to bolster lending practices for troubled commodity sector 
Commodity trade financiers in Singapore are teaming up to strengthen lending practices and improve transparency in the sector following a spate of defaults at trading firms, four sources with knowledge of the matter said. Hin Leong Trading Pte Ltd, one of Asia's biggest oil traders, and three other Singapore-based commodity traders ran into severe financial difficulties this year, hit hard by an oil price crash and a slump in fuel demand due to the coronavirus pandemic.

Jul 02 - Thrown for a LOOP: Big U.S. offshore port's crude exports in surprising surge 
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 from the terminal.

Jul 02 - Shale drillers squeezed as banks tighten credit after oil crash 
Months into one of the worst oil price crashes in history, lenders have tightened the screws on shale producers by wiping away 20% of the credit that has helped fuel the industry's boom. Twice every year, oil and gas producers negotiate how much credit they should get from banks based on the value of their reserves in the ground. Those loans, called RBLs, are the industry's key financing tool. 

Jul 02 - U.S. crude stockpiles drop sharply as imports fall, refining rises - EIA 
U.S. crude oil stockpiles dropped sharply from record highs, as refining activity picked up and imports fell, the Energy Information Administration said on Wednesday. Crude inventories fell by 7.2 million barrels in the week to June 26 to 533.5 million barrels, compared with analysts' expectations in a Reuters poll for a 710,000-barrel drop. Inventories are down from an all-time record of 540.7 million barrels set in mid-June, but remain 15% higher than the five-year average for this time of year.

Jul 01 - Global oil demand, CO2 emissions likely peaked in 2019 - energy consultancy  
Global oil demand and carbon dioxide emissions probably peaked in 2019 as the COVID-19 pandemic will have a lasting impact on both, energy consultancy DNV GL said on Wednesday. The Norway-based consultancy, which advises both petroleum and renewable energy companies on risk management and technology, said global energy use would be 8% lower in 2050 than previously expected due to the impact of the pandemic.

Jul 01 - OPEC oil output sinks as Saudi deepens cuts and others cut more, survey shows 
OPEC oil output hit the lowest in two decades in June as Saudi Arabia and other Gulf Arab members made larger cuts, a Reuters survey found, pushing group compliance in a supply reduction pact above 100% despite incomplete adherence by Iraq and Nigeria. The 13-member Organization of the Petroleum Exporting Countries pumped 22.62 million barrels per day (bpd) on average in June, the survey found, down 1.92 million bpd from May's revised figure.

Jul 01 - OPEC, Russia seen easing oil production cuts from August - sources 
OPEC and Russia will likely ease record oil production cuts from August as global oil demand recovers and prices have bounced back from their lows, four OPEC+ sources told Reuters. OPEC and its allies including Russia, know as OPEC+, have agreed to cut production by a record 9.7 million barrels per day, or 10 percent of global demand, from May to support oil prices as demand plunged because of the coronavirus pandemic.

Jul 01 - Russian share of Europe oil market under threat as exports hit 20-year lows 
Russian oil exports to Europe are set to hit their lowest levels in two decades in July, with an output cut deal prompting other suppliers to fill the gap left by Moscow, data from traders and Refinitiv Eikon shows. Russia is set to slash seaborne Urals supplies to Europe to 3.8 million tonnes (900,000 barrels per day) next month, its lowest since 1999, when President Vladimir Putin first came to power as prime minister.

Jul 01 - New North American trade deal launches under growing threat of disputes 
The revamped trade pact between the United States, Canada and Mexico taking effect on Wednesday was meant to create a kind of fortress North America, boosting the region's competitiveness - but cracks are already starting to show in the foundation. As the deal kicks in, the Trump administration is threatening Canada with new aluminum tariffs, and a prominent Mexican labor activist has been jailed, underscoring concerns about crucial labor reforms in the replacement for the 26-year-old North American Free Trade Agreement. The risk of disputes among the three trading partners is growing, analysts say.

Jul 01 - Oil Search slashes a third of jobs, pledges more senior roles for PNG nationals, women 
Papua New Guinea-focused oil and gas firm Oil Search said on Wednesday it has axed a third of its workforce amid slumping demand, in a shake-up that also aims to reserve more senior positions for Papua New Guinea (PNG) citizens and women. Oil Search, listed in Australia, said it has shrunk its full-time workforce to 1,222 - with another 137 to move on by year-end - from all of its locations as it seeks to shore up its balance sheet in an environment of low crude oil prices as well at reduced demand.

Jul 01 - U.S. crude stocks drop sharply, gasoline stocks fall in latest week -API 
U.S. crude oil and gaosline stocks fell while distillate inventories rose in the most recent week, data from industry group the American Petroleum Institute showed on Tuesday. Crude inventories fell by 8.2 million barrels in the week to June 26 to 537 million barrels, compared with analysts' expectations for a draw of 710,000 barrels.

Jul 01 - Indian private firms seen developing 15 mln T capacity coal mines this yr - minister 
India's private companies could start developing coal mines with an annual capacity of 15 million tonnes by the end of March, the country's coal minister told Reuters, a move that would end the near-monopoly of state-run Coal India. Prime Minister Narendra Modi this month officially launched the auction of 41 coal mines to companies including those in the private sector, with an annual production capacity that is nearly one third of national total output.

Jun 30 - Shell to take up to $22 bln writedown after climate review 
Royal Dutch Shell on Tuesday said it will write down the value of its assets by up to $22 billion after lowering its long-term outlook on oil and gas prices. The move is part of the Anglo-Dutch company's wide review of operations after CEO Ben van Beurden in April laid out plans to reduce greenhouse gas emissions to net zero by 2050.

Jun 30 - Libya's NOC confirms international talks on resuming oil output 
Libya's National Oil Corporation (NOC) hopes oil production will resume after international talks to end a blockade by eastern-based forces in the civil war, which has stopped almost all energy exports for six months, it said on Monday.  The eastern-based forces shut down Libya's oil production in January, putting financial pressure on the internationally recognised government in Tripoli, in the west, but also cutting off revenue for state institutions operating across the country. 

Jun 30 - Coal prices slammed on slumping India imports, China fears: Russell 
Seaborne coal prices in Asia have plunged to the lowest in more than a decade as shipments to the region's top importers, especially India, have come under pressure in the midst of the coronavirus-led economic slowdown. The benchmark Australian thermal coal price, the weekly Newcastle Index, as assessed by commodity price reporting agency Argus, slumped to $48.14 a tonne in the week to June 26, the lowest since November 2006 and down 31% from the peak so far this year of $69.59 in mid-January.

Jun 30 - Hedge funds lack conviction on oil outlook: Kemp
Hedge funds increased their bullish positioning in oil last week, reversing a bearish move the week before, but the minimal changes serve to confirm the market’s lack of direction since the start of June. The equivalent of 26 million barrels were purchased by hedge funds and other money managers in the six most important futures and options contracts in the week to June 23, after selling 16 million barrels the previous week.

Jun 30 - Chesapeake asks to cancel pipeline contracts, sets drilling cuts 
Chesapeake Energy Corp on Monday sought bankruptcy court approval to cancel $311 million in pipeline contracts, setting up a battle with U.S. regulators and operators including Energy Transfer LP, according to court filings. Chesapeake on Sunday became the largest U.S. oil and gas producer to seek bankruptcy protection in at least five years, falling to heavy debt and the impact of the coronavirus outbreak on energy markets. 

Jun 30 - German government agrees compensation for utilities over hard coal phase-out 
Chancellor Angela Merkel's coalition government has agreed on a compensation package for utilities operating hard coal power stations as part of Germany's plans to phase out coal by 2038 at the latest to meet climate goals. The agreement between Merkel's conservatives and their Social Democrat (SPD) coalition partners opens the door for parliament to vote in early July on a bundle of laws governing the coal phase-out.

Jun 30 - Iraq lowers June oil exports, still pumps above OPEC+ target 
Iraq's oil exports have fallen by almost 9% or 310,000 barrels per day (bpd) in June, loading data and industry sources showed, suggesting OPEC's second-largest producer has delivered about three-fifths of its pledge in an OPEC-led supply cut deal. Southern Iraqi exports in the first 28 days of June averaged 2.90 million bpd, tanker tracker Petro-Logistics, Refinitiv Eikon and an industry source found. That is down 200,000 bpd from May's official southern exports figure.

Jun 29 - Shale pioneer Chesapeake Energy files for bankruptcy 
Chesapeake Energy Corp filed for Chapter 11 on Sunday, becoming the largest U.S. oil and gas producer to seek bankruptcy protection in recent years as it bowed to heavy debts and the impact of the coronavirus outbreak on energy markets. The filing marks an end of an era for the Oklahoma City-based shale pioneer, and comes after months of negotiations with creditors. Reuters first reported in March the company had retained debt advisers. 

Jun 29 - Middle East crude share in S.Korea's first-half imports set to hit 32-year low 
Middle East crude share in South Korea's crude imports for the first six months of the year is set to hit the lowest level in more than three decades, reflecting deeper output cuts by Middle Eastern oil producers amid the coronavirus outbreak. Of the country's total crude imports during January-June, 67.0% of crude is expected to come from the Middle East, or 1.91 million barrels-per-day (bpd), according to Reuters calculations based on data from Korea National Oil Corp (KNOC) and ship tracking data from Refinitiv Eikon. 

Jun 29 - Oil refiners adapt to post-lockdown shift to gasoline from diesel: Kemp 
Petroleum consumption is rising around the world as the major economies exit from lockdowns imposed to control the coronavirus epidemic, but the uneven recovery presents challenges for fuel refiners. Refiners must cope with a much stronger rebound in demand for gasoline compared with diesel and jet fuel, reconfiguring their equipment to shift the yield towards light distillates and away from middle distillates.

Jun 29 - Speculators boost bullish bets on U.S. crude - CFTC 
Hedge funds and money managers boosted their bullish bets on U.S. crude in the week to June 23, according to data from the U.S. Commodity Futures Trading Commission (CFTC) on Friday. The speculator group raised its net long futures and options positions by 1,529 contracts to a two-week high of 378,702.

Jun 29 - Trump administration has denied most onshore drilling relief requests - official 
The Trump administration has rejected most requests for royalty relief submitted by onshore oil and gas companies struggling with reduced demand for fuel and battered prices, a top Interior Department official said on Friday. Interior's Bureau of Land Management has been fielding individual applications for royalty reductions and lease suspensions from drillers since April after rejecting industry calls for broad cuts to help them grapple with fallout from the coronavirus pandemic.

Jun 29 - U.S./Canadian oil & gas rig count falls to record low again - Baker Hughes 
U.S. and Canadian energy firms cut the number of oil and natural gas rigs operating to a record low again this week even as higher oil prices prompt some producers to start drilling again. The U.S. oil and gas rig count, an early indicator of future output, fell by one to an all-time low of 265 in the week to June 26, according to data from energy services firm Baker Hughes Co going back to 1940.

Jun 26 - Fuel demand accelerates but new virus wave may slam on the brakes
Fuel demand is gradually recovering as coronavirus lockdown measures ease around the globe but a second wave of infections could swiftly undermine the trend, industry data showed. Road traffic in some of the world's major cities in June had returned to 2019 levels, data provided to Reuters by location technology company TomTom showed. But a resurgence of the virus in some places prompted drivers to stay home.

Jun 26 - China's Saudi oil imports surge in May to all-time high - customs
China's crude oil imports from Saudi Arabia nearly doubled in May from a year earlier to all-time high as refineries snapped up cheap fuel, while the kingdom retained its position as the top supplier to the world's biggest oil buyer. Arrivals from Saudi last month reached 9.165 million tonnes, or 2.16 million barrels per day (bpd), up about 95% from 1.11 million bpd in May 2019 and up 71% from 1.26 million bpd in April, data from the General Administration of Customs showed.

Jun 26 - Satellites reveal major new gas industry methane leaks
Last fall, European Space Agency satellites detected huge plumes of the invisible planet-warming gas methane leaking from the Yamal pipeline that carries natural gas from Siberia to Europe. Energy consultancy Kayrros estimated one leak was spewing out 93 tonnes of methane every hour, meaning the daily emissions from the leakage were equivalent to the amount of carbon dioxide pumped out in a year by 15,000 cars in the United States.

Jun 26 - Oil pricing agencies Platts, Argus launch new U.S. crude benchmarks
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 battling for primacy to price more than 3 million barrels of crude shipped to global markets every day from the U.S. Gulf Coast. Currently, those barrels are underpinned by the U.S. benchmark West Texas Intermediate futures price (WTI), reflecting crude delivered at Cushing, Oklahoma, some 500 miles (800 km) away.

Jun 26 - Venezuela's PDVSA weighs plan to pay for refinery work with fuel, byproducts - sources
Officials from Venezuelan state oil company Petroleos de Venezuela have spoken with private contractors about paying for work fixing the country's refineries with fuel and byproducts, a half dozen people familiar with the talks said. The possibility of in-kind compensation comes as U.S. sanctions on PDVSA and severe cash-flow problems at the company have complicated its ability to pay third-party contractors, whose help it needs to revamp gasoline output at its 1.3 million barrel-per-day refining network, which is mostly halted.

Jun 26 - Iran plans oil exports from the Gulf of Oman to secure crude flow
Iran plans to export oil from a port on its Gulf of Oman coast by March, the president said on Thursday, a shift that would avoid using the Strait of Hormuz shipping route that has been a focus of regional tension for decades. Tensions have spiked between Tehran and Washington since 2018, when the United States withdrew from a 2015 nuclear pact between Iran and six major powers and President Donald Trump reimposed sanctions on Iran, hammering its vital oil exports.

Jun 26 - Occidental signals writedown of up to $9 bln on bleak oil price outlook
Occidental Petroleum Corp will write down the value of its oil and gas properties by up to $9 billion this quarter and restructure some debts to avoid a possible default, the company said on Thursday. The U.S. oil producer is trying to shed nearly $40 billion in debt from its purchase of rival Anadarko Petroleum last year, an ill-timed bet on rising oil prices ahead of a historic market crash.

Jun 26 - U.S. refiners restrain processing to work down excess fuel stocks: Kemp
U.S. petroleum refiners are dealing with the problem of excess fuel stocks by only slowly ramping up their crude processing, even as lockdowns are eased and fuel consumption recovers. Over the last two months, petroleum consumption has been rising strongly as the United States emerges from the most severe measures imposed to control the spread of the coronavirus.

Jun 25 - Russia takes a leaf out the U.S. shale oil playbook 
Russia is taking a leaf out of the U.S. shale playbook so it can ramp up oil production quickly and hang on to its share of the global market when demand finally recovers after the coronavirus pandemic. At least two state-owned banks, Sberbank and VEB, plan to lend oil firms some 400 billion roubles ($6 billion) at effectively almost zero interest rates to drill about 3,000 unfinished wells, officials involved in the scheme told Reuters.

Jun 25 - China's record U.S. crude imports in July underscores trade deal failure: Russell 
A record amount of crude oil is heading from the United States to China next month, but rather than signalling that the trade deal between the two countries is working, it serves to underscore just how far Beijing is from meeting its commitments. A total of 31.02 million barrels of crude on 26 vessels is due to arrive in China from the United States in July, according to vessel-tracking and port data compiled by Refinitiv.

Jun 25 - U.S. puts sanctions on 5 Iranian ship captains for bringing oil to Venezuela 
The United States on Wednesday imposed sanctions on five Iranian ship captains who delivered oil to Venezuela, and Secretary of State Mike Pompeo reaffirmed Washington's backing for Venezuelan opposition leader Juan Guaido. Speaking at a news conference, Pompeo said the ships delivered about 1.5 million barrels of Iranian gasoline and related components, and warned mariners against doing business with the government of Venezuelan President Nicolas Maduro, whose ouster Washington seeks.

Jun 25 - U.S. crude oil refining capacity nears 19 million bpd – U.S. EIA 
U.S. crude oil refining capacity grew by nearly 1 percent in 2019, or 173,650 barrels per day (bpd) to nearly 19 million bpd, a new record, according to a report released on Wednesday by the U.S. Energy Information Administration (EIA). The report on national refining capacity was assembled from reports filed by owners of the nation's 135 refineries. The reports were filed by Jan. 1, 2020. They do not take into account reduced production levels because of the COVID-19 pandemic.

Jun 25 - Legal tussles snarl millions in oil from Hin Leong deals 
Millions of dollars of oil stored in tanks and ships in Asia and Europe has become caught in a web of lawsuits related to trade and financing deals by Singapore's Hin Leong Trading (Pte) Ltd, according to court documents and shipping data. A report filed this week in Singapore's High Court and reviewed by Reuters found Hin Leong obtained financing from various banks for cargoes of oil which did not exist, complicating the competing claims of ownership.

Jun 25 - Oil firms slam brakes on return-to-work as virus cases soar 
U.S. energy companies slammed the brakes on returning staff to their Houston offices as COVID-19 cases soared and top hospitals warned they could soon run out of beds for the most severely ill patients. A record number of new illnesses in Texas this week spurred local officials to impose restrictions as new cases topped 5,000 on two days in a row. Intensive care unit (ICU) beds were 97% full at Houston's Texas Medical Center, which said it may soon move to surge ICU capacity assignments, officials said. 

Jun 25 - BP's stranded Canadian, Angolan assets expose wider industry risks 
When BP slashed its long-term oil price outlook last week, prospects in Canada and Angola were rendered worthless, company sources and analysts said, exposing broader risks the industry faces as the world pivots to low-carbon energy. The $17.5 billion write-down, part of Chief Executive Bernard Looney's drive to wean BP off fossil fuel, was the biggest the London-based company booked since the aftermath of the 2010 Deepwater Horizon disaster. 

Jun 25 - Petrobras to receive offers for Bahia refinery on Thursday, sources say 
Brazil's Petroleo Brasileiro SA is set to receive binding offers for the country's second-largest refinery on Thursday, five people with knowledge of the matter said, as the state oil company aims to restart a plan to divest more than $10 billion in assets. If the deal for the Landulpho Alves refinery, also known as RLAM, is concluded, it would mark a first in the producer's decade-long efforts to end its near-monopoly in refining in Brazil and open one of the top ten fuel markets in the world for private investors.

Jun 24 - With contracts canceled and debts mounting, offshore oil drillers face another shakeout
The companies that operate offshore drilling rigs for major oil producers face a second wave of bankruptcies in four years amid a historic drop in energy prices that likely will leave surviving drillers more closely tied to big oil firms. A collapse of the offshore industry will have broad impact. Drillers and their suppliers have driven innovation that has helped shale and offshore wind companies by pioneering remote monitoring and control, and last year directly generated about 25% of global oil production.

Jun 24 - Oil tankers carrying two months of Venezuelan output stuck at sea
Tankers carrying nearly two months worth of Venezuelan oil output are stuck at sea as global refiners shun the nation's crude to avoid falling foul of U.S. sanctions, according to industry sources, PDVSA documents and shipping data. Washington is tightening sanctions to cut Venezuela's oil exports and deprive the government of socialist President Nicolas Maduro of its main source of revenue.

Jun 24 - China hits brakes on crude imports after buying frenzy
China will press the brakes on crude imports in the third quarter, after record purchases in recent months, as higher oil prices hurt demand and refiners worry about a second virus outbreak, analysts and trade sources said. China imported a record 11.3 million barrels per day (bpd) of crude in May, with volumes set to rise in June and July, as cheap crude purchased during an oil price slump in April arrives in the country.

Jun 24 - Shell plans major overhaul around climate drive, CEO tells employees
Royal Dutch Shell will announce a major restructuring by the end of the year as the energy company prepares to accelerate its shift towards low-carbon, CEO Ben van Beurden told employees according to a company source. In a video interview published on Shell's internal website, van Beurden said that the restructuring would involve job cuts as part of broad cost reductions, although no figures have been decided yet, according to sources who saw the interview.

Jun 24 - Oil prices transitioning to next phase of cycle: Kemp
Brent futures prices have risen by more than 80% over the last two months, the fastest increase at any point for more than a quarter of a century, as the market has rebounded from its worst crisis in decades. Front-month Brent futures have averaged nearly $42 per barrel over the last five trading sessions, compared with less than $23 over the same period in late April, based on daily closing prices from ICE Futures Europe.

Jun 24 - Oil trader Hin Leong has no future as an independent company - PwC
Singapore's Hin Leong Trading (Pte) Ltd has no future as an independent company after it "grossly overstated" the value of its assets by at least $3 billion, according to a preliminary report prepared by a court-appointed supervisor. In the report filed this week in Singapore's High Court and reviewed by Reuters, the interim judicial managers from PricewaterhouseCoopers Advisory Services Pte. Ltd (PwC) said they had found a significant number of irregularities in the Singapore oil trader's finances.

Jun 23 - China targets rise in oil, natural gas output this year
China aims to produce 1% more crude oil this year than in 2019 and to boost natural gas output by 4.3%, official targets showed on Monday, as the country seeks to safeguard energy security even after a coronavirus-driven collapse in oil prices. The world's biggest energy consumer has set a goal of producing 193 million tonnes of crude, or 3.85 million barrels per day, in 2020, and 181 billion cubic metres of gas, according to an annual production plan released by the National Energy Administration (NEA).

Jun 23 - Funds realise profits, anticipate pullback after oil rally: Kemp
Hedge funds started to realise some profits and anticipate a pull back in crude prices, especially in the United States, after a strong rally saw prices double in less than two months. Hedge funds and other money managers sold the equivalent of 16 million barrels in the six most important petroleum futures and options contracts in the week to June 16.

Jun 23 - Price of Caribbean refinery overhaul nearly doubles to $2.7 bln as startup nears
The cost of overhauling a long-idled Caribbean oil refinery has nearly doubled to about $2.7 billion, said people familiar with the matter, as it prepares to start commercial operations amid an oversupplied fuel market. Limetree Bay Ventures is wrapping up construction and will soon start processing crude at the St. Croix, U.S. Virgin Islands, plant, a milestone for investors hoping to tap U.S. East Coast, Latin American and Caribbean demand for gasoline, diesel and marine fuels, the people said. Several plants that serve that region have closed in recent years.

Jun 23 - Buyers of U.S. LNG to cancel 40-45 cargoes for August loading - sources
Buyers of liquefied natural gas (LNG) are expected to cancel 40 to 45 cargoes for August loading from the United States due to a slow recovery in Asian gas demand and record high European gas stocks, market sources said on Monday. The exact number of cancellations is yet to be confirmed as the deadline of some projects is on Monday, but six of the sources said they expected the number of August cancellations to be close to 40 to 45 cargoes, the same number that was cancelled for July loading.

Jun 22 - Physical oil rally pauses due to weak margins
After weeks of rising, prices of physical oil have begun to ease, traders and analysts say, as the rally succumbs to the reality of poor refinery margins and brimming storage tanks. Refinery runs in Europe and China have been cut to allow time to sell off supplies of refined products before processing stored crude which is also stored in abundance, making the purchase of new oil shipments less attractive.

Jun 22 - After BP takes a hit, investors widen climate change campaign
Investors managing £1.8 trillion ($2.2 trillion) in assets are widening a campaign pressing oil majors to better reflect climate risks in their accounting, and will soon target other businesses with heavy fossil fuel exposure, the group said on Monday. The investors believe their campaign is working, noting the "hugely important" news of BP joining other oil majors in lowering the value of its assets amid a global transition to cleaner energy, said Natasha Landell-Mills, head of stewardship at asset manager Sarasin & Partners.

Jun 22 - China's new marine fuel contract seen attracting strong industry, investor interest
China's marine fuel futures contract that debuts on Monday on the Shanghai International Energy Exchange (INE) is likely to attract strong interest, despite weakened ship fuel demand amid the coronavirus pandemic, industry participants said. The new low-sulphur fuel oil (LSFO) contract features marine fuel meeting stricter international emissions rules and is the latest commodity futures product - and second oil contract after Shanghai crude - open to foreign investment.

Jun 22 - Oil price structure signals market recovery 
Oil's price structure for Brent and U.S. crude has caused storage to be drawn down, signalling a recovery in global markets and tighter supplies as major producers cut output to compensate for demand loss due to the coronavirus pandemic. Brent on Thursday moved into backwardation, where oil for immediate delivery costs more than supply later. The premium at which Brent crude futures for August delivery are trading above September were as high as 15 cents on Friday.

Jun 22 - Oil prices no longer especially cheap after strong rally: Kemp 
Oil prices are no longer particularly cheap by historical standards. Perceptions about prices tend to be over-influenced by recent experience so current prices feel very low to producers used to receiving $60-80 per barrel over the 2018/19 period.

Jun 22 - Hedge funds cut bullish bets on U.S. crude from near 2-yr high - CFTC
Hedge funds and money managers cut bullish wagers on U.S. crude from the highest levels in nearly two years, data showed on Friday, as investors feared a spike in new coronavirus infections would erode global demand further. The speculator group cut its combined futures and options position in New York and London by 23,948 contracts to 377,173 in the week to June 16, the U.S. Commodity Futures Trading Commission (CFTC) said. Net long positions in U.S. crude had jumped to the highest since early August 2018 a week earlier.
 
Jun 22 - U.S. and Canadian oil & gas rig count falls to record lows - Baker Hughes 
U.S. and Canadian energy firms cut the number of oil and natural gas rigs operating to a record low even as higher oil prices prompt some producers to start drilling again. The U.S. oil and gas rig count, an early indicator of future output, fell to a record low for a seventh week in a row, dropping by 13 to 266 in the week to June 19, according to data from energy services firm Baker Hughes Co going back to 1940.

Jun 19 - OPEC+ pushes for compliance, undecided on oil cut extension 
An OPEC+ panel pressed countries such as Iraq and Kazakhstan on Thursday to comply better with oil cuts and left the door open for extending or easing record production curbs from August. The panel, known as the Joint Ministerial Monitoring Committee (JMMC), advises OPEC+ and will meet again on July 15, when it would recommend the next level of cuts, designed to support oil prices battered by the coronavirus pandemic.

Jun 19 - Asia's rising gasoline demand spells end for floating storage trend 
A second and final trio of ships used as floating storage tanks for gasoline is en route to unload cargoes in Indonesia, Sri Lanka and Malaysia, according to industry sources and shipping data, showing fuel demand is growing across Asia. More than 280,000 tonnes (about 2.4 million barrels) of gasoline were stored onboard six ships floating off Singapore and Malaysia last month after demand slumped as countries imposed lockdown measures on business and travel to curb the spread of the coronavirus.

Jun 19 - Saudi Aramco cuts hundreds of jobs amid oil market downturn, sources say 
State oil giant Saudi Aramco started laying off hundreds of employees this month, two sources familiar with the matter said, as global energy companies reduce their workforces in response to the coronavirus crisis. Like other top oil firms, Aramco has cut capital spending for 2020 after the pandemic brought an unprecedented drop in oil demand and hammered crude prices. Oil majors have cut workforces by 10% to 15% to cuts costs and as part of restructuring plans.

Jun 19 - U.S. gasoline demand recovery falters as refiners ramp up output 
A recovery in demand for gasoline in the United States, the world's largest market for the motor fuel, hit a plateau last week as coronavirus cases surged in some states, undercutting refiners' efforts to ramp up low fuel production. Gasoline consumption inched lower last week after three straight weeks of rises, according to Energy Information Administration data on Wednesday. Product supplied of gasoline - a proxy for demand - eased 30,000 barrels per day to 7.9 million bpd amid a spike in new infections in six states. 

Jun 19 - Eni CEO working to make green drive irreversible 
Eni CEO Claudio Descalzi wants to turn the 67-year-old Italian oil and gas firm into a greener business, focusing on clean low-carbon products to build a huge customer base which he believes can steady the ship and attract investors more than ever. The veteran oil executive, reappointed as Eni chief for a third time in May, told Reuters he wants to ensure Eni will play a role in the energy transition which he believes has accelerated in the wake of the coronavirus crisis.

Jun 19 - UBS raises Brent forecasts, sees undersupplied oil market 
UBS raised its forecasts on Thursday for the price of Brent crude this year, citing expectations of an undersupplied oil market as demand starts to pick up on the back of a recovering global economy. "Supply is being curbed by OPEC+ voluntary production cuts and due to massive cuts in non-OPEC oil companies' capital expenditures," the bank said, as it raised its forecast for Brent to $40 per barrel by the end of September, from $32, and to $45 per barrel by the end of December, from $43.

Jun 18 - OPEC points to 2020 oil surplus even as demand gradually recovers 
The world faces an oil surplus in 2020 even as demand gradually recovers and record supply cuts by producers help rebalance the market, according to OPEC forecasts on Wednesday. The latest monthly report from the Organization of the Petroleum Exporting Countries potentially increases pressure on the group and its allies, known as OPEC+, to curb more supply.

Jun 18 - IEA sets out $3 trillion energy sector recovery plan to spur growth, cut emissions 
The International Energy Agency (IEA) set out an energy sector roadmap on Thursday for governments to spur economic growth and cut carbon emissions that would require a $1 trillion annual investment over the next three years. In a study carried out with the International Monetary Fund, the IEA said that by integrating energy policies into government responses to the economic fallout caused by the coronavirus crisis, the deployment of clean energy technologies could be accelerated.

Jun 18 - U.S. crude stocks rise, fuel inventories fall in latest week -EIA
U.S. crude stocks rose unexpectedly last week, while gasoline and distillate inventories fell, the Energy Information Administration said on Wednesday. Crude inventories rose by 1.2 million barrels in the week to June 12 to 539.3 million barrels, compared with expectations in a Reuters poll for a 152,000-barrel drop. That put crude stocks at another record, even though imports tailed off and there was another drawdown at the Cushing, Oklahoma delivery hub.

Jun 18 - U.S. shale companies to boost oil output by 500,000 bpd by month-end
U.S. shale producers are expected to restore roughly half a million barrels per day (bpd) of crude output by the end of June, according to crude buyers and analysts, amounting to a quarter of what they shut since the coronavirus pandemic cut fuel demand and hammered oil prices. Such a swift rise in U.S. production would complicate efforts by top producers Saudi Arabia and Russia to encourage global allies to fulfill their pledges to make record production cuts.

Jun 18 - China could top Japan's LNG imports in 2020 as coronavirus cuts demand 
China may overtake Japan as the world's biggest liquefied natural gas (LNG) importer earlier than anticipated as China recovers from the coronavirus pandemic, while Japan's economy remains in a slump, Rystad's head of gas research said. Japan's LNG imports fell in May to an 11-year low of 4.5 million tonnes as the pandemic halted economic activity, official data on Wednesday showed.

Jun 18 - Petrobras to keep half its office staff at home permanently
Brazil's Petrobras has decided to keep half its administrative staff working from home permanently, the company told Reuters, in a dramatic example of how the novel coronavirus has major companies rethinking their use of office real estate. The oil company has sent as much as 90% of its 21,000 administrative staff home since March due to the pandemic. The experience has revealed new opportunities to save costs with office space, Petrobras said in a response to questions.

Jun 18 - Oil prices likely to average less than $60 over next cycle: Kemp
Oil prices are likely to average less than $60 per barrel across the next cycle to ensure production, especially from the shale sector, remains in line with the slow increase in consumption. On Monday, BP announced its long-term investment appraisal price had been cut to an average of just $55 per barrel for Brent in real terms between 2021 and 2050.

Jun 18 - Saudi Aramco completes $69 bln SABIC stake deal, extends schedule
Saudi Aramco has completed its purchase of a 70% stake in petrochemicals company Saudi Basic Industries for $69.1 billion and extended the payment period by three years to 2028, providing a cushion against weak oil prices. The deal values Saudi Basic Industries Corp (SABIC) at 123.39 riyals ($32.90) per share, 27.5% above the company's share price of 89.40 riyals, as the coronavirus outbreak has hurt demand for petrochemicals products and dented SABIC's shares.

Jun 17 - Japan's oil imports hit three-decade low as coronavirus hammers demand
Japan's oil imports slumped in May to the lowest in almost three decades, official figures showed on Wednesday, as the coronavirus outbreak hit demand for crude and fuel in the world's third-biggest economy. The world's fourth-biggest oil buyer imported 1.92 million barrels per day (9.5 million kilolitres) of crude last month down 36% from a year earlier and the smallest amount since April 1991, according to preliminary Ministry of Finance data.

Jun 17 - Aviation crisis means oil demand to stay below pre-virus levels before 2022 - IEA
Oil demand is recovering from the greatest fall in its history in 2020, the International Energy Agency (IEA) said on Tuesday, but less flying due to coronavirus fears means the world will not return to pre-pandemic demand levels before 2022. "Our first forecast for 2021 as a whole shows demand growing by 5.7 million barrels per day (bpd), which, at 97.4 million bpd, will be 2.4 million bpd below the 2019 level," the IEA said in its monthly report.

Jun 17 - Venezuela's oil exports plummet as shipping contracts get suspended
Venezuela's oil exports have fallen nearly 28% in the first half of June, on course for the lowest level in over 70 years as tanker owners and operators suspend contracts for transporting crude oil, according to documents and data on Tuesday. Shipping firms are avoiding Venezuela after the United States earlier this month blacklisted four vessels and their owners for transporting the country's crude.

Jun 17 - Millions of abandoned oil wells are leaking methane, a climate menace 
In May 2012, Hanson and Michael Rowe noticed an overpowering smell, like rotten eggs, seeping from an abandoned gas well on their land in Kentucky. The fumes made the retired couple feel nauseous, dizzy, and short of breath. Regulators responding to the leak couldn’t find an owner to fix it. J.D. Carty Resources LLC had drilled the well near the Rowes’ home in 2006 - promising the family a 12.5% royalty and free natural gas, which they never got. But Carty went bust in 2008 and sold the site to a company that was later acquired by Blue Energy LLC. Lawyers for both companies deny any responsibility for the leak.

Jun 17 - Global gas inventory swells as demand recovers slowly - sources
Global gas inventory has swollen as demand for liquefied natural gas (LNG) is slow to recover and fears of a second wave of the coronavirus outbreak are adding to caution as economies restart. Dozens of LNG tankers are idling as gas storage tanks become full in countries such as Japan, South Korea and in Europe, trade and shipping sources said.

Jun 17 - Iraq lowers oil exports, gets closer to OPEC+ target -sources 
Iraq's oil exports have fallen by 8% or 300,000 barrels per day (bpd) so far in June, according to shipping data and industry sources, suggesting OPEC's second-largest producer is getting closer to meeting its pledge in an OPEC-led supply cut deal. Southern Iraqi exports in the first 14 days of June averaged 2.93 million bpd, according to Refinitiv Eikon data and separate tracking by two industry sources. That is down 170,000 bpd from May's official southern exports figure.

Jun 17 - India asks oil and gas producers to use more local steel in infrastructure 
India has asked domestic oil and gas companies to raise the share of domestically manufactured steel they use in future infrastructure projects worth billions of dollars to cut its dependence on imports, boost the economy and create jobs. Prime Minister Narendra Modi's government is pushing for local manufacturing to resuscitate the economy, which is likely to contract by about 5% this fiscal year.

Jun 16 - Chesapeake Energy to file for bankruptcy as soon as this week - sources
Chesapeake Energy Corp is preparing to file for bankruptcy as soon as this week, said three people familiar with the matter, becoming the largest oil and gas producer to unravel after an energy market rout caused by the coronavirus outbreak. The Oklahoma City-based company, co-founded by the late wildcatter Aubrey McClendon, is in the final stages of negotiating a roughly $900 million debtor-in-possession loan to support its operations while under Chapter 11 bankruptcy-court protection, two of the sources said.

Jun 16 - Iraq cuts July Basra crude exports to Asia to comply with OPEC cuts
Iraq's Oil Marketing Company (SOMO) has notified clients in Asia that they will be loading less Basra crude in July as the producer complies with an OPEC+ pact to cut output, six sources with knowledge of the matter said on Tuesday. Iraq's supply cuts come on the back of similar reduction by world's top exporter Saudi Arabia.

Jun 16 - Defying Trump, Iran aims to keep offloading gasoline glut to Venezuela 
Iran could send two to three cargoes a month in regular gasoline sales to ally Venezuela, sources say, helping offload domestic oversupply but risking retaliation from U.S. President Donald Trump who has sanctions on both nations. Iran has since April sent five tankers totalling about 1.5 million barrels to the leftist government of fuel-starved Venezuela, though the shipments have done little to alleviate hours-long lines at gas stations.

Jun 16 - China is stockpiling crude oil and exporting fuel, not boosting consumption: Russell
The rebound in China's crude oil refinery processing and record imports of the fuel in May would seem to be bullish indicators that the world's second-largest economy is recovering strongly after the hit from the coronavirus lockdowns. For sure, the numbers are robust. But there are some other factors within the data that give rise to caution against becoming too optimistic about the real strength of the crude oil sector in China.

Jun 16 - U.S. shale oil output to drop to near 2-yr low of 7.63 mln bpd in July -EIA
U.S. oil output from seven major shale formations is expected to fall to near a two-year low of 7.63 million barrels per day by July, the U.S. Energy Information Administration said on Monday. Output is expected to fall in every formation, as producers retrench after prices crashed in April, with U.S. futures plunging as low as negative-$40 a barrel as the coronavirus pandemic slammed fuel demand. 

Jun 16 - Hedge funds wait for signs of cyclical recovery in oil: Kemp
Hedge fund managers show little directional conviction on petroleum prices after crude futures doubled between late April and early June, suggesting most now see upside and downside risks as finely balanced. For the second week running, fund managers made no significant changes in their positioning in any of the six most import futures and options contracts, according to records published by regulators and exchanges.

Jun 15 - Iraq agrees with oil companies on deeper output cuts in June - sources
Iraq has agreed with major oil companies operating its giant southern oilfields to cut crude production further in June, Iraqi officials working at the fields told Reuters on Sunday. Baghdad aims to improve its compliance with its output cut targets under a global deal with OPEC and its allies to reduce oil supply.

Jun 15 - Mexico's oil hedge to be pricier, but government likely doing it anyway
Mexico will have to pay more for less coverage under its giant oil revenue insurance policy for 2021, but will likely go ahead anyway to avoid further damaging its financial standing with international investors, sources said. The finance ministry's billion-dollar oil hedge is the world's largest. It has been a pillar of the budget for more than two decades for Mexico, which pumps about 1.7 million barrels per day of crude.

Jun 15 - Saudi Aramco cuts July crude supplies to at least 5 buyers in Asia -sources
World's largest oil exporter Saudi Aramco has reduced the volume of July-loading crude that it will supply to at least five buyers in Asia, seven sources said on Monday. The cuts were mainly for medium and heavy grades and were seen at refineries in countries such as China, the sources with knowledge of the matter said.

Jun 15 - China's May refinery output rises 8.2% to near peak rates 
China's crude oil throughput in May rose 8.2% from a year earlier as independent refiners increased their processing to meet the recovery in fuel demand following the easing of coronavirus lockdowns. China processed 57.9 million tonnes of crude oil last month, equivalent to about 13.63 million barrels per day (bpd), data from the National Bureau of Statistics (NBS) released on Monday showed.

Jun 15 - Vast amounts of Venezuelan oil are hidden en route to China, bypassing U.S. sanctions - data, documents 
Last year, China replaced the United States as the No. 1 importer of oil from Venezuela, yet another front in the heated rivalry between Washington and Beijing. The United States had imposed sanctions on Venezuela's state-owned oil company as part of a bid to topple that country's socialist president, Nicolas Maduro. U.S. refineries stopped buying Venezuelan crude. Caracas' ally China, long a major customer, suddenly found itself the top purchaser. Through the first six months of 2019, it imported an average of 350,000 barrels per day of crude from Venezuela.

Jun 15 - Canada's oil patch cuts back climate efforts under pandemic
Canadian oil sands companies have shelved nearly C$2 billion in green initiatives in a cost-cutting drive to weather the coronavirus pandemic, a reversal in some of their commitments to reduce emissions and clean up their dirty-oil image. International oil firms left Canada in droves in recent years due to the high costs to turn a profit in the sector. Some investors and banks, meanwhile, halted financing in part to pressure the world's fourth-largest crude producer to reduce the environmental impact of oil-sands production.

Jun 15 - Speculators raise U.S. crude oil net longs - CFTC
Money managers raised their net long U.S. crude futures and options positions in the week to June 9, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group raise its combined futures and options position in New York and London by 105 contracts to 401,121 during the period.

Jun 15 - S.Korea's May U.S. crude imports fall to lowest since Nov 2018
South Korea's U.S. crude oil imports fell in May to their lowest since November 2018 as some refiners conducted maintenance amid a demand slowdown as fuel use was hit by the coronavirus pandemic, customs data showed on Monday. In May, U.S. crude imports were 956,686 tonnes, or 226,210 barrels per day (bpd), according to the customs data. That was down 33.2% from 1.43 million tonnes a year earlier. The United States ranked as South Korea's No.3 crude supplier after Saudi Arabia and Kuwait last month.
 
Jun 15 - U.S. gasoline consumption rebounds, jet stays depressed: Kemp 
U.S. petroleum consumption is rebounding strongly, led by gasoline, as stay-at-home orders are lifted, but recovery in diesel has been erratic, and there is no sign of a return in jet fuel use yet. The total volume of petroleum products supplied to the domestic market reached 17.6 million barrels per day (bpd) last week, up from a trough in the middle of April of just 13.8 million bpd.

Jun 12 - China's U.S. oil imports to hit record in July after refiners snapped up bargains
China is set to import a record amount of U.S. crude oil in July, Refinitiv data showed, as the cargoes that bargain hunters snapped up during the April price rout get delivered to the world's top importer. An estimated 2.68 million tonnes of U.S. crude could be discharged at the world's No. 2 oil consumer in July, the data showed. That would be a six-fold jump from the prior two months and above the previous record of just over 2 million tonnes in January 2018.

Jun 12 - Exxon set to revive North Sea sale after months of delays -sources
Exxon Mobil is preparing to restart the sale of its British North Sea assets after weaker oil prices and the coronavirus outbreak led to months of delay, industry and banking sources said. The sale process, initially planned for late last year, is expected to raise less than originally expected after a 40% drop in oil prices since January and their weakened long-term outlook.

Jun 12 - U.S. crude stocks bloated by aftermath of volume war: Kemp
U.S. petroleum inventories climbed again last week to a record 2.1 billion barrels, mostly as a result of rapid crude imports, with an unusually large volume again arriving from Saudi Arabia. Once the extra tankers loaded at the height of the Saudi-Russian volume war have finished discharging, which should be within the next week or two, U.S. crude stocks should stabilise.

Jun 12 - China curbs coal imports after 5 months of record inflows - sources
China has stepped up customs checks for coal imports, leading to lengthy processing delays at ports, four sources familiar with the matter said, as the country seeks to bolster the domestic coal industry. China is curbing coal arrivals through import quotas and quality restrictions on downstream users, such as utilities, following record imports for the first five months of the year.

Jun 12 - Venezuela's PDVSA to cut crude output at western venture as inventories rise
Venezuela's state-run oil company Petroleos de Venezuela plans to halt onshore crude output at a key joint venture in the western region, according to a document seen by Reuters and a person with knowledge of the matter. The plan to shut wells at the onshore portions of the Lagunillas and Bachaquero fields near Lake Maracaibo, part of the Petrozamora joint venture between PDVSA and GPB Global Resources BV, is due to a lack of available storage space as inventories mount due to a drop in exports, the document said. 

Jun 12 - 'Sold!' Auctioneers race to unload oil equipment as U.S. drilling dries up
Fast-talking auctioneer Greg Highsmith sung out dozens of prices - "seventy-five-hundred now, $10,000 now, be able to get 15,000?" - before a North Dakotan buyer paid $27,500 for a used Caterpillar oil swabbing rig on Friday. Total time taken to auction that rig, which when new could cost more than $500,000? Just 51 seconds.

Jun 12 - Commodities trader Trafigura H1 profit boosted by COVID-19 volatility
Trafigura recorded its highest first half net profit since 2016, despite $580 million in impairments, as its oil and metals trading divisions thrived in the extreme volatility caused by Middle East events and COVID-19, the company said on Thursday. The Geneva-based trading house posted a 27% year-on-year rise in net profit to $542 million for the six months to March 31. New IFRS 16 accounting rules, however, reduced the total by $31 million.

Jun 11 - U.S. crude stockpiles surge to record high on big Saudi imports - EIA
U.S. crude oil stockpiles rose unexpectedly last week to an all-time high as refiners boosted imports, particularly from Saudi Arabia, while exports dropped to lows not seen since November. The Energy Information Administration also said on Wednesday that refined product demand ticked up, but still remained far below normal levels.

Jun 11 - India's monthly fuel demand jumps 47.4% in May as lockdowns ease
India's fuel demand rose by nearly 50% in May from the previous month as the country eased coronavirus-led restrictions, Oil Ministry data showed on Wednesday, signalling a slow revival of economic activity. Fuel consumption, a proxy for oil demand in Asia's third biggest economy, totalled 14.65 million tonnes in May, 47.4% higher than in April but still 23.3% lower than a year earlier, the data from the Petroleum Planning and Analysis Cell (PPAC) of the ministry showed.

Jun 11 - Nigeria to reach OPEC+ compliance by mid-July
Nigeria did not fully comply with a pact by oil producers to rein in output to balance markets but will make additional cuts to make up for the lapse by mid-July, the head of the Nigerian National Petroleum Corporation Mele Kyari said on Wednesday. Nigeria had exceeded its quota for production cuts under an OPEC+ deal by a little less than 100,000 barrels per day (bpd) in May, Kyari said in an online interview with Dubai-based research firm Gulf Intelligence.

Jun 11 - Global new clean energy investment totalled $282 bln last year-research
Global investment in new clean energy capacity rose 1% last year to $282.2 billion, research by UNEP, Bloomberg New Energy Finance and the Frankfurt School-UNEP Collaborating Centre showed on Wednesday. The United States invested $55.5 billion in 2019, up 28% from the year before as onshore wind developers rushed to take advantage of tax credits before their expected expiry, the report said.

Jun 11 - Goldman traders gain $1 bln in commodities revenue after oil slump
Goldman Sachs Group Inc commodities unit generated more than $1 billion in revenue this year through May as traders positioned their bets for the collapse in oil prices, a source familiar with the group's finances said on Wednesday. The gains were largely driven by oil trading, the source said, though other commodities, including natural gas, power and precious metals contributed, the source said. 

Jun 11 - U.S. ethanol use hits 11-week high but is still 10% off ‘normal’ -Braun
Fuel demand has made a strong comeback from the coronavirus gut-punch that had most of the world sheltering in place, though it is still notably off expected levels, leaving a lot of uncertainty over how much U.S. corn demand will ultimately be lost because of slower ethanol output. U.S. fuel ethanol production rose 9% on the week through June 5 to 837,000 barrels per day, which is up 56% from the record low back on April 24 but down nearly 20% from what might be observed this time of year with no disruptions. 

Jun 11 - Oil traders expect stocks to start falling this month: Kemp
Crude traders are anticipating a substantial reduction in global stocks over the next year as consumption recovers after the coronavirus epidemic and output cuts by OPEC+ and shale producers whittle away excess inventories. Brent calendar spreads have tightened progressively since the middle of April as the major economies have begun to re-open after locking down in March and oil producers have started to cut output.

Jun 10 - U.S. crude output decline in 2020 to be steeper than previously expected - EIA
U.S. crude output is set to fall by 670,000 barrels per day (bpd) in 2020 to 11.56 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, steeper than the 540,000 bpd decline it forecast previously as drillers have slashed activity. The agency now expects U.S. petroleum and other liquid fuel consumption to plunge 2.4 million bpd to 18.06 million bpd in 2020 compared with its previous forecast for a drop of 2.19 million bpd.

Jun 10 - Global gas demand on course for biggest annual fall on record -IEA
The coronavirus crisis and a very mild winter in the northern hemisphere have put global natural gas demand on course for the biggest annual fall on record, the International Energy Agency said in its annual outlook on Wednesday. Global gas demand is expected to fall by 4%, or 150 billion cubic metres (bcm), to 3,850 bcm this year – twice the size of the drop following the 2008 global financial crisis.

Jun 10 - Oil tankers turn away from Venezuela as more sanctions loom
Oil tankers that were sailing toward Venezuela have turned around and others have left the country's waters as the United States considers blacklisting dozens of ships for transporting Venezuelan oil, according to shipping data and industry sources. The threat of tighter sanctions is already disrupting the global shipping market. Chinese oil firms are considering whether to decline to charter any tanker that has visited Venezuela in the past year, no matter where the ship is now or for what voyage, four shipping sources told Reuters on Tuesday. 

Jun 10 - LNG recovery in Asia depends on China, India policies: Russell
The latest International Energy Agency (IEA) report on the global natural gas market makes sombre reading, especially for current and would-be producers of the super-chilled version of the fuel. No doubt much of the commentary on the report, issued on Wednesday, will be around the headline forecast that global natural gas demand will drop by 4%, or 150 billion cubic metres (bcm) in 2020 as consumption takes a hit from the economic impact of the novel coronavirus. 

Jun 10 - China's coal mining hub Shanxi to shut small mines by end-2020
China's coal mining hub Shanxi will shut down all small-sized coal mines, with annual capacity below 600,000 tonnes, in the province by the end of 2020, the provincial authorities said in a statement. The northern province is China's second biggest coal mining region by production after Inner Mongolia. It produced 971.09 million tonnes of coal in 2019, accounting for a quarter of the country's total.

Jun 10 - Refineries around Asia join Chinese peers in ramping up oil output
Refineries from India to South Korea are expected to increase output from June, joining their Chinese counterparts as the easing of lockdown measures boosts demand for oil products, industry executives said. The average operating rate for refineries in Asia is expected to rise to 75.5% and 82.2% in the third and fourth quarters, respectively, from 72.4% in the second quarter out of total capacity of about 35 million barrels per day, according to energy consultancy FGE.

Jun 10 - Libya's Sharara oilfield declares force majeure after brief shutdown
Libya's National Oil Corporation (NOC) declared force majeure on exports from its Sharara oilfield on Tuesday, as an armed group repeatedly halted production just days after output had resumed following a blockade that had lasted months. An oilfield engineer told Reuters that production at Sharara had stopped for a second time in 24 hours after having been shuttered and resumed already on Tuesday.

Jun 10 - China to cut teapot refining capacity as plans for mega complex
China's oil hub Shandong has embarked on a plan to shut down capacity of half a million barrels per day shared among small, independent refiners to make way for a giant complex that should spur economic recovery from the coronavirus crisis. Reuters exclusively reported last week that China, the world's largest oil consumer after the United States, was going ahead with the $20 billion Yulong Petrochemical complex. 

Jun 10 - Shale companies look to bolster insurance for directors and officers
The U.S. oil and gas industry is paying a hefty price to protect its top brass against potential bankruptcy and investor lawsuits. Oil companies are shelling out as much as 75% more to renew insurance liability coverage for directors and officers, as the sector prepares for a wave of bankruptcies brought on by collapsing oil and gas demand and plunging prices during the coronavirus pandemic.

Jun 10 - Goldman Sachs expects oil rally to run out of steam soon
Oil prices are likely to pull back in the coming weeks due to the uncertain path of future demand and a "daunting" inventory overhang, Goldman Sachs said in a note dated Monday. "The collapse in (refining) margins to unprecedented lows is reflective of both over-valued crude prices as well as a more moderate demand recovery, two pillars of our short-term bearish view," the Wall Street bank said.

Jun 10 - Vitol veteran Taylor, who transformed oil trade, dies aged 64
Ian Taylor, who built Vitol into the world's biggest oil trader, has died from pneumonia at the age of 64, the company said on Tuesday, after surviving bouts of cancer and a stroke last year. From drinking with Fidel Castro to providing billions of dollars to Kazakhstan, Taylor was known as a risk taker who even flew to Libya during the 2011 uprising against Muammar Gaddafi.

Jun 09 - Saudi Arabia to end voluntary cuts on top of OPEC+ pact
Saudi Arabia will boost output in July to match its output OPEC quota while ending deeper, voluntary cuts amid signs of global demand recovering, the Saudi energy minister said on Monday. OPEC, Russia and other producers agreed on Saturday to extend record output cuts of 9.7 million barrels per day (bpd) into July, curbing global supply by almost 10% amid a steep slump in demand due to the coronavirus pandemic. 

Jun 09 - Oil major BP to cut 15% of workforce
BP will cut about 15% of its workforce in response to the coronavirus crisis and as part of Chief Executive Bernard Looney's plan to shift the oil and gas major to renewable energy, it said on Monday. Looney told employees in a global online call that the London-based company will cut 10,000 jobs from the current 70,100.

Jun 09 - Saudi crude oil price hike throws Asian lifeline to U.S. shale: Russell
Saudi Arabia's decision to jack up the price of its July exports to Asia may have opened the door for U.S. crude oil producers to boost sales to the region that consumes more oil than anywhere else in the world. State-controlled producer Saudi Aramco hoisted its official selling prices (OSPs) to all regions for July-loading cargoes, but the biggest hikes were for the key Asian region, which takes the bulk of the kingdom's exports.

Jun 09 - Energy firms prepare to resume U.S. Gulf of Mexico output after storm passes
Energy companies on Monday began preparations to resume oil and gas production in the U.S. Gulf of Mexico, a day after Tropical Storm Cristobal blew through with high winds and heavy rains. Producers had evacuated 182 offshore facilities and shut in about a third of oil and gas production in U.S. Gulf of Mexico wells as of Monday.

Jun 09 - Hedge fund buying dries up after oil prices double: Kemp
Hedge funds have started to temper their bullishness towards oil after crude futures prices have doubled since late April. Crude prices are nearing levels expected to see some shale production restart and there are concerns the rally is outrunning the recovery in demand.

Jun 09 - Norway parliament grants more tax relief to oil sector
Norway's parliament has agreed additional tax breaks for the oil industry on top of those proposed by the minority government to spur investment and protect jobs, the ruling Conservative Party said on Monday. Equinor and other companies hit by low crude prices as the COVID-19 pandemic has destroyed demand, had said the government's plan to postpone tax payments of 100 billion crowns ($10.8 billion) was not enough. 

Jun 09 - Poland shelves plan to merge oil and gas groups - sources
Poland has shelved plans to merge oil refiner PKN Orlen and gas firm PGNiG due to disagreements within the government and pending the outcome of PKN's attempt to purchase rival Lotos, three sources familiar with the situation said. Since coming to power in 2015, Poland's conservative Law and Justice party (PiS) has sought to increase state control over the economy, while reducing the role of foreign investors. 

Jun 09 - Poland halts work at 12 coal mines to curb COVID-19, angering union
Poland will close 12 coal mines from Tuesday for three weeks to curb the spread of the coronavirus among miners, Deputy Prime Minister Jacek Sasin said on Monday. Miners account for almost 20% of coronavirus cases reported in Poland. But the Solidarity trade union denounced the move, saying it would lead to permanent closures as the nationalist government was already planning to restructure the industry.

Jun 08 - OPEC, Russia extend record oil cuts to end of July
OPEC, Russia and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10% of global supplies from the market. The group, known as OPEC+, also demanded countries such as Nigeria and Iraq, which exceeded production quotas in May and June, compensate with extra cuts in July to September.

Jun 08 - Saudi Arabia raises July crude prices after OPEC+ extends cuts
Saudi Arabia has raised the selling prices for its crude grades to all destinations for July, a day after OPEC, led by Riyadh, and its allies agreed to extend record oil production cuts until the end of July. State oil giant Saudi Aramco has raised the July price for its Arab light crude to Asia to plus $0.20 a barrel, up $6.10 from June, it said in a statement on Sunday.

Jun 08 - China's May crude imports hit highest monthly level on record
China's crude oil imports jumped 19.2% in May from a year earlier, to the highest monthly level on record, as demand for fuel recovered robustly after the easing of curbs to stop the spread of the novel coronavirus. The world's top crude oil importer brought in 47.969 million tonnes of oil, data from the General Administration of Customs on Sunday showed, equivalent to 11.296 million barrels per day (bpd), according to Reuters calculations.

Jun 08 - Two major Libyan oilfields reopen after months of blockade
Two major oilfields in southwestern Libya have reopened after months of a blockade that shut off most of the country's crude production, costing billions of dollars in lost revenue. The state-owned National Oil Corporation (NOC) confirmed on Sunday that some production had resumed at the 300,000 barrel per day (bpd) Sharara oilfield, shut for more than four months.

Jun 08 - Venezuela's new gasoline system fails to end epic lines
Hundreds of Venezuelans queued up in miles-long lines to try to fill their cars with subsidized gasoline over the weekend, a week after President Nicolas Maduro launched a new dual-price system aimed at easing an acute fuel shortage. Maduro on May 30 announced the new system in which motorists could purchase up to 120 liters (31.7 gallons) of gasoline at a heavily subsidized price of 5,000 bolivares (2.5 U.S. cents) per liter, and 50 U.S. cents per liter thereafter. Some 200 gas stations were designated to charge solely at the higher price. 

Jun 08 - Angola cuts oil shipments to China as it seeks debt relief
Angola has cut the number of oil cargoes that it will ship to Chinese state firms to pay down debt to Beijing as it seeks to renegotiate repayment terms to deal with the crippling impact of the coronavirus, three sources familiar with the matter said. Angola said this week it had asked for G20 debt relief and was in advanced talks with some countries importing its oil on adjusting financing facilities, but expects no further debt overhaul to be needed beyond this. 

Jun 08 - U.S. oil & gas rig count falls to record low for 5th week -Baker Hughes
U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a fifth week in a row even as some producers begin to reverse cuts as prices recover from historic lows caused by a slump in fuel demand amid coronavirus lockdowns. The U.S. oil and gas rig count, an early indicator of future output, fell by 17, or 6%, to an all-time low of 284 in the week to June 5, according to data from energy services firm Baker Hughes Co going back to 1940.

Jun 05 - OPEC+ may meet over oil cuts this week if laggards agree to comply – sources
OPEC+ oil producers could still hold a ministerial video conference this week if Iraq and others which have not fully complied with existing supply cuts agree to boost their adherence, three OPEC+ sources told Reuters on Thursday. The Organization of the Petroleum Exporting Countries and allies led by Russia, a group known as OPEC+, are debating when to hold ministerial talks to discuss a possible extension of the existing cuts.

Jun 05 - U.S. senators move to tighten sanctions on delayed Russia-to-Germany gas pipeline
U.S. senators announced a bill on Thursday expanding sanctions on Russia's Nord Stream 2 natural gas pipeline and targeting the project Washington says will boost Moscow's economic and political influence in Germany and other European countries. The Protecting Europe's Energy Security Clarification Act follows legislation signed by President Donald Trump last year, which prompted Swiss-Dutch company Allseas to halt undersea work, delaying the project. 

Jun 05 - Trump gives U.S. agencies power to fast-track big infrastructure projects
U.S. President Donald Trump on Thursday signed an executive order that gives federal agencies emergency powers to fast-track major energy and other infrastructure projects by overriding environmental permitting requirements. The White House said the order was a way to help the economy rebound from the impact of the coronavirus pandemic and improve infrastructure.

Jun 05 - Stuck with too much diesel, U.S. refiners need to restrict runs: Kemp
U.S. refiners are struggling to manage their production and stocks as the economy’s uneven re-opening leaves demand for some refined fuels recovering much faster than others. Output cuts by OPEC+ and U.S. domestic producers have brought crude inventories under control, but stocks of refined products, especially diesel and other middle distillates, are rising unsustainably.

Jun 05 - Hard-hit Canadian oil companies still waiting for Trudeau loans
Canadian oil producers sideswiped by economic damage from the coronavirus pandemic have received no federal loans, seven weeks after the first lending program was announced, government and industry officials said on Thursday. Prime Minister Justin Trudeau's government announced loans and loan guarantees for small and midsize energy companies in April, and credit for large employers in numerous sectors including energy on May 11, to survive an oil price crash sparked by the pandemic.

Jun 04 - Saudi, Russia agree oil cuts extension, raise pressure for compliance
OPEC leader Saudi Arabia and non-OPEC Russia have agreed a preliminary deal to extend existing record oil output cuts by one month while raising pressure on countries with poor compliance to deepen their cuts, OPEC+ sources told Reuters. However, there was no agreement yet on whether to hold an OPEC+ output policy meeting on Thursday with the main obstacle being how to deal with countries that have failed to make the deep supply cuts required under the existing pact, the sources said.

Jun 04 - Oil refineries, offshore drillers face hurricane challenges amid pandemic
As oil and gas companies began shutting offshore production before the first tropical storm of the season in the U.S. Gulf of Mexico, experts said restarting wells and refineries will take longer and prove more costly this year because of COVID-19. Well shut-ins typically last a few days or weeks at most, but oil companies have adopted stringent virus precautions for refinery and offshore staff, including frequent health checks, travel restrictions, onsite protective gear, and longer work stints with pre-departure quarantines. 

Jun 04 - OPEC+ keen to keep U.S. shale in check as oil prices rally
When OPEC, Russia and their allies agreed in April to slash oil production, little did they expect that their initiative to prop up collapsing prices would be helped by a swift drop in U.S. output. Now that crude has rallied on the back of those cuts from below $20 a barrel to $40 or more, the group known as OPEC+ faces a fresh challenge: stopping U.S. shale production delivering another surprise by recovering equally quickly.

Jun 04 - Rosneft replaces sanctioned trading arm with new one - sources
Russia's Rosneft, which closed its oil trading arm after sanctions were imposed by U.S. authorities in February, has set up a new Geneva-based trading business, four trading sources familiar with the matter said. The new business, Energopole SA, will take on the main functions previously carried out by Rosneft Trading of supplying Russian oil giant Rosneft's refineries in Germany and some trading operations in Europe, the traders told Reuters.


Jun 04 - U.S. crude stocks drop, diesel inventories surge – EIA
U.S. crude oil stockpiles unexpectedly fell last week, but diesel inventories surged as fuel demand remains impaired due to the coronavirus pandemic, the Energy Information Administration said on Wednesday. Most U.S. states have eased restrictions on movements to halt the spread of COVID-19, but activity is picking up slowly. Crude stockpiles have dropped, but consumption is not keeping up with refining production, boosting inventories. 

Jun 04 - Shell weighs sale of $2 bln-plus stake in Queensland LNG facilities
Royal Dutch Shell is considering raising more than $2 billion from the sale of a stake in the common facilities at its Queensland Curtis LNG plant in Australia, according to a sale flyer reviewed by Reuters. "Royal Dutch Shell plc is considering a sale of a 26.25% interest in the Queensland Curtis LNG (QCLNG) Common Facilities - a multibillion dollar investment opportunity," the sale flyer said. 

Jun 04 - Ex-Enron CEO Skilling launching new digital marketplace for oil investors - sources
Former Enron CEO Jeffrey Skilling, released last year after a 14-year prison term stemming from the energy firm's collapse, is raising funds to launch a digital marketplace catering to professional oil and gas investors, according to four people familiar with the matter. The venture, called Veld LLC, plans to profit by charging a fee for marketing stakes in operating oil and gas wells, one of the people said, and will offer analytical data to investors interested in the well stakes. 

Jun 04 - Spot LNG, the worst-performing energy commodity, faces more price pain: Russell
With the recovery in crude oil prices, spot liquefied natural gas (LNG) has assumed the unwanted mantle of the worst-performing major energy commodity this year. Spot LNG for delivery to North Asia in July dropped to $1.85 per million British thermal units (mmBtu) in the week to May 29, down from $1.92 mmBtu the prior week and matching the all-time low this year reached in the seven days to May 1.

Jun 04 - Record European gas stocks raise pressure for supply cuts
European gas inventories are at record levels as weak demand has led to excess gas moving into storage, putting pressure on producers to cut supply. A rise in global liquefied natural gas (LNG) supply due to sluggish demand in Asia, two warm winters and reduced industrial demand due to the coronavirus pandemic, have resulted in unusually high European stocks.

Jun 04 - Occidental, its share price battered, reports resounding election for directors
Occidental Petroleum Corp, whose share price was battered last year after a controversial merger with Anadarko Petroleum Corp, said on Wednesday its directors were elected last week by a comfortable margin in a shareholder vote of confidence. The votes came in the first annual meeting held since the U.S. oil and gas company's $38 billion acquisition of Anadarko, an ill-timed bet on rising shale oil prices that has knocked its share price by 78% since its interest was first disclosed.

Jun 03 - Trump administration putting trust in global oil producers ahead of OPEC+ meet
The Trump administration believes ahead of an expected OPEC+ meeting this week that major oil producers such as Saudi Arabia and Russia will honor their pledges to cut crude production and will not damage the global economy by changing course, a senior official said on Tuesday. "We trust that other major oil producers will not revert to policies that impede an orderly and swift recovery from these unprecedented global economic conditions," a senior administration official told Reuters in response to a question about the administration's approach to global oil producers ahead of the OPEC+ meeting expected on Thursday. 

Jun 03 - U.S. shale producers begin restoring output as oil prices turn higher
U.S. shale oil producers are beginning to reverse production cuts as prices recover from historic lows, underscoring shale's ability to quickly adjust to pricing and posing a challenge to OPEC as it considers extending production curbs. U.S. producers slashed output in April and May as oil prices collapsed due to a supply glut and as restrictions on populations worldwide to slow the COVID-19 pandemic destroyed fuel demand.

Jun 03 - Venezuela's oil exports sink to 17-yr low, choked by U.S. sanctions
Venezuela's oil exports plummeted in May to their lowest level since 2003 as U.S. sanctions choked exports and two Mexican firms that had acted as intermediaries for Venezuelan crude sales stopped receiving oil, Refinitiv Eikon data and internal shipping documents from state-run energy company PDVSA showed. Washington has imposed sanctions on Venezuela to starve President Nicolas Maduro of oil revenues - the OPEC nation's main source of foreign income - and break his grip on power. 

Jun 03 - U.S. sanctions four shipping firms for transporting Venezuelan oil
The U.S. Treasury Department on Tuesday said it had sanctioned four shipping firms for transporting Venezuelan oil, the latest escalation in Washington's effort to oust socialist President Nicolas Maduro by cutting off the OPEC nation's crude exports. Marshall Islands-based Afranav Maritime Ltd, Adamant Maritime Ltd and Sanibel Shiptrade Ltd, as well as Greece-based Seacomber Ltd, all own tankers that lifted Venezuelan oil between February and April of this year, the Treasury Department said. 

Jun 03 - Global diesel use likely to be depressed all year: Kemp
Consumption of diesel and other middle distillate fuels is likely to be depressed for many months, as stay-at-home orders are lifted but the lingering effects of the epidemic and lockdowns reduce business activity. Lockdowns are easing in most of the major economies, permitting factories to resume operations; now the problem is the lack of household and business demand, which will weigh on diesel use through the rest of 2020.

Jun 03 - COVID-19 pushes Poland to accelerate exit from ailing coal – sources
Poland, the European Union's biggest hard coal producer, is considering closing at least three mines in coming months as the coronavirus pandemic forces it to accelerate its exit from the sector, according to sources familiar with the matter. Poland, the only EU member to refuse to pledge to become climate neutral by 2050, has long had a close relationship with coal, which has historically been a pillar of its economy. 

Jun 03 - Trade war tradeoff: How a Missouri town got America’s dirtiest air
The residents of New Madrid County cheered in 2018 when a bankrupt aluminum smelter that rises over the Missouri region’s vast farm fields restarted operations and hiring, thanks to aluminum tariffs levied in President Donald Trump’s trade war. The smelter reclaimed its place as one of New Madrid’s biggest employers, with more than 500 workers. But the resurrection has come at a cost.

Jun 03 - Australia pins hopes on elusive gas panacea for climate, economy woes
Australia is working on plans for a gas-driven recovery from COVID-19 that will help the country adapt to a low-carbon future, with the conservative government tiptoeing away from its vocal support for coal. Prime Minister Scott Morrison, who once brandished a chunk of the divisive fossil fuel in parliament, has hailed cleaner burning gas as the key to cutting emissions in the transition to renewable energy.

Jun 02 - Long lines, confusion as Venezuela sells Iranian fuel under new price system
Venezuela on Monday launched a fuel pricing system that largely rolls back decades of heavy subsidies, creating long lines and leaving drivers confused as the government seeks to end chronic shortages with gasoline imports from Iran. Cheap fuel was for decades considered a birthright in the South American oil producing nation, but service stations have run dry in recent months due to Venezuela's dysfunctional refineries and U.S. sanctions meant to force President Nicolas Maduro from power. 

Jun 02 - China snaps up Russia's expensive Urals oil in thirst for sour barrels
China's refiners have purchased a quarter of Russia's Urals oil exports planned for June in the Baltic despite record high premiums for the grade due to a lack of sour barrels as result of the OPEC+ output cuts, traders said and shipping data showed. Rising demand for Russian barrels will likely make oil firms more reluctant to extend the record oil cuts in tandem with OPEC+ for a prolonged period of time. Russia has to decide shortly as OPEC+ countries may meet this week. 

Jun 02 - OPEC, Russia discuss extending oil cuts for 1-2 months – sources
OPEC and Russia are moving closer to a compromise on extending current oil output cuts and are discussing a proposal to roll over supply curbs for one to two months, three OPEC+ sources told Reuters on Monday. OPEC+ decided in April to cut output by a record 9.7 million barrels per day, or about 10% of global output, to lift prices battered by a demand drop linked to lockdown measures aimed at stopping the spread of the coronavirus.

Jun 02 - Hedge funds turn bullish on crude, remain cautious on fuels: Kemp
Hedge funds continue to bet on a recovery in oil prices, but their bullishness is concentrated on crude, especially U.S. crude, while refined fuel markets are expected to take longer to tighten. Hedge funds and other money managers purchased the equivalent of 26 million barrels of futures and options in the six most important contracts in the week ending on May 26.

Jun 02 - LNG ship investments delayed as coronavirus saps gas demand
Shipowners are putting off millions of dollars of investment in new liquefied natural gas (LNG) tankers as the coronavirus pandemic has led to a dive in global demand and in LNG exports, wiping out earnings for some vessels. Investment decisions on more than 70 million tonnes of new LNG production capacity have been delayed after global gas prices hit record lows this year, consultancy Poten & Partners said, while another consultancy Energy Aspects estimated 125 U.S. cargoes would be cancelled. 

Jun 02 - U.S. utilities look newly cheap, but face COVID-19 headwinds this summer
U.S. utility stocks have started to look like bargains after being considered expensive relative to the broader market for well over a year. Still, the outlook is far from certain as demand this summer is set to be hard hit by the contraction in commercial and industrial usage. Electricity use typically peaks in the summer as air conditioning units in homes, offices and factories are cranked up. But COVID-19 lockdowns have shuttered businesses and shifted many workers away from the office park and into home offices.

Jun 01 - Russia has no objection to earlier OPEC+ meeting - sources
Russia has no objection to the next meeting of OPEC and its allies, known as OPEC+, being brought forward to June 4 from the following week, three OPEC+ sources familiar with the meeting's preparations told Reuters on Sunday. Algeria, which currently holds the presidency of the the Organization of the Petroleum Exporting Countries (OPEC), has proposed the meeting planned for June 9-10 be brought forward to facilitate oil sales for countries such as Saudi Arabia, Iraq and Kuwait. 

Jun 01 - U.S. warns govts, firms against aiding Iran fuel shipments to Venezuela - envoy
Seeking to deter further shipments of Iranian fuel to Venezuela, the Trump administration has quietly warned foreign governments, seaports, shipping companies and insurers that they could face stiff U.S. sanctions if they aid the tanker flotilla, the U.S. envoy on Venezuela told Reuters on Friday. Elliott Abrams, Washington’s special representative on Venezuela, said the pressure campaign targeting heavily sanctioned U.S. foes Iran and Venezuela was being waged “to be sure everyone recognizes this would be a very dangerous transaction to assist.”

Jun 01 - U.S. crude stocks swell as tankers from Saudi Arabia unload: Kemp
U.S. petroleum inventories increased sharply last week as the fleet of tankers sent from Saudi Arabia at the height of the volume war started to discharge their crude while the recovery in domestic fuel use remained sluggish. Total stocks of crude and products outside the strategic petroleum reserve climbed by almost 15 million barrels to a record 1.41 billion barrels, according to the U.S. Energy Information Administration.

Jun 01 - India's coal imports slump as economy lockdown bites: Russell
India's imports of coal collapsed to the weakest in at least five years in May, as the economic lockdown in the world's second-biggest importer of the polluting fuel took its toll. Imports were estimated at 9.17 million tonnes in May, according to vessel-tracking and port data compiled by Refinitiv, the lowest result since Refinitiv started collating data in January 2015.
While the numbers are still subject to revision, it's clear that May's imports will come nowhere close to the 14.64 million tonnes in April, or the 21.2 million tonnes in May last year.

Jun 01 - Oil analysts see prices edging up but still capped below $40/bbl - poll
Oil prices will gradually gain this year with demand improving and supply falling, although tensions between the United States and China are hanging over the coronavirus-hit market, a Reuters poll showed on Friday. The survey of 43 analysts forecast Brent crude would average $37.58 a barrel in 2020, about 5% above April's $35.84 consensus, but still lower than the $42.37 average so far this year.

Jun 01 - U.S. oil output fell 28,000 bpd in March to 12.7 mln bpd – EIA
U.S. crude oil production fell 28,000 bpd, or 0.2%, in March to 12.716 million barrels per day, the lowest level since October, the U.S. Energy Information Administration said in a monthly report on Friday. Abundant U.S. crude production is being throttled back in response to oversupply and low demand due to the coronavirus pandemic. 

Jun 01 - Speculators raise U.S. crude oil net longs - CFTC
Money managers raised their net long U.S. crude futures and options positions in the week to May 26, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group raise its combined futures and options position in New York and London by 13,581 contracts to 393,793 during the period. 

Jun 01 - Lasting contango in oil: market spread to outlast supply-demand imbalance
While vast cuts by producer countries and renewed fuel consumption from easing coronavirus lockdowns may soon rebalance oil supply and demand, some analysts and traders see a glut in storage keeping the market in contango for much longer. A contango market structure means the current value is lower than it will be in later months and encourages traders to store oil to resell it in the future. 

Jun 01 - U.S./Canadian oil & gas rig count falls to record low -Baker Hughes
U.S. and Canadian energy firms cut the number of oil and natural gas rigs operating to a record low as they slash spending on new drilling after global coronavirus lockdowns caused energy prices and demand to collapse. The U.S. oil and gas rig count, an early indicator of future output, fell by 17 to an all-time low of 301 in the week to May 29, according to data from energy services firm Baker Hughes Co going back to 1940.

May 29 - OPEC, Russia bargain over oil cuts ahead of June meeting 
Saudi Arabia and some other OPEC oil producers are considering extending record high output cuts until the end of 2020 but have yet to win support from Russia, according to OPEC+ and Russian industry sources. The Organization of the Petroleum Exporting Countries and other producers led by Russia, a group known as OPEC+, agreed last month to cut output by 9.7 million barrels per day (bpd) in May and June.

May 29 - Russia's Rosneft finds extended oil cuts painful-sources 
Rosneft does not have enough crude to ship to buyers with which it has long-term supply deals, making it hard for the Russian company to continue with record oil cuts beyond June, four sources familiar with the matter told Reuters on Thursday. Rosneft has told the energy ministry it would be difficult to maintain cuts to the end of the year, as it has had to cut shipments to major buyers, such as Glencore and Trafigura, despite good demand, two sources close to the talks said on condition of anonymity.

May 29 - U.S. crude, diesel stocks pile up on lackluster fuel demand - EIA 
U.S. crude oil and distillate inventories rose sharply last week, the Energy Information Administration said on Thursday, while fuel demand remained slack even as various states eased movement restrictions that were put in place to stem the coronavirus pandemic. Crude inventories posted a gain of 7.9 million barrels in the week to May 22, largely due to imports. That brought overall U.S. stocks, excluding strategic reserves, to 534.4 million barrels, about 1 million barrels away from an all-time record. 

May 29 - China, India soak up oil from floating storage as demand recovers 
The volume of crude stored on ships in Asia has come off the peaks seen earlier this month on a recovery in demand in China and India, trade sources and analysts said. A total of 3.4 million tonnes (24.8 million barrels) of crude oil was discharged from floating storage into Asian markets in the past seven days, with China the top destination at 1.8 million tonnes and India second at 842,679 tonnes, according to oil analytics firm Vortexa.

May 29 - Fed's Kaplan sees global oil glut lasting well into 2021 
The global oil glut due to the coronavirus pandemic will likely last well into 2021, Dallas Federal Reserve Bank President Robert Kaplan said on Thursday, and longer, if the economic recovery is weaker than expected. "We think it will take probably until sometime in the second half of 2021, depending on economic growth, to work off all this excess inventory that we have globally," Kaplan told Reuters in an interview. "And if we grow more slowly, it will take into 2022." 

May 29 - U.N. delays crucial climate summit for a year, cites pandemic 
The coronavirus pandemic has prompted the United Nations to delay until late 2021 a crucial climate summit that had been scheduled for Britain this year, officials said on Thursday. This year's meeting, known as the COP26 summit, had been billed as the most important climate change summit since the 2015 talks that produced the Paris Agreement. Hundreds of world leaders had been expected to respond to public pressure for stronger global climate action by delivering pledges to slash greenhouse gas emissions more rapidly.

May 28 - Why U.S. energy CEOs will get big payouts despite oil meltdown 
National Oilwell Varco Inc (NOV) has had a rough few years: Since 2017, the Houston company, whose drilling equipment is in major oilfields worldwide, has lost two-thirds of its value, costing shareholders a combined $9 billion. Despite that performance, Chief Executive Clay Williams pocketed $3.3 million in stock in late February, solely because his company's total shareholder return over the three years ending in 2019 was not as bad as most of his beleaguered peers.

May 28 - Chevron to cut up to 15% of staff amid restructuring
Chevron Corp will cut 10% to 15% of its worldwide workforce as part of an ongoing restructuring at the second-largest U.S. oil producer. The oil producer previously disclosed a 30% reduction in its 2020 spending and some voluntary job cuts amid this year's sharp drop in oil prices and lower demand for oil and gas due to the COVID-19 pandemic.

May 28 - Putin, Saudi crown prince agree further coordination on oil output cuts - Kremlin
Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman agreed during a telephone call on further "close coordination" on oil output restrictions, the Kremlin said on Wednesday, just two weeks before an online oil conference. It said they also both noted the importance of joint efforts aimed at reaching the agreements within the OPEC+ group in April on oil production curbs.

May 28 - Exxon shareholders soundly reject splitting CEO/chairman roles 
Exxon Mobil Corp shareholders soundly rejected climate-related proposals and splitting the chairman and chief executive's roles at the oil major's shareholder meeting on Wednesday. Climate activists had swung behind efforts to split the roles of chief executive and chairman after prior defeats on resolutions seeking to make it more accountable to shareholders on climate change risk. This year's vote on an independent chair collected 32.7% of the vote, down from nearly 41% last year.

May 28 - OPEC+ must plan exit strategy: Kemp 
Saudi Arabia and its allies in the expanded OPEC+ group of oil-exporting nations have only just started to implement output cuts, so it might seem premature to start talking about the need for an exit strategy. But an important part of being a successful market manager is about knowing when to increase production and capacity to forestall excessive investment by rivals and potential rivals.

May 28 - The spike before the slump? Australian coal exports to China soar in May: Russell 
Australia's coal exporters are bracing for a slump in shipments to China, making it somewhat ironic that May is likely to be the strongest month in nearly two years for Chinese imports from Down Under. Traders are expecting that China's coal imports may fall in coming months amid moves by Beijing to restrict cargoes to protect the domestic mining industry and prices.

May 28 - Japan's refinery runs fall to the lowest since at least 2005 
Japan's refineries operated at only 56.1% of their capacity in the week ending on May 23, data from the Petroleum Association of Japan (PAJ) showed on Wednesday, as the COVID-19 pandemic reduced fuel demand. Operating capacity was down 5.4 percentage points from the previous week and 16.1 percentage points from a year earlier, the PAJ data showed.

May 28 - Occidental is sued by shareholders, bondholders over Anadarko merger 
Occidental Petroleum Corp has been sued by investors who claim they suffered billions of dollars of losses because the heavily indebted company concealed its inability to weather plunging oil prices, after paying $35.7 billion to acquire Anadarko Petroleum Corp. The proposed securities class action was filed late Tuesday in a New York state court in Manhattan on behalf of former Anadarko shareholders who swapped their stock for Occidental shares, and investors who acquired $24.5 billion of Occidental bonds that helped fund the August 2019 merger.

May 27 - Global energy investment expected to tumble 20% in 2020 due to COVID crisis - IEA 
Global energy investment is expected to plunge by around 20% or $400 billion in 2020, its biggest fall on record, because of the new coronavirus outbreak, the International Energy Agency (IEA) said on Wednesday. The Paris-based IEA said this could have serious repercussions for energy security and the transition to clean energy as the global economy recovers from the pandemic.

May 27 - Venezuela's PDVSA cuts crude blending, output as inventories rise - sources, documents 
Venezuela's state-run oil company Petroleos de Venezuela has cut crude production at several locations and its main crude blending plant has been operating intermittently this month due to mounting stockpiles, according to a half-dozen industry sources and documents seen by Reuters. Venezuela's oil industry has been squeezed by more than a year of sanctions from the United States, and in recent months the Trump administration has increased the pressure on some of the remaining buyers of Venezuelan crude. Washington sanctioned PDVSA early last year as part of the administration's efforts to oust President Nicolas Maduro. 

May 27 - Russian minister, oil majors discuss output cut extension - sources 
Russian Energy Minister Alexander Novak met with domestic major oil companies on Tuesday to discuss the implementation of global oil production curbs and the possible extension of the current level of cuts beyond June, sources familiar with the plans told Reuters. The meeting is a further sign that Moscow is committed to supporting any future joint steps to stabilise oil markets for as long as may be required, after slashing its production to close to its quota under the global deal.  

May 27 - Coronavirus spreads in Brazil's oilfields, as 6 offshore operators register cases 
Norway's Equinor ASA, Brazil's Dommo Energia SA and Anglo-French firm Perenco are among at least six oil producers that have registered coronavirus cases among employees or contractors at facilities off the coast of Brazil, according to industry and regulatory sources. Royal Dutch Shell PLC and Brazil's Enauta Participacoes SA have registered one case each. Hundreds of cases have been recorded at oilfields operated by state-run Petrobras.

May 27 - Third Iranian fuel cargo reaches Venezuelan waters, others unloading - data 
The third cargo of an Iranian tanker flotilla carrying fuel for gasoline-thirsty Venezuela on Tuesday reached the nation's exclusive economic zone as the previous two were discharging at state run PDVSA's ports, Refinitiv Eikon data showed. The Iran-flagged tanker Petunia crossed the Caribbean Sea earlier on Tuesday, following the same route as vessels Fortune and Forest. The Fortune arrived on Monday at a port serving PDVSA's El Palito refinery. 

May 27 - Morgan Stanley sees tighter oil market, raises Brent forecast 
Morgan Stanley on Tuesday raised its year-end Brent price forecast to $40 per barrel, citing a faster-than-expected balance in global oil demand and supply as countries ease coronavirus restrictions and major producers cut supply. "We expect demand to rebound to about 97 million barrels per day (bpd) by Q4 as economies come out of lockdown - a significant improvement although still down about 4 million bpd year-on-year," the bank said.

May 27 - Pandemic forces virtual safety checks for oil tankers 
Ship assessors are resorting to virtual inspections of oil tankers to keep vessels afloat, as the coronavirus pandemic makes physical visits to check for seaworthiness tougher and a slump in fuel demand increases the need for ships as storage. Oil tankers require rigorous inspections twice a year to reduce the risk of oil spills or mechanical collapse with polluting cargoes onboard. 

May 27 - Hedge funds build large bullish position in WTI: Kemp 
Hedge funds and other money managers continued to accumulate bullish positions in crude oil and its products last week but almost all buying remains concentrated in WTI, with little evidence of optimism in other futures contracts. Portfolio managers purchased the equivalent of 30 million barrels in the six most important futures and options contracts in the week to May 19, exchange and regulatory data shows.

May 26 - Russia leapfrogs Saudi Arabia as China's top crude oil supplier in April
Russia overtook Saudi Arabia as China's top crude oil supplier in April, customs data showed, with imports rising 18% from the same month a year earlier as refiners snapped up cheap raw materials amid a price war between the two producers. Russian shipments reached 7.2 million tonnes last month, equivalent to 1.75 million barrels per day (bpd), according to data from the General Administration of Customs released on Tuesday.

May 26 - 'This could be the one that gets me,' says oilfield service veteran 
Tim Harris was preparing to relocate for an assignment with energy services firm Halliburton Co for the fifth time in 15 years when his career came to a halt. A third-generation employee, Harris rose through the ranks at the top shale-oil services provider to oversee oilfield crews. He sailed through several busts, with the exception of a 9-month break in 2016. 

May 26 - Iranian tanker docks in Venezuelan port, domestic refining rises 
The first of five Iranian tankers carrying fuel to Venezuela has moored at a port serving the El Palito refinery, the oil minister said on Monday, and Refinitiv Eikon data showed a second vessel had entered its waters. Iran is providing Venezuela with 1.53 million barrels of gasoline and refining components in a move criticized by U.S. authorities as both countries are under U.S. sanctions, according to the governments, sources and calculations by TankerTrackers.com. 

May 26 - India's April crude processing in biggest drop in at least nearly two decades 
India's crude oil processing in April slumped by 28.8% from a year earlier, its biggest drop since at least 2003, as a nationwide lockdown weighed on fuel demand and forced refiners to cut production. Refiners processed about 14.75 million tonnes or 3.60 million barrels per day (bpd) of oil last month, government data showed.

May 25 - Reminder : Ascension Day on Thursday, the end of Ramadan on Friday and a Bank Holiday on Monday (LDN & NY closed)

May 25 - China's "hermit" investors fill doubled oil storage with crude bet
Chinese financial investors betting on a rebound in oil prices are filling commercial storage tanks held by the Shanghai futures exchange just as fast as the exchange can find them. Despite a more than doubling of storage capacity over the past six weeks to 57 million barrels, with tanks sourced from state and private refiners, nearly all existing storage is set to be filled by end-June, two industry sources with knowledge of deliveries said.

May 25 - Iraqi, Saudi energy ministers say committed to output cuts
Iraq and Saudi Arabia agreed on Saturday to continue working to re-balance markets and stressed their commitment to output cuts agreed by the Organization of the Petroleum Exporting Countries, Russia and other allies, Saudi state news agency SPA said. The comments came after Iraq's Finance Minister Ali Allawi, who is acting oil minister, visited Saudi Arabia to discuss the oil market with the Saudi energy minister, SPA said. 

May 25 - Iran fuel shipment nears Venezuelan shores, Maduro thanks Tehran
The lead vessel of a five-tanker flotilla carrying fuel supplied by Iran to gasoline-thirsty Venezuela neared one of state-run PDVSA's ports as President Nicolas Maduro thanked Tehran on Sunday. Iran is providing Venezuela with 1.53 million barrels of gasoline and components in a move criticized by U.S. authorities as both nations are under Washington's sanctions, according to the governments, sources and calculations by TankerTrackers.com. 

May 25 - Australia shows how policy can stifle renewable energy future: Russell
One of the themes emerging as the world looks to recover from the coronavirus pandemic is that this is a once-in-a-lifetime opportunity to reboot the global energy system and embrace a future of renewables. But the current debate in Australia over energy policy and emissions shows that in the absence of supportive, or even neutral, government policies, achieving the goal may be difficult.

May 25 - -BP's Looney halves top management roles under energy transition plan
BP is more than halving the size of its senior management team as part of Chief Executive Bernard Looney's drive to make the 111-year-old oil company more nimble as it prepares for the shift to low-carbon energy, company sources told Reuters. Under BP's new business structure the number of leadership roles will drop to about 120 from 250, with many veteran executives who held key positions under former Chief Executive Bob Dudley set to leave in the coming months, the sources said.

May 25 - U.S. shale bust slams rural economies as oil checks shrivel
Royalties from oil pumped on Paul Ruckman's land allowed the South Texas retiree to build a six-bedroom, seven-bathroom vacation home. He had plenty left over, and donated some of it to Helena, Texas, an 1800s ghost town that draws hundreds to historic buildings and gunfight re-enactments. The worst oil bust in decades has slashed the bounty that flowed to millions of rural Americans like Ruckman, who said his royalty checks have plummeted 70% since January.

May 25 - N. American oil & gas rig count falls to record lows - Baker Hughes
The U.S. and Canadian oil and natural gas rig count fell to all-time lows as North American energy firms slashed spending after global coronavirus lockdowns caused energy prices and demand to collapse. The U.S. rig count, an early indicator of future output, fell by 21 to a record low 318 in the week to May 22, according to data from energy services firm Baker Hughes Co going back to 1940. 

May 25 - Negative pricing seen spreading from oil to gas as European demand slumps
A month after U.S. crude oil prices collapsed into negative territory, European gas markets are facing the prospect of also slipping into the red after a slump in demand and surging inventories pushed prices into low single digits. Dutch and British gas prices have plunged due to weak demand amid coronavirus lockdowns and strong renewables output, compounding an already oversupplied market with little available storage space left.

May 22 - Beware: U.S. taps new tools to find fraud in volatile commodities market
When the U.S. Department of Justice charged a handful of JP Morgan Chase & Co JPM.N traders in 2018 and 2019 with alleged commodities futures manipulation, it wasn't the first time the government had probed the bank's metals trading activities. The Commodity Futures Trading Commission (CFTC) investigated the same business as part of a similar probe of the silver market years earlier, but it was not able to build a case with the data it had at the time, according to U.S. court filings and a person with knowledge of the aborted probe.

May 22 - Lockdown easing traffic upsurge drives gasoline higher
An easing of coronavirus lockdown measures has driven a strong recovery in gasoline demand as traffic congestion in some of the world's capitals returns to the levels of a year ago, data prepared for Reuters shows. Gasoline prices dropped by almost 75% in the first quarter after countries across the globe introduced travel restrictions to slow the spread of the novel coronavirus.

May 22 - Why bond investors are willing to bet on money-losing Pemex after oil price crash
Mexico's state-owned oil company Petroleos Mexicanos has seen investor sentiment improve in recent weeks despite sky-high debts, a slump in demand and no clear direction about how the government will turn the money-losing driller around. Despite all the risks of holding the world's largest fallen angel, the ignominious distinction for a company that loses its investment-grade rating, bondholders are betting on continued support from the government.

May 22 - U.S. cuts royalties for hard-hit oil, gas drillers
The Trump administration has lowered royalties for several drilling companies producing oil and gas on federal lands, according to a government database, as the industry seeks help weathering low energy prices. The move shows drillers are taking the government up on its offer to consider royalty cuts on a case-by-case basis after rejecting industry calls for blanket relief covering all federal leases. 

May 22 - Qatar Petroleum to slash spending by 30% - CEO
Qatar Petroleum will slash its spending by around 30% this year in the face of the sharp drop in oil and gas prices due to the coronavirus epidemic, its Chief Executive said on Thursday. Speaking during a webcast organised by the U.S-Qatar Business Council, Saad al-Kaabi however said that plans to sharply expand Qatar Petroleum's liquefied natural gas (LNG) capacity by the middle of the decade remain on track.

May 22 - U.S. petroleum stocks stabilise as industry adapts to shock - Kemp
U.S. petroleum inventories show signs of stabilising as domestic crude production and imports slow while refinery processing gradually increases from last month’s crisis lows. Excess inventories are clearing from the crude side first in response to output cuts, while a reduction in refined fuel stocks will take longer as consumption is slower to return.

May 21 - OPEC chief says oil market responding well to record OPEC+ cut
OPEC is encouraged by a rally in oil prices and strong adherence to its latest output cut, its secretary general said, although sources say the group has not ruled out further steps to support the market. The Organization of the Petroleum Exporting Countries, Russia and other allies, a group known as OPEC+, are cutting supply by a record 9.7 million barrels per day (bpd) from May 1 to offset a slump in prices and demand caused by the coronavirus outbreak.

May 21 - Sellers beware: Price collapse triggers bartering over oil and gas deals
The collapse in oil prices to 21-year lows has led potential buyers of oil and gas fields to try and renegotiate deals already agreed at higher prices, with the first examples emerging of sellers having their hand forced.At a time when most oil companies are slashing budgets, dividends and headcounts to preserve cash, sellers are facing a difficult choice between sweetening the deal or risking losing it altogether.


May 21 - China to receive rare U.S. ethanol shipment on Friday - sources
A rare ethanol shipment of U.S. origin is expected to arrive in China this month, according to three industry sources and shipping data, probably the first such cargo since the two countries struck an initial trade deal in January. The market has been watching closely for signs of renewed trade in biofuel after China waived some additional tariffs on 696 American products, ethanol among them, to support purchases of U.S. farm goods, after the signing of the Phase 1 trade deal. 

May 21 - China-Australia row to reshuffle trade in bulging barley market
A prohibitive Chinese import tariff on Australian barley will benefit other suppliers without changing the bleak global outlook caused by large stocks and depressed beer demand, analysts and traders said. Beijing said on Monday it would apply an 80.5% tariff on Australian barley imports for the next five years, a move expected to all but halt flows from its main supplier. 

May 21 - Total secures $14.4 billion funding for Mozambique LNG - sources
French energy major Total has secured $14.4 billion funding for its Mozambique liquefied natural gas project in Mozambique, two sources said on Wednesday. A source with knowledge of the matter said Total has reached a financing agreement with a group that includes around 20 lenders for the first phase of senior debt funding of $14.4 billion.

May 21 - U.S. crude stockpiles drop, fuel inventories rise - EIA
U.S. crude oil stockpiles fell last week, helping ease concerns about overflowing oil supply, though gasoline and distillate inventories both rose as refiners increased processing rates, the Energy Information Administration said on Wednesday. U.S. oil inventories have surged in 2020 as oil consumption dropped due to the coronavirus pandemic that has caused businesses to shutter and governments to restrict citizens' movements. 

May 21 - China's May gasoline exports seen at multi-months low - trade, analysts
Gasoline exports from China, Asia's top petrol exporter, could dive to multi-month lows in May as refiners turn to domestic markets, industry sources and analysts said on Wednesday. Consultancy FGE estimated that China's May exports could fall to around 300,000 to 350,000 barrels per day (bpd) while one of the sources who tracks such deals closely said the volume could be even lower at below 800,000 tonnes (218,000 bpd).

May 21 - Schlumberger names new top executives to oversee corporate overhaul
Schlumberger, the world's largest oilfield services firm, will reshuffle top executives and operations in coming months to deal with this year's historic decline in the oil industry, according to a memo to employees. The changes will be implemented in phases and are designed to forge "a leaner, simplified and more responsive organization," Chief Executive Olivier Le Peuch said in the memo dated on Wednesday and reviewed by Reuters. 

May 21 - China to slash H2 coal imports to back domestic miners, analysts say
China is expected to tighten coal import rules in the second half of 2020 to shore up its struggling domestic industry, after record arrivals in the first four months, just as demand tanked because of the coronavirus outbreak. Imports could drop as much as a quarter in the second half from the corresponding 2019 period, analysts estimate, which is likely to boost pressure on major coal exporters, such as Australia, Indonesia and Russia, which are already battling weak demand because of the virus.

May 21 - In the coming renewable energy boom, Australia is once again the "lucky country": Russell
Which commodities and countries are best placed to emerge as winners in the post-coronavirus world, especially if the anticipated boost to investment in renewables energies actually happens? One of the themes emerging for a post-coronavirus world is that investment should flow into renewable energies, both as economic stimulus and as a way of limiting the impact of climate change.

May 21 - Asian, European jet fuel margins rise on supply cuts, more flights
Asian refining margins for jet fuel turned positive for the first time in a month and European margins rose to the highest level in three weeks on Wednesday, bolstered by deep supply cuts and an uptick in flights in regional markets. The jet fuel refining margin in Singapore flipped to $1.83 per barrel above Dubai crude on Tuesday, in positive territory for the first time since April 20. 

May 21 - Physical oil market tightens as output cuts, economic recovery take hold - Kemp
Physical crude markets are signalling a rapid shift from an enormous over-supply at the height of the coronavirus lockdowns in April towards an expected under-supply in the second half of the year. Dated Brent's six-week calendar spread has shrunk to a contango of less than 70 cents per barrel from more than $6 per barrel in the first week of April.

May 21 - U.S. ethanol running out of recovery time to avoid more lost corn demand - Braun
Even before the coronavirus outbreak, most analysts believed U.S. corn supplies would swell to 30-year highs in 2021. But those prior stock expectations are now much too low considering the sharp loss in corn demand by way of ethanol, and inventory stands to bulge even further if ethanol output does not recover in a timely fashion.

May 20 - Exxon revives sale of stake in giant Azeri oilfield
Exxon Mobil has relaunched the sale of its stake in Azerbaijan's largest oilfield, the company said on Tuesday, as banking and industry sources said the move was drawing interest from large Asian oil and gas companies seeking to capitalize on the recent collapse in oil prices. The top U.S. oil and gas company first tried to sell its 6.8% stake in the Azeri-Chirag-Gunashli (ACG) field in the Caspian Sea in 2018, as rival Chevron launched the sale of its own 9.57% stake in the field.

May 20 - Angola's oil exploration evaporates as COVID-19 overshadows historic reforms
The coronavirus pandemic has done in a handful of months what even a 27-year civil war did not: it has brought oil drilling to a halt in Angola, Africa's second-largest oil producer. The consequences could be grave for a poor country that relies heavily on oil revenues and is saddled with debts that exceed its economic output.

May 20 - Past its peak? Battered oil demand faces threat from electric vehicles
Oil companies may be facing uncertainty as the coronavirus pandemic triggers a collapse in demand for their products, but auto makers are betting the crisis will help accelerate an electric future. With economies reeling from lockdowns to curb the virus, the sharpest plunge in oil prices in two decades has slashed the cost of filling up a tank of gas, eroding some of the incentive to make the switch to cleaner fuels. 

May 20 - Successful OPEC+ output deal fits a pattern: Kemp
Saudi Arabia and its allies in the expanded OPEC+ group of oil-exporting nations have successfully engineered a prospective deficit in the oil market, boosting spot prices and calendar spreads over the last four weeks. Front-month Brent futures prices have risen by more than $15 per barrel (80%) since the second trimester of April, while the six-month calendar spread has tightened from more than $12 contango to less than $3.

May 20 - Global green energy growth to fall for first time in 20 years - IEA
Global growth in new renewable energy capacity will experience its first annual decline in 20 years this year amid the coronavirus pandemic but is expected to pick up next year, the International Energy Agency said on Wednesday. The world is set to build fewer wind turbines, solar plants and other installations that produce renewable electricity this year as energy demand has been reduced across commercial and industrial sectors and logistics issues delay projects.

May 20 - Few U.S. oil and gas firms return small-business COVID-19 loans
U.S. securities filings show that only four of 12 listed oil and gas companies that received emergency government aid made available for small businesses said they would return it ahead of a deadline for firms that do not need the funds to do so. The U.S. Treasury Department offered amnesty to public companies that return money they borrowed by May 18, saying it would deem they made the application in good faith due to economic uncertainty fueled by the coronavirus outbreak, before guidelines were clarified.

May 20 - Refiners pin hopes on gasoline for post-lockdown demand recovery
Global oil refiners, battling weak profit margins, are pinning their hopes on a recovery in gasoline demand as coronavirus lockdowns start to ease in many countries around the world. Gasoline was one of fuels the hardest hit by the lockdowns as restrictions on mobility cut demand for the motor fuel by more than 50% in several regions.

May 19 - Coronavirus creates repair headache for oil and gas industry
The coronavirus pandemic has disrupted maintenance at oil and gas projects and refineries from Russia's Far East to the coast of Canada, storing up problems for an industry already reeling from slumping prices, analysts say. Lockdowns to stop the spread of COVID-19, the flu-like infection caused by the virus, have snarled the supply of spare parts and have prevented maintenance workers from doing their job.

May 19 - OPEC+ cuts oil exports sharply so far in May – trackers
OPEC+ has cut its oil exports sharply in the first half of May, companies that track the shipments said, suggesting a strong start in complying with a new production cut agreement. The Organization of the Petroleum Exporting Countries, Russia and other allies, a group known as OPEC+, are cutting supply by a record 9.7 million barrels per day from May 1 to offset a slump in prices and demand caused by the coronavirus outbreak.

May 19 - Saudi Arabia crude exports rise to 7.391 mln bpd in March - JODI
Saudi Arabia's crude oil exports in March rose by 113,000 barrels per day (bpd)to 7.391 million barrels per day from 7.278 million bpd in February, official data showed on Monday. Saudi Arabia built up its crude stocks in March by more than 3.5 million barrels to 2,964 million barrels from minus 0.683 million barrels in the previous month.

May 19 - Wave of diesel heads to Europe, pressuring refiners
A record volume of diesel is set to reach Europe from the East in May after lockdown measures due to coronavirus left refiners in Asia and the Middle East with huge excess volumes of fuel. Refineries around the world have cut output in recent months in response to the unprecedented drop in demand due to movement restrictions imposed by governments to limit the spread of the coronavirus epidemic.

May 19 - India's fuel demand recovery gathers pace as lockdown eases
A recovery in fuel demand in India gathered momentum in the first half of May versus April as curbs on transport and industrial activity were partly lifted in areas that have contained the spread of coronavirus, data from industry sources showed. Demand for refined fuel is expected to get another boost from Monday as India has lifted more restrictions under its extended lockdown that runs until May 31. 

May 19 - U.S. oil output from major shale to drop in June to nearly 2-year low
U.S. crude production from seven major shale formations is expected to fall by a record 197,000 barrels per day in June to 7.822 million bpd, the U.S. Energy Information Administration said in a monthly report on Monday. The output from shale formations would be the lowest since August 2018, according to data from the agency. 

May 19 - Hedge fund petroleum buying falters after strong rise in prices: Kemp
Hedge funds stopped buying petroleum last week, as benchmark crude prices touched $30 per barrel, and evidence emerged of a persistent oversupply of middle distillates such as diesel and especially jet fuel. Hedge funds and other money managers sold the equivalent of 19 million barrels in the six most important petroleum futures and options contracts in the week ending on May 12.

May 18 - A month after negative oil prices, U.S. crude contract expiry looms
A month after sellers had to pay nearly $40 a barrel to get rid of U.S. oil futures, the next watershed moment looms with the expiry of the June contract on Tuesday - and so far there is little sign of a repeat of the historic plunge. The extent of the damage that the coronavirus pandemic had inflicted on the oil industry came into focus on April 20, when the U.S. benchmark WTI contract plunged to minus $38 a barrel.

May 18 - Coronavirus widens climate rift between European and U.S. oil majors
Europe's top oil and gas companies have diverted a larger share of their cash to green energy projects since the coronavirus outbreak in a bet the global health crisis will leave a long-term dent in fossil fuel demand, according to a Reuters review of company statements and interviews with executives. The plans of companies like BP, Royal Dutch Shell and Total are in step with the European Union's efforts to transition to a lower-carbon economy and away from a century-old reliance on oil, and reflect the region's widening rift with the United States where both the government and the top drillers are largely staying committed to oil and gas.

May 18 - China refineries loom over Asia with record oil product exports: Russell
The rebound in China's crude oil processing in April looms large over Asia's refineries, which are already battling weak profit margins from the slump in fuel demand caused by lockdowns aimed at containing the coronavirus pandemic. China's refineries processed the equivalent of 13.1 million barrels per day (bpd) in April, up from a 15-month low of 11.78 million bpd in March, according to calculations based on official data released on May 15.  

May 18 - Oil majors slash output to help Kazakhstan comply with OPEC+ deal
International oil companies producing in Kazakhstan have started to make painful cuts in output, following government orders to help the country meet its commitments under a global deal to reduce supplies. The government signed a decree on Monday to cut output from May, having pledged to reduce output by 390,000 barrels per day (bpd) this month and next under a deal with the OPEC+ group of producers aimed at reviving global oil prices.  

May 18 - Petrobras looks to China's 'teapots' to keep oil exports flowing
Brazil's state-run Petrobras sees no need for cuts in oil production, executives say, as the market for its crude remains robust in China, while domestic demand for fuel picks up amid social distancing fatigue in Latin America's largest economy. On a Friday earnings call with analysts, executives credited the company's strong relationship with independent refineries in China's Shandong Province, known as "teapots,"' for allowing Petrobras to export a record amount of crude in recent months, even as some economies are effectively shut. 

May 18 - Iran news agency warns U.S. against any move on fuel shipment to Venezuela
An Iranian news agency close to the elite Revolutionary Guards said on Saturday there would be repercussions if the United States acted "just like pirates" against an Iranian fuel shipment to Venezuela. A senior official in President Donald Trump's administration told Reuters on Thursday the United States was considering measures it could take in response to Iran's shipment of fuel to crisis-stricken Venezuela. 

May 18 - U.S. oil & gas rig count plunges to record low for 2nd week - Baker Hughes
U.S. energy firms cut number of U.S. oil and natural gas rigs operating to an all-time low for a second week in a row as producers slash spending on new drilling after oil prices collapsed due to a slump in demand caused by global lockdowns to stop the coronavirus pandemic. The rig count, an early indicator of future output, fell by 35 to a record low of 339 in the week to May 15, according to data from energy services firm Baker Hughes Co going back to 1940. 

May 18 - Recovering oil demand could drive market into deficit by July: Kemp
U.S. petroleum consumption has started to rise as the economy emerges from lockdowns imposed to control the spread of the new coronavirus, giving the oil industry hope it has come through the lowest point in the cycle. Similar recoveries in fuel consumption are expected at varying rates across the other major economies as they gradually emerge from lockdown and are likely to push the oil market into supply deficit in the third quarter.

May 18 - Speculators raise bullish U.S. crude bets to most in a year - CFTC
Hedge funds and other money managers raised their bullish bets on U.S. crude futures and options to the highest level in more than a year during the latest week, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group raise its combined futures and options position in New York and London by 15,514 contracts to 356,984 during the period ended May 12, the most since April 2019.

May 15 - Global oil refining could rebound in June, but margins weak - IEA 
Global oil refining production could start rebounding in June, the International Energy Agency said on Thursday, but refiners' margins may be squeezed due to rising crude prices as producers slashed output much faster than expected. Refiners throttled back output globally as the coronavirus pandemic sent billions of people into lockdown and cut fuel demand by 30%. Crude prices crashed, prompting the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, agreed to cut oil output by 9.7 million barrels per day (bpd), while other nations have also reduced output.

May 15 - China crude oil runs rebound in April as fuel demand picks up 
China's daily crude oil throughput rebounded in April from a 15-month low in March as refiners cranked up operations to meet renewed fuel demand after lockdowns imposed to prevent the spread of the coronavirus outbreak were eased. The country processed a total of 53.85 million tonnes of crude oil last month, data from the National Bureau of Statistics (NBS) showed on Friday, equivalent to about 13.1 million barrels per day (bpd).

May 15 - Brent oil market structure, physical rally could draw oil from storage 
The oil futures market is pricing in tighter supplies due to OPEC-led production cuts and recovering demand as lockdowns to contain the coronavirus outbreak are eased, suggesting a huge inventory buildup could slow and start to be drawn down. Brent crude futures for July are trading at the smallest discount to the contract six months in the future since March. A price structure where oil for immediate delivery is cheaper is called contango. A narrowing contango usually points to supplies becoming more constrained.

May 15 - U.S. commodities regulator warns of more volatility, possible negative prices 
The top U.S. commodities markets regulator warned exchanges and brokerages on Thursday that they should be prepared for volatility and possible negative pricing for certain contracts, nearly one month after U.S. oil futures plunged into negative territory for the first time in history. Last month, the expiring U.S. West Texas Intermediate (WTI) futures contract slumped to a minus $37.63 a barrel as panicked investors bailed out of positions upon realizing that many would be forced to take physical delivery of oil without a place to put the barrels. 

May 15 - China's top energy firms to grow gas output despite spending cuts 
China's top energy producers will grow their natural gas output this year by twice as much as in the previous oil rout even as they slash spending due to collapsing oil prices, company officials and analysts said. The world's top energy consumer is forecast to expand its natural gas production by 5% or more in 2020 despite plans for deep spending cuts which will likely curb local oil production, they said.

May 15 - Saudi Aramco cuts June crude allocation to some Asian buyers - sources 
Saudi Aramco, the world's largest oil exporter, has cut the volume of crude it will supply to at least three buyers in Asia by 10%-30% for June, three sources with knowledge of the matter said on Thursday. The cuts were made against volumes that the buyers had nominated for June-loading supplies, the refining sources told Reuters.

May 15 - Saudi Arabia must keep cool and balance deep oil cuts with need for gas 
Saudi Arabia's sweltering summer may complicate the kingdom's pledge to deepen oil production cuts. Curbing crude output means lower production of associated gas, a byproduct of crude extraction, which Saudi Arabia uses to power air conditioners during the summer months and as feedstock for its petrochemical industry.

May 15 - U.S. weighs measures in response to Iran fuel shipment to Venezuela -source 
The United States is considering measures it could take in response to Iran's shipment of fuel to crisis-stricken Venezuela, a senior official in President Donald Trump's administration told Reuters on Thursday. The United States has a "high degree of certainty" that Venezuelan President Nicolas Maduro's government is paying Iran tons of gold for the fuel, the official said, speaking on condition of anonymity.

May 14 - Iraq agrees with oil majors to cut output, but short of OPEC+ target 
Iraq is cutting its oil output by around 700,000 barrels per day (bpd), a third less than required under an OPEC+ supply pact, after it failed to persuade international oil majors operating its giant fields to agree to deeper reductions. Iraq has agreed with oil majors operating its five giant southern oilfields to cut 300,000 bpd, Iraqi oil officials told Reuters on Wednesday. It will also lower production from other fields which it operates alone, bringing the total reductions to slightly below 700,000 bpd, they said. 

May 14 - OPEC slashes oil demand forecast again, sees biggest hit this quarter 
OPEC slashed its forecast on Wednesday for global oil demand this year and predicted this quarter would see the steepest decline even as some countries ease lockdown measures designed to stem the coronavirus outbreak. The Organization of the Petroleum Exporting Countries now expects global demand to contract by 9.07 million barrels per day (bpd), or 9.1%, in 2020, it said in a monthly report. Last month, OPEC expected a contraction of 6.85 million bpd.

May 14 - FBI probes Mexican, European firms over Venezuela oil trading -sources 
The FBI is probing several Mexican and European companies allegedly involved in trading Venezuelan oil as it gathers information for a U.S. Treasury Department inquiry into possible sanctions busting, according to four people familiar with the matter. U.S. Secretary of State Mike Pompeo and special envoy for Venezuela Elliott Abrams told reporters late last month the State and Treasury departments were investigating whether several firms were violating sanctions imposed on Venezuela's state oil company PDVSA since January 2019.

May 14 - U.S. crude stockpiles unexpectedly drop for first time since January - EIA 
U.S. crude oil stockpiles surprisingly fell last week, including at the Cushing, Oklahoma, storage hub, the first time supply has dropped since the coronavirus pandemic choked off fuel demand in the United States. Crude inventories fell 745,000 barrels in the week to May 8 to 531.5 million barrels, the U.S. Energy Information Administration said, compared with expectations in a Reuters poll for a 4.1 million-barrel rise. That was the first decline after 15 weeks of builds.

May 14 - Oil crash pain drives potential gain for west Australian gas 
A slump in energy prices that has led to the deferral of liquefied natural gas (LNG) projects around the world is set to be an unexpected boon for some producers trying to kickstart new ventures in gas-rich western Australia. Offshore and onshore projects led by Woodside Petroleum, Chevron Corp and Japan's Mitsui are in the mix to plug a looming supply gap at North West Shelf, Australia's oldest and biggest gas export plant.

May 14 - Norway wealth fund blacklists Glencore, other commodity giants over coal 
Norway's $1 trillion wealth fund is excluding some of the world's biggest commodities firms from its portfolio for their use and production of coal, including Glencore and Anglo American. Underlining the growing role of climate considerations for long-term investors, the fund is also excluding German utility RWE, South African petrochemicals firm Sasol and Dutch company AGL Energy over their use of coal.

May 14 - Climate activists up stakes at Exxon, backing calls for independent board chairman 
Shareholder activists prodding Exxon Mobil Corp on climate-change proposals are backing calls for an independent board chairman as the oil major steps up efforts to keep climate proposals off its ballot. Exxon's broad rejection of climate proposals, challenging sponsors and rebuffing ballot measures as either micromanaging or unneeded, has accelerated under Chairman and Chief Executive Darren Woods. This year, it blocked six climate resolution from appearing on the proxy ballot at its May 27 shareholder meeting.

May 14 - Oil traders shun WTI amid continuing concerns about delivery: Kemp 
Futures traders are avoiding the June and even July light sweet crude (WTI) futures contracts to avoid the extreme volatility that marked the run up to expiry of the May contract last month. At the close of business on Tuesday, with five more trading sessions before the June contract is due to expire, traders held contracts equivalent to just 155 million barrels for delivery.

May 13 - OPEC+ wants to maintain oil output cuts beyond June - sources 
OPEC and its allies want to maintain existing oil cuts beyond June when the OPEC+ group is next due to meet to shore up prices and demand, which has been hit by the coronavirus pandemic, four OPEC+ sources said on Tuesday. Global oil demand has slumped by about 30% as the crisis has curtailed travel and economic activity, building up oil inventories globally. Brent crude prices fell 65.6% in the first quarter, before the OPEC+ grouping agreed its deepest oil cuts.

May 13 - Saudi Aramco debt to climb as world's largest dividend weighs 
Saudi Aramco's debt is expected breach target levels as an oil price collapse triggered by the coronavirus forces it to borrow to meet the world's largest dividend pledge and buy a major stake in petrochemicals maker SABIC, analysts said. Compared with western oil companies, Saudi Arabia's national oil company appears in robust financial health.

May 13 - U.S. crude output to drop, oil demand to slump by 2.2 mln bpd in 2020 - EIA 
U.S. oil demand is set to crash by 2.2 million barrels per day (bpd) in 2020 to 18.3 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, as the coronavirus pandemic restricts movement across the world and erodes fuel demand. Meanwhile, U.S. crude production is expected to fall 540,000 barrels per day (bpd) from last year's record high to 11.7 million bpd in 2020, the agency said, compared with its previous forecast for a decline of 470,000 bpd.

May 13 - Aiming to thwart China, U.S. senator pushes rare earths funding bill 
U.S. Senator Ted Cruz introduced legislation on Tuesday to help revive the U.S. rare earths industry with tax breaks for mine developers and manufacturers who buy their products, the latest attempt by Washington to break China's control over the strategic sector. China is the largest global processor of rare earths, a group of 17 minerals used to make electronics and military equipment. The country has threatened to stop exporting the specialized minerals to the United States amid the ongoing trade war, prompting efforts by Washington to help revive its domestic rare earths industry.

May 13 - Oil traders see market starting road to recovery: Kemp 
Crude oil traders expect the market to be closer to balance in the next few months as production cuts are implemented and the global transport system emerges from a coronavirus lockdown. Futures prices and swaps linked to physical prices show the market has now moved through the worst of the crisis caused by the volume war between Saudi Arabia and Russia and the pandemic-driven collapse in consumption.

May 13 - Occidental offering voluntary job buyouts, citing need for spending cuts -document 
Occidental Petroleum Corp is offering its employees voluntary buyouts over the next two weeks, according to a document seen by Reuters on Tuesday, citing the sharp decline in oil prices and the coronavirus pandemic for "severe dislocations" in its business. Occidental bet heavily on the continued growth in U.S. shale oil, taking on heavy debts for its controversial purchase of Anadarko Petroleum last year for $38 billion. That bet has proved ill-timed following the coronavirus outbreak, which has cut fuel demand worldwide by about 30% and is responsible for the worst oil-and-gas-industry downturn in 40 years.

May 13 - Venezuela's PDVSA allocates oil cargoes to partner at Petrozamora - data, sources 
A joint venture partner of state oil company PDVSA, GPB Global Resources BV, has received at least two cargoes of Venezuelan crude in recent months as part of a deal to settle pending debt from their Petrozamora project, according to two sources and a shipping document seen by Reuters. Buyers and intermediaries in sales of Venezuelan oil are under growing pressure by the U.S. government, which since 2019 has imposed sanctions on PDVSA and some of its trading partners as part of a campaign top oust President Nicolas Maduro.

May 13 - Russia's top oil province braces for 15% output cut 
Output from Russia's top oil region in western Siberia is expected to fall by 15% this year in line with a producer pact to curb supply, a senior official told Reuters, adding the tax system meant it faced an unfairly heavy burden. Khanty-Mansiysk in western Siberia accounts for a little under half of all oil produced in Russia and stands to absorb the biggest cut under a producer pact to reduce output from May 1 to stabilise oil markets.

May 13 - As Canadian oil sands site fights infections, some want fewer fly-in workers 
A coronavirus outbreak at a Canadian oil sands site has spread across five provinces and sparked calls to limit the use of fly-in workers in the remote locations. Any restrictions would upend a labor model that the high-cost industry depends on. Projects that use fly-in workers represent more than half of the region's crude production capacity.

May 12 - Saudi Arabia deepens oil cuts as weak demand weighs on prices 
Saudi Arabia will voluntarily deepen oil output cuts from June as low oil prices are causing huge pain to the kingdom's budget and global demand remains weak due to lockdowns to contain the coronavirus pandemic. The announcement by the kingdom to add 1 million barrels per day (bpd) - equal to 1% of global supply - to the previously announced cuts follows last week's phone conversation between U.S. President Donald Trump and Saudi Arabia's King Salman.

May 12 - U.S. refiners killed the golden goose: diesel margins 
U.S. refiners expected the spread of coronavirus to kill demand for gasoline and jet fuel, so they rushed to produce more diesel - but now they are sitting with a glut of that product, too. Overall U.S. fuel demand is down nearly 30% in the last several weeks as a result of the pandemic. Diesel demand is only down 20%, however.

May 12 - Asia's pandemic stimulus may slow the demise of coal 
Coal power plant construction will push ahead in Asia despite falling electricity demand and environmental concerns as policymakers prioritise boosting economies crippled by the coronavirus pandemic, analysts say. Fossil fuel demand will plummet this year as lockdowns sap electricity use, the International Energy Agency said in a report last month.

May 12 - Continental halted June oil sales while awaiting higher prices - CEO 
U.S. shale producers Continental Resources Inc and Callon Petroleum Co on Monday joined their peers in cutting production as the coronavirus crisis slashed oil prices and demand for fuel. The historic drop in prices last month has North American oil companies on course to cut roughly 1.7 million barrels per day, or 13%, by midyear, according to a Reuters analysis of U.S. state and company data.

May 12 - Shale pioneer Chesapeake considers bankruptcy filing after oil rout 
Chesapeake Energy Corp said on Monday it was unable to access financing and was considering a bankruptcy court restructuring of its over $9 billion debt if oil prices don't recover from the sharp fall caused by the COVID-19 pandemic. The announcement follows last month's statement by the pioneering shale gas producer that it was in talks to line up bankruptcy financing and was in talks for a loan to run its operations through the court proceedings. 

May 12 - Shell, Eni lead oil majors' climate ambitions but still fall short - investors 
None of the big oil companies currently meet U.N. targets to limit global warming despite the most ambitious targets set by Royal Dutch Shell and Eni, investors managing $19 trillion said on Tuesday. The Transition Pathway Initiative (TPI), which represents the investors and is co-chaired by the Church of England Pensions Board, called on all oil and gas producers to set both intensity-based and absolute emissions reductions targets so that the industry adheres to a common standard on 'net zero' emissions. 

May 12 - New hope or false dawn? Asian refining margins gain, but risks loom: Russell 
A recent strengthening in refinery margins in Asia is leading to a sense that the worst may be over for the embattled sector as more nations in the region start to emerge from coronavirus lockdowns. But the main risk now for both the crude oil and refined products industries is that the renewed optimism leads them to boost output to levels above the nascent recovery in demand.

May 12 - Hedge fund oil bulls switch to buying Brent: Kemp 
Hedge funds continued to buy petroleum last week, extending a six-week buying cycle on expectations that the oil industry has now moved through the worst point in the crisis brought on by the volume war and pandemic. Hedge funds and other money managers purchased a further 35 million barrels in the six most important petroleum futures and options contacts in the week to May 5, according to regulatory and exchange data.

May 11 - Investors search for bargains in energy sector minefield 
Investors are rummaging through battered energy stocks to play a potential rebound in oil prices, just weeks after crude futures traded below zero for the first time ever. It's a high-stakes game. The months-long plunge in oil has dragged valuations in the sector to their lowest levels in decades, according to some measures, raising companies' allure to bargain hunters. Yet bankruptcies in the oil patch are expected to grow, and choosing the wrong stock could leave a portfolio with outsized losses.

May 11 - Long-suffering Canadian oilpatch faces 'biggest existential crisis' yet 
Canada's oil patch has endured five years of existential threats that have pruned weaker companies, but now its strongest firms are trying to navigate the coronavirus pandemic, which has set off the worst crisis in the oil industry in 40 years. Economic shutdowns have ground travel to a halt, cutting fuel demand by roughly 30% worldwide. With consumption down, oil producers around the globe cut production sharply.

May 11 - Saudi Aramco seeking to review price of SABIC deal - sources 
Saudi Aramco is looking to restructure its deal to acquire a controlling stake in petrochemicals maker SABIC after a more than 40% drop in SABIC's value following a slump in oil prices in coronavirus pandemic, two sources told Reuters. Aramco last year agreed to buy a 70% stake in Saudi Basic Industries Corp (SABIC) from the Public Investment Fund (PIF), the kingdom's wealth fund, for $69.1 billion, in one of the biggest deals in the global chemical industry.

May 11 - U.S. drillers cut oil & gas rigs to historic low - Baker Hughes 
The number of operating oil and natural gas rigs fell to an all-time low - reflecting data going back 80 years - as the energy industry slashes output and spending to deal with the coronavirus-led crash in fuel demand. The rig count, an early indicator of future output, fell by 34 to a record low of 374 in the week to May 8, according to data on Friday from energy services firm Baker Hughes Co going back to 1940. 

May 11 - Falling diesel use makes U.S. oil industry 'like the snake biting its own tail' 
U.S. demand for diesel fuel has dropped nationwide, but one lesser-known user of diesel is particularly affected: the oil industry itself. Fuel demand has dropped worldwide by roughly 30% due to the coronavirus pandemic. This has prompted sharp cutbacks in U.S. drilling, which further diminishes demand for diesel to run the pumps, equipment and trucks that serve the sector.

May 11 - Not as bad as it looks? Pemex's $24 bln loss mostly accounting distortion 
More than 80% of state-owned Pemex's multibillion-dollar loss in the first quarter stemmed from its accounting of a beat-up peso, rather than evaporating cash, but real losses are set to mount unless it modifies pre-coronavirus output plans. This is because average Mexican oil prices will almost certainly be much lower in the second quarter than in the first, dipping in April to just above $12 per barrel, or less than half their first-quarter average of about $26.

May 11 - Speculators raise U.S. crude oil net longs - CFTC 
Money managers raised their net long U.S. crude futures and options positions in the week to May 5, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The speculator group raise its combined futures and options position in New York and London by 2,009 contracts to 341,468 during the period. 

May 08 - North American oil producers slash output faster than OPEC skeptics expected
North American oil companies have slashed production faster than skeptical OPEC officials and industry analysts expected, on course to cut roughly 1.7 million barrels per day by the end of June, according to a Reuters analysis of U.S. state and company data. The Organization of the Petroleum Exporting Countries and allies led by Russia struck a deal last month to contain a worsening supply glut as the coronavirus pandemic cratered global fuel demand by about 30%, sending prices plunging.

May 08 - U.S. drillers expected to slash oil & gas rigs to lowest ever
The number of oil and gas rigs operating in the United States is expected to hit an all-time low this week - reflecting data going back 80 years - as the energy industry slashes output and spending to deal with the coronavirus-led crash in fuel demand. Last week, the U.S. rig count was just four units above the record low of 404 set in May 2016, according to energy service provider Baker Hughes Co, which has been tracking rig counts since 1940. Its data for this week is due after 1 p.m. (1700 GMT). 

May 08 - Saudi Arabia raises June Arab light crude price to Asia
Saudi Arabia's state oil giant Aramco has raised the June price for its Arab light crude oil to Asia by $1.40 a barrel from May, setting it at a discount of $5.90 to the Oman/Dubai average, according to a document seen by Reuters on Thursday. The rise in the crude oil official prices (OSPs) to Asia are not in line with market expectations. Asian refiners were expecting Saudi Arabia to cut the prices of its crude for a fourth straight month in June after Middle East benchmarks slumped on poor refining margins as the coronavirus pandemic slammed demand, according to a Reuters survey.

May 08 - HSBC alleges Zenrock sought multiple loans for same oil cargo - court document
HSBC Holdings PLC has alleged that Singapore-based Zenrock Commodities Trading Pte Ltd engaged in a series of "highly dishonest transactions" which included using the same oil cargo to obtain loans from at least two different lenders, according to a court document seen by Reuters. Zenrock did not immediately respond to requests for comments.

May 08 - Top U.S. shale producer sees oil price recovery continuing
U.S. shale producer Pioneer Natural Resources expects oil prices to recover to at least $45 per barrel this year, its chief executive said on Thursday. Producers slashed output and energy companies cut tens of thousands of jobs as plummeting demand for fuels and a global supply glut sent prices below $20 a barrel last month. 

May 08 - Brazil's Petrobras puts brakes on massive oilfield sale -sources
Brazil's Petrobras has put the sale of a massive cluster of offshore oilfields on ice, three sources with knowledge of the matter told Reuters this week, underlining the challenges the state-run oil company faces in its bid to reduce debt amid the novel coronavirus pandemic. Petrobras began preparations earlier this year to sell a minority stake in the coveted Marlim cluster off the coast of Rio de Janeiro, said the sources, who requested anonymity to describe private conversations.

May 07 - China April crude oil imports rebound as fuel demand picks up, yet to reach year-ago level
China's crude oil imports rebounded in April from a month earlier as refiners ramped up output amid a recovery in fuel demand with the impact of the coronavirus outbreak easing while crude prices crashed on slumping consumption elsewhere. Crude oil arrivals were about 42.82 million tonnes last month, equivalent to 10.42 million barrels per day (bpd), according to Reuters calculation based on a statement released by General Administration of Customs on Thursday.

May 07 - From zero to hero: physical oil rally might be short-lived
From Kazakhstan to the North Sea and the United States, physical crude has jumped in value in recent days but the rally will likely be tactical and short-lived rather than signalling a proper recovery, according to traders and analysts. The market, which saw some physical grades selling at prices close to zero just a few weeks ago, is indeed being helped by production cuts by the Organization of the Petroleum Exporting Countries and its allies and in North America.


May 07 - Virus lockdowns pummel global gas demand, force LNG output cuts
Lockdowns to slow the coronavirus pandemic are pummelling gas demand in the world's biggest buyers of liquefied natural gas (LNG), pushing Asia's spot prices to record lows and forcing some suppliers to start cutting output. Economies worldwide have ground to a halt as virus containment measures have taken their toll, slashing gas demand for power generation, heating, cooking, vehicles and chemical manufacture. 

May 07 - Equinor suspends 2020 output guidance amid global oil cutbacks
Equinor has suspended its 2020 oil and gas output guidance amid government-imposed curtailments and a glut of supply, and could take further action to scale back operations this year, the Norwegian energy firm said on Thursday. With operations from the North Sea to Africa, the Americas and Asia, Equinor had expected 7% output growth this year before Norway, Brazil and others joined OPEC+ in ordering curtailments amid the COVID-19 pandemic.

May 07 - U.S. crude stockpiles rise less than expected, distillates jump sharply
U.S. crude oil stockpiles rose less than forecast and distillate inventories jumped but gasoline posted a drawdown for the second straight week, the Energy Information Administration said on Wednesday. The rate of increases in crude inventories has slowed since a record build of 19 million barrels in early April as refining output has rebounded modestly due to a slight recovery in gasoline demand. 

May 07 - PKN offers to sell Polish assets as seeks to win EU okay for Lotos deal – sources
Poland's biggest refiner PKN Orlen has offered to sell assets in its home market as part of a package of concessions aimed at allaying EU antitrust concerns over its Lotosbid, people familiar with the matter said on Wednesday. The offer came after the European Commission last month set out its concerns about the deal in a so-called statement of objections, making it near impossible for PKN to win approval without concessions. 

May 07 - European ethanol makers fear influx from U.S. and Brazil
An influx of cheap U.S. and Brazilian ethanol threatens Europe's producers as businesses resume operations, companies have told the European Commission, urging it to act to protect an industry reeling from depressed demand. Sharp falls in driving and air travel due to the coronavirus pandemic have hit the biofuel sector worldwide, forcing companies to dtastically cut output and prices, notably in top producers the United States and Brazil.

May 06 - Saudi Arabia's oil exports to drop in May as demand slides – sources
Saudi Arabia's crude oil exports in May are expected to drop to about 6 million barrels per day (bpd), the lowest in almost a decade, and domestic refining output is likely to fall as the coronavirus crisis hits demand, industry sources and analysts say. The world's top oil exporter will cut crude production by 23% to about 8.5 million bpd in May and June, under a supply reduction pact with OPEC+ alliance to shore up prices hammered by demand destruction due to the coronavirus-related lockdowns.

May 06 - How does government have the power to curb U.S. oil output?
Texas regulators decided on Tuesday against reducing the state's oil output, a power available to U.S. state and federal authorities that has been put in the spotlight by spreading job losses during a sharp decline in energy prices. Crude oil prices are around $24 per barrel, down from $61 at the start of the year as more than 3 billion people worldwide went into a lockdown, slashing global demand by as much as a third. 

May 06 - BoC may compensate up to 20% of investments in oil products - sources
Bank of China (BoC) is considering compensating up to 20% of all investors' original investments in crude oil-linked products, and shouldering all losses recorded in negative territory, two sources told Reuters on Tuesday. The bank may shoulder a total of 6-7 billion yuan ($1.84 billion) in investors losses and compensation, said the sources, with investors' losses recorded in negative territory alone amounting up to nearly 6 billion yuan.

May 06 - Top trader Vitol says virus might bring peak oil demand much quicker
Oil markets are at the beginning of a fragile recovery as coronavirus lockdowns ease, though long-term peak demand may be permanently eroded, Vitol's chief executive told Reuters. Russell Hardy, CEO of the world's biggest oil trader, said global oil demand sank by 26-27 million barrels per day (bpd) in April and predicts a year-on-year drop of over 8 million bpd. 

May 06 - Aker BP cuts quarterly dividend by two-thirds as oil price drops
Aker BP will cut its quarterly dividend payments by two-thirds due to the COVID-19 pandemic and the fall in crude prices, the Norwegian oil firm said on Wednesday after reporting first-quarter profits that beat expectations. Earnings before interest, tax, depreciation and amortization (EBITDA) rose to $666 million in the quarter from $539 million a year ago, outperforming a $617 million forecast in a Refinitiv poll of analysts. 

May 06 - Argentina biodiesel exports fully halted due to pandemic – chamber head
Argentine biodiesel exports have ground to a complete halt due to the coronavirus pandemic hammering demand in Europe, the head of the local industry chamber told Reuters. Last year, biodiesel exports amounted to around 1 million tonnes worth $775 million. 

May 06 - HSBC seeks judicial management for Zenrock Commodities Trading – sources
HSBC Holdings PLC has filed an application to the Singapore High Court to place Zenrock Commodities Trading Pte Ltd under judicial management, three people familiar with the matter said on Wednesday. Singapore-based Zenrock Commodities trades crude, oil products and petrochemicals.

May 05 - 'Like watching a train wreck': The coronavirus effect on North Dakota shale oilfields  Oil executive Bill Kent was with fellow managers in the Colorado board room of Resource Energy headquarters on April 20 when benchmark U.S. crude prices collapsed to minus $37 a barrel. Sitting six feet apart because of the coronavirus, they knew the pandemic was not only a personal matter. It was also a business concern. "As we were sitting around the board room watching what was happening with prices, it was like watching a train wreck," said Kent, vice president of engineering and operations at Resource Energy, backed by private equity giant Apollo Global Management.

May 05 - Texas regulator drops plan to mandate oil output cuts 
The Texas energy regulator who pushed the state to consider cutting 20% of its oil output and promoted the idea with calls to Russia's energy minister and OPEC officials abandoned the proposal on Monday after failing to win his fellow commissioners' support. Global energy demand has tumbled amid coronavirus-related travel and business restrictions, a glut of oil from shale, and the end of an OPEC and allies production pact. 

May 05 - Coronavirus pushes oil majors to biggest output cuts in 17 years
Oil and gas output from some of the world's top oil companies is set to drop by over 12% in the second quarter of 2020 to levels not seen in at least 17 years, according to Reuters calculations. The output cuts are driven by an unprecedented drop in oil consumption due to coronavirus-related movement restrictions that have led to a surge in supplies and a collapse in crude prices to levels not seen in more than two decades.

May 05 - Any renewed U.S.-China trade war will be more risky, less rewarding: Russell 

The rhetoric around the possible resumption of the U.S.-China trade war has been ramped up by both sides in recent days, but this time around the risks seem to be far greater for both countries, with the world economy as collateral damage. U.S. President Donald Trump has intensified threats of new tariffs to punish China as he seeks a winning issue for his campaign for re-election in November, just as Beijing tries to deflect growing criticism over its handling of the global pandemic caused by the new coronavirus.

May 05 - Venezuela crude output keeps sliding, fields shut due to fire damage 
Venezuela's oilfields produced 687,000 barrels of crude last Saturday, up from 653,000 barrels on Friday but below the 718,000 barrels per day (bpd) the country said it produced in March, according to documents seen by Reuters on Monday. The drop came as output in the country's Orinoco oil belt, home to the world's largest deposits of heavy crude, fell by nearly 100,000 bpd over three weeks to 307,000 bpd on Saturday, two internal documents from state oil company Petroleos de Venezuela showed. 

May 05 - Funds buy WTI in bet worst is over for oil: Kemp 
Hedge funds and other money managers bought petroleum derivatives last week in the cautious hope the industry may have passed the worst point of the coronavirus-induced lockdowns. Money managers purchased the equivalent of 41 million barrels in the six most important petroleum futures and options contracts in the week ending on April 28, exchange and regulatory records showed.

May 05 - Sempra delays big Texas LNG project as global energy demand slumps 
Sempra Energy on Monday said it was delaying a decision to go ahead with a large LNG export project in Texas until 2021, as the coronavirus pandemic cuts global demand for energy. Energy firms around the world have pushed back decisions on liquefied natural gas (LNG) terminals and other infrastructure projects as global demand for energy has collapsed due to the coronavirus outbreak. Investment demand in LNG has been running high for several years due to heavier consumption from mostly Asian countries diversifying their generation mix away from coal.

May 04 - Exxon, Chevron slam brakes on shale as oil demand tumbles
Exxon Mobil Corp and Chevron Corp are slamming the brakes on oil output, as the top two U.S. producers plan for combined global shut-ins of 800,000 barrels per day in response to plunging crude prices and fuel demand. Both companies on Friday outlined deep cuts in investments in the Permian shale basin, the top U.S. oilfield where growth in recent years made America the world's top oil producer and a net exporter for the first time in decades. 

May 04 - Time to decline? Asia's crude oil imports set to drop after record April: Russell
Asia imported a record amount of crude oil in April as refiners took advantage of low prices amid a price war between top exporters Saudi Arabia and Russia. But that's likely as good as it gets for a while as the economic slowdown caused by the new coronavirus and rapidly filling regional storages crimp demand in May, and likely for the next few months after that.

May 04 - Russian oil output jumped to 11.35 mln bpd in April, ahead of cuts
Russia raised oil and gas condensate output in April to 46.45 million tonnes, or 11.35 million barrels per day (bpd), from 11.29 million bpd in March, Interfax reported on Saturday, before it makes cuts this month under a global supply pact. The report, which cited Energy Ministry data, showed April's figure was the highest monthly average output since January 2019, when it was 11.38 million bpd.

May 04 - Oil futures markets need more transparency: Kemp
Recent turbulence in the price of light sweet crude oil futures has highlighted how little is known about the positions of traders and their impact on the formation of prices. Exchanges and regulators see the positions of all members and traders on a daily basis but the information is confidential and not available to researchers even many years afterwards.

May 04 - Hedge funds boost bullish bets on U.S. crude to highest in 1-1/2 years
Hedge funds and money managers raised bullish wagers on U.S. crude to the highest level since September 2018, data showed on Friday, as prices rose on signs of global production declines that could offset plunging demand due to the coronavirus pandemic. The speculator group raised its combined futures and options position in New York and London by 32,139 contracts to 339,461 in the week through April 28, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

May 04 - India doubles down on solar, gas at coal's expense as electricity use falls
India's solar and gas-fired electricity generation rose in April even as overall power demand fell at the steepest monthly rate in at least thirteen years, a Reuters analysis of provisional government data showed. Solar-powered electricity generation rose 16.9%, accounting for a record 5.6% of the country's total output, while gas-fired power output was 13.7% higher, an analysis of daily load despatch data from state-run power operator POSOCO showed. However, wind-powered electricity generation fell 11.4%.

May 04 - Goldman 'patiently bullish' on oil as fundamentals improve
Goldman Sachs Commodities Research on Friday raised its second-quarter and full-year forecasts for global oil benchmark Brent crude futures, citing signs of improvement in fundamentals with quickly declining supplies and improving demand as lockdown measures are eased gradually. The Wall Street bank raised its second-quarter 2020 Brent price forecast to $25 per barrel from $20 previously, while also slightly raising its full-year forecast for Brent to $35.8 per barrel from $35.2. 

May 04 - U.S. drillers cut oil rigs for seventh week in a row - Baker Hughes
U.S. energy firms cut oil rigs for a seventh week in a row as major producers slam the brakes on shale oil production at a time when crude prices and fuel demand have plunged due to global lockdowns to fight the coronavirus pandemic. Drillers cut 53 oil rigs in the week to May 1, bringing the total count down to 325, the lowest since June 2016, energy services firm Baker Hughes Co said in its closely followed report on Friday. 

May 04 - U.S. judge halts oil leases due to lack of federal study of water impacts
A U.S. judge on Friday halted nearly 300 oil and gas leases on a large section of federal land in Montana that had been approved by an agency of the Interior Department and ordered the agency to conduct a thorough environmental analysis of the impact of fracking on drinking water. District Court Judge Brian Morris said in his ruling that the Bureau of Land Management did not factor in the environmental risks to Montana's water supply before it made a blanket approval for oil and gas leasing on nearly 150,000 acres of federal land.

May 01 - Trump told Saudis: Cut oil supply or lose U.S. military support - sources 
As the United States pressed Saudi Arabia to end its oil price war with Russia, President Donald Trump gave Saudi leaders an ultimatum. In an April 2 phone call, Trump told Saudi Crown Prince Mohammed bin Salman that unless the Organization of the Petroleum Exporting Countries (OPEC) started cutting oil production, he would be powerless to stop lawmakers from passing legislation to withdraw U.S. troops from the kingdom, four sources familiar with the matter told Reuters. The threat to upend a 75-year strategic alliance, which has not been previously reported, was central to the U.S. pressure campaign that led to a landmark global deal to slash oil supply as demand collapsed in the coronavirus pandemic - scoring a diplomatic victory for the White House.

May 01 - OPEC April oil output surges to 13-month high before new cut deal 
OPEC oil output has jumped in April to a 13-month high as Saudi Arabia and its Gulf allies opened the taps following the collapse of an OPEC-led supply pact, offsetting further declines in Libya, Iran and Venezuela. On average, the 13-member Organization of the Petroleum Exporting Countries has pumped 30.25 million barrels per day (bpd) this month, according to the survey, up 1.61 million bpd from March's revised figure.

May 01 - Iraq faces problems cutting 1 mln bpd of crude output - sources 
Iraq will struggle to cut crude output a record 1 million barrels per day (bpd) or 23 % from May under OPEC's deal with Russia and other producers, and Baghdad has yet to agree with oil majors about where the cuts will come from, industry sources said. Majors such as BP, Exxon Mobil, Lukoil and Eni produce the lion’s share of Iraq’s output and have so far resisted calls for cuts, prompting Iraqi officials to review options such as asking the companies to bring forward field maintenance.

May 01 - Mexico's Pemex bleeds more red ink in nearly $24 bln quarterly loss 
Mexican state oil company Pemex, hammered by a collapse in crude prices and a sharp depreciation of the Mexican peso, on Thursday posted a multibillion-dollar quarterly loss that was far wider than losses a year earlier. Losses during the first quarter of 2020 totaled $23.6 billion (562.13 billion peso), likely the company's biggest ever quarterly loss as the COVID-19 pandemic cratered demand for crude oil globally.

May 01 - Glencore slashes spending and output guidance, says can ride out coronavirus 
Glencore cut its 2020 capital expenditure and output targets on Thursday to reflect the impact of the coronavirus on its operations, saying the belt-tightening left it well placed to weather the pandemic. The miner and trader, reporting first-quarter production data, said spending for the year would fall by $1 billion-$1.5 billion from an original expectation of $5.5 billion.

May 01 - U.S. crude output rises in February, Texas production eases - EIA 
U.S. crude oil output rose to 12.83 million barrels per day (bpd) in February from 12.75 million bpd in January, which was revised up by about 2,000 bpd, the U.S. Energy Information Administration (EIA) said in a monthly report on Thursday. Crude production hit a record high at 12.87 million bpd in November but production growth stalled as independent exploration and production (E&P) companies cut spending on new drilling to meet shareholder demand for better financial returns.

May 01 - Oil prices set for deeper fall in 2020, even as lockdowns ease - poll
Oil prices are headed for further falls this year even as countries ease restrictions related to the coronavirus crisis, while output cuts by top producers will do little to fix a supply glut, a Reuters poll showed on Thursday. The survey of 45 analysts forecast Brent crude would average $35.84 a barrel in 2020, 7.5% below the $38.76 consensus in a March survey. It has averaged $45 so far this year.

May 01 - Wells Fargo shifts energy bankers to focus on bankruptcies 
Wells Fargo & Co has revived its special group for bad energy loans in recent weeks as the bank braces for more pain from the sharp downturn in oil prices, people familiar with the matter told Reuters. Sitting inside the credit-resolution group, where Wells Fargo handles struggling borrowers, the team includes many bankers who previously worked with the same oil and gas producers in its investment bank.

May 01 - Biggest U.S. oil ETF may not be able to reflect crude spot prices 
The United States Oil Fund LP, the largest oil-focused exchange-traded product (ETP) in the country, said it may not be able to meet its investment objective of reflecting the spot prices of oil any longer, according to a filing on Thursday. USO's actions come as it looks to cushion the blow from a historic sell-off in oil markets hit by oversupply and a coronavirus-induced plunge in fuel demand.

May 01 - U.S. oil producers race to cut output as prices fall, storage fills: Kemp 
U.S. oil producers and refiners are starting to adapt to the massive shock caused by lockdowns imposed to contain the coronavirus, according to the latest weekly government data. Producers are racing to cut output before the remaining storage space at tank farms and offshore becomes full, with tumbling wellhead prices forcing a brutal pace of adjustment.