Oil Slides With U.S. Refinery Outages Boding Poorly for Demand
Bloomberg 2/18/2021 Andres Guerra Luz
(Bloomberg) Oil fell the most in nearly a month alongside a broader market selloff with the ongoing energy crisis in the U.S. likely keeping refineries shut for another week.
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Futures in New York declined 1% in a choppy trading session on Thursday. While U.S. oil output has plunged nearly 40% amid the unprecedented cold blast in parts of the country, crude demand from refineries is expected to remain weak as Gulf Coast fuel-making plants make repairs and take time to restart following operating issues caused by the freezing temperatures. Further pressuring prices, U.S. equities weakened after initial jobless claims hit a four-week high.
Oil Slides With U.S. Refinery Outages Boding Poorly for Demand
Bloomberg 2/18/2021 Andres Guerra Luz
(Bloomberg) Oil fell the most in nearly a month alongside a broader market selloff with the ongoing energy crisis in the U.S. likely keeping refineries shut for another week.
Popular Searches
Futures in New York declined 1% in a choppy trading session on Thursday. While U.S. oil output has plunged nearly 40% amid the unprecedented cold blast in parts of the country, crude demand from refineries is expected to remain weak as Gulf Coast fuel-making plants make repairs and take time to restart following operating issues caused by the freezing temperatures. Further pressuring prices, U.S. equities weakened after initial jobless claims hit a four-week high.
Real Oil Price Rally Fades as Asia’s Buying Spree Winds Down
Bloomberg 12/22/2020 Sharon Cho and Sherry Su
(Bloomberg) A rally in the physical oil market is losing steam as Asian refiners ease purchases after an earlier-than-usual buying spree.
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Many processors in the region have almost fulfilled their needs for spot cargoes that will be mostly loaded in January and February, according to traders. Asian demand had driven up the price of real barrels of oil everywhere from the Middle East to Russia and Latin America, with some independent Chinese refiners snapping up crude early in the month to secure supply.