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by Bloomberg |Thursday, April 29, 2021 It would be a landmark acquisition for Vitol Group. (Bloomberg) Vitol Group is said to be near a purchase of Hunt Oil Co.’s Permian Basin oil wells in what would mark the biggest independent crude trader’s first major acquisition of U.S. production assets, according to people with knowledge of the matter. The deal could be announced in coming days, said the people, who asked not to be named because the talks are private. Hunt’s assets may command more than $1 billion, one of the people said. Vitol set up a Houston-based venture called Vencer Energy LLC last year with a mandate to acquire oil and natural gas assets in the U.S. The country became a key export hub for the commodities trader after a ban on exporting crude was lifted in 2015 due to the relentless growth of shale production from the Permian and other basins. ....
Oil climbs above US$65 as car-fuelled demand sparks recovery Alex Longley and Jack Wittels, Bloomberg News OilCover , Bloomberg Oil surpassed US$65 a barrel, the highest since mid-March, as signs of strengthening demand from the U.S. to China stoked optimism that key markets are turning a corner in their recovery from the pandemic. U.S. benchmark crude futures rose 1.8 per cent on Thursday for a third straight daily gain. Major cities in the U.S. are coming out of lockdown, with New York City aiming to fully reopen July 1 and Chicago broadly easing restrictions across industries. In Europe, the U.K.âs road-fuel sales are nearing last yearâs summer levels. Consumption may also get a boost when China breaks for an extended holiday on Saturday, with mobility expected to climb to a record. ....
Vitol near $1 billion-plus deal for Huntâs Permian oil wells By Kiel Porter, Andy Hoffman and Kevin Crowley on 4/29/2021 (Bloomberg) â Vitol Group is said to be near a purchase of Hunt Oil Co.âs Permian Basin oil wells in what would mark the biggest independent crude traderâs first major acquisition of U.S. production assets, according to people with knowledge of the matter. The deal could be announced in coming days, said the people, who asked not to be named because the talks are private. Huntâs assets may command more than $1 billion, one of the people said. null ....
Oil surpassed $65 a barrel amid signs of strengthening demand from the USA and China. (Bloomberg) Oil surpassed $65 a barrel, the highest since mid-March, as signs of strengthening demand from the U.S. to China stoked optimism that key markets are turning a corner in their recovery from the pandemic. U.S. benchmark crude futures rose 1.8% on Thursday for a third straight daily gain. Major cities in the U.S. are coming out of lockdown, with New York City aiming to fully reopen July 1 and Chicago broadly easing restrictions across industries. In Europe, the U.K.’s road-fuel sales are nearing last year’s summer levels. Consumption may also get a boost when China breaks for an extended holiday on Saturday, with mobility expected to climb to a record. ....
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